What You Need To Know To Start Your Trucking Company
The trucking industry is a vital part of the American economy because it is responsible for transporting millions of tons of goods every single day. If you’re thinking about starting your own trucking company, there are many facets to consider. Starting a trucking company is not a quick or easy process. However, with careful planning and execution, it is possible to build a successful business from the ground up. Keep reading to learn what you need to know to get started.
Research, Research, Research
Before you do anything else, you need to make sure you have a firm grasp of the industry. What are the regulations? What are the different types of trucks and trailers? How much do they cost? How much does insurance cost? The more you know about the trucking industry, the better prepared you’ll be to start your own company.
Create a Business Plan
Now that you have a good understanding of the trucking industry, it’s time to start putting together a business plan. This will be your roadmap for starting and growing your company. Be sure to include both short and long-term goals, as well as a detailed financial projection for at least the first year of operation. To get started, look into the full requirements for a trucking company business plan.
Know the Regulations
The trucking industry is highly regulated, so it’s important that you understand all the regulations before starting your company. You’ll need to comply with regulations from the Department of Transportation (DOT), the Federal Motor Carrier Safety Administration (FMCSA), and various state agencies. Familiarise yourself with the regulations and make sure you can comply with them before starting your company.
Obtain the Necessary Licenses and Permits
The first step in starting your trucking company is to obtain the necessary licenses and permits. In the United States, interstate trucking businesses are regulated by the federal government, so you will need to obtain an Interstate Commerce Commission (ICC) Operating Authority license. To do this, you will need to file an application with the Federal Motor Carrier Safety Administration (FMCSA).
In addition to an ICC license, you will also need to obtain operating authority in each state in which your company plans to do business. Each state has its own requirements for obtaining operating authority, so be sure to research the requirements of each state where you plan to do business beforehand.
Acquire Trucks
Of course, you can’t start a trucking company without trucks! But before rushing out to buy a fleet of trucks, it’s important to have a solid plan in place for how those trucks will be used. Think about the types of freight that your company will haul and the routes that your drivers will take. Then, determine what type of truck will be best suited for those needs. For example, if you plan on hauling heavy loads long distances, you will need tractors and trailers that are designed for that type of freight. On the other hand, if you plan on making local deliveries within a city or town, box trucks may be more appropriate.
Hire Drivers
Once you have obtained your licenses and permits and acquired trucks for your business, it’s time to start hiring drivers. When hiring drivers, be sure to look for individuals who have experience driving the type of vehicles that you have in your fleet as well as experience hauling the type of freight that you plan on transporting. You should also verify that potential hires have clean driving records and are physically fit enough to handle the demands of being a truck driver.
Create A Maintenance Plan
Last but not least, it’s important to have a solid maintenance plan in place for your trucks before you even start hauling freight. Keeping your trucks well-maintained is essential for preventing breakdowns and costly repairs down the road. Be sure to create a schedule for routine maintenance check-ups and develop a system for addressing any issues that may arise while your trucks are on the road.
Maintenance check-ups should be conducted at regular intervals—generally after every 5,000 miles or 8 hours of operation—and should include inspecting fluid levels as well as checking brakes, tires, and lights. If any problems are discovered during a maintenance check-up, they should be addressed immediately so that they don’t lead to larger issues later on.
Follow These Steps For Success
These are just a few of the things that you need to do in order to start your own trucking company. While it may seem like a lot at first, if you take things one step at a time, starting your own trucking company can be easy and rewarding! Do some research, put together a solid plan, and get started today!