Starting your own trucking company can be rewarding and profitable. The trucking industry is full of opportunities to support the economy, but it is also extremely competitive. Knowing some key basics can help you succeed in your first years of business.
Once you’ve earned your CDL, you may have dreams to start your own business. Here are 5 tips to help you excel:
Establish Your Business
The most important first step is to understand what kind of trucking company you want and to register with the Department of Transporation. Obtain insurance for your business and any equipment you own to protect yourself and your assets. Filing all that paperwork can be time-consuming and difficult, so be patient and focus on your goal.
Get the Right Equipment
You may decide to buy all of your equipment, or you may choose to lease your trucks at first and buy as your business grows. Your decision depends on your start-up capital and your individual situation. Consider the direction you may want your business to take as it grows so that you can prepare with the right kind of equipment.
Build Reliable Client Base
Starting as a new, small business can be difficult, so don’t be afraid to put yourself out there. You may need to start with some small contract jobs and networking at trade shows to build your client base. Once you successfully complete jobs and let your reputation speak for itself, your client list will grow and large jobs will come your way.
Manage Your Money Wisely
A lot of money goes into owning your own company, so make sure you’re prepared to account for every nickel. Keep careful track of your monthly expenses and keep a log so that you can track fuel, truck repairs, office expenses, and more. Once you know how much it costs to run your business, you can set a minimum cost-per-mile amount to make a profit.
Hire Trustworthy Office Help
The best way to help your business succeed is to hire good office employees. Establish processes that help your business run efficiently. The people in the back office of any trucking company help plan routes, keep the books, and interact with customers. If you can trust the people in your office, you can let them handle the processes while you focus on operations.