If you are interested in trucking, then it’s the best chance to get rid of job limitations from 9 to 5 jobs. Like the other businesses, the trucking business may be terrifying without any experience. If you are struggling to convert your business into reality, then you are not alone. Every year this industry generates several so it’s difficult to analyze whether you succeed or not. But the trucking business is not as difficult as we thought. Many trucking companies that start the business on a small scale with a handful of employees now become successful. But if you have only one truck or you have only one truck budget then you are worried about How to start a Trucking Business with One Truck? So stay on your passion and follow these steps;
- Create a Business Plan
The first for most step of starting a business is planning. The business plan clarifies your goal and the way to achieve it. You have to carefully plan the funding, market research, operations, financials, services, etc.
- Register Your Company
Registration ensures the protection of your assets from business liabilities and you can operate your business legally in your state. Follow three steps for registration;
- Choose a Business Structure
Serval types of trucking are in the market but the main goal is to choose the one. Every structure has its advantages and disadvantages. Research it completely and choose one.
- Register Your Company
For the registration of your company in the state you have to submit the paperwork to the Secretary’s Office and also pay the fee for it. The cost and registration process varies from state to state.
- Get an EIN from the IRS
EIN is the Federal Employee Identification Number that is unique and allows you to operate the business legally. You can also hire an employee, open a business bank, and take advantage of a registered business. So get the Employee Identification Number (EIN) from the Internal Revenue Service (IRS).
- Pick your Process Agent
Process agent plays an important in the processing of legal documents of any business. It performs all the legal duties like BOC-3 filling, and summons of a court, and always keeps in check the legal side of business on your behalf. So reach of the legal agent.
- Obtain Permits and Licenses
Get the necessary permits and licenses so that you can not face any difficulty while travelling. These are;
- IFTA – International Fuel Tax Adjustment
- CDL – Commercial Driving License
- UCR – Unified Carrier Registration
- IRP – International Registration Plan
- MC – Motor Carrier and USDOT number for truck Authority
- Get a Truck
Now it’s time to purchase or lease the truck according to the freight. Because different trucks have different freight rates and factors.
- Get Insurance
It’s difficult to get insurance. You and your assets are protected from costly lawsuits if you have insurance.
- Liability Insurance
Cover the damages caused by property and other people.
- Cargo Insurance
Cover the damage, theft, or loss of cargo.
- Physical Damage Insurance
- Cover the truck damages in case of an accident.
- Hire Employees
When your business grows from one truck to several trucks then you must need to hire employees to carry the daily business operations. These include drivers, dispatchers, bookkeepers, and a repairman so that the way towards the operations goes easier.
- Market your Business
At this point, your business is well established, and it’s time to market the business. Grow your network with other companies and increase your client’s rate. For this use social media apps, launch your company website, and print business cards and pamphlets. You can also get help from a marketing agent.