How to Start a Trucking Business

The trucking industry provides crucial support to small businesses and is, therefore, a crucial part of the American economy. You can start a trucking business to provide valuable service to the economy.

How to Start a Trucking Business

Understand the Regulations

Trucking is a massive industry that is instrumental in the success of other industries. Due to the large size and the importance of a well-regulated industry, it is officially regulated by the Federal Motor Carrier Safety Administration. If you deal with or belong to this industry, you must understand all the regulations that this body has formulated for the trucking industry.

The first step to starting your trucking business is to know the type of goods that your trucks will be transporting. You will also need to have an idea about potential destinations.

The requirements will vary depending on your goods, for instance, the loading and unloading operations. If you will be transporting goods across different states, then you will have to be well versed with all interstate transport laws. You can start by browsing the FMCSA website.

Will You Be Driving?

There are basically two types of trucking business owners: those who will be driving and those who won’t. Those who choose to drive themselves will have greater control over their business. By being intimately involved, they will have a better understanding of the issues faced by truck drivers. Owner-operators need to have higher working capital and will have to fulfill a number of small business requirements.

You can also choose to subcontract drivers. This is better for you if driving for long hours does not sound that appealing to you. You will be able to handle the business end of your trucking business. You can choose to hire drivers on the basis of contracts to perform certain jobs. If you choose this business model, you will have lower profits since you will have to hire extra drivers. But you can enjoy greater scalability this way.

Once you choose which trucking business model you will follow, you must then draw up a business plan. You will have to list down all possible expenses and the number of vehicles that you will be leasing or owning. You will also need to estimate the returns that you will be getting from your trucking business. Remember to include small business expenses such as advertising and marketing. You should forecast your cash flow and make plans to remedy any possible cash flow shortages. You can do this through easy funding offered by finance firms that support small businesses.

Handling Bureaucratic Procedures

You will have to cut through a bit of red tape since the trucking industry is tightly regulated. If you intend to drive your trucks, you will need to have a commercial driver’s license.

If you want to establish a limited liability company, you will have to do paperwork as required by your state.

You will also have to make a decision to purchase or lease your trucks.

Did you know that KLB Business Funding offers some of the best leasing terms and conditions for small businesses?

You can get a loan of over $500,000 within 24 hours of applying or a maximum of 3-5 days. You will then have a generous time period of 84 months to repay your loan.

To find out more contact us today.

3702 Pratt Avenue Bronx NY 10466

(347) 755-2257

info@klbbusinessfunding.com