In an economy where businesses are increasingly spreading globally, it is worth considering starting up a private trucking business. Businesses these days are scattered across different geographical regions and their clients, vendors, and warehouses are spread all over the world. In such a scenario, fast and reliable trucking services are in great demand. So, NOW is the RIGHT time to consider starting up a private trucking business.
But, before you delve deep into business plans and deals, consider these things that will form the blueprint of starting up a private trucking business:
• What type of company do you want to be? Before starting up a private trucking business, think about the nature of your business. Do you want to employ truck drivers on hire or would you rather prefer truckers on your payroll? The former will cost you less because these drivers will come with their own vehicles. Your insurance and start-up costs too will be lower.
• What kinds of goods will your haul? This is another integral question that will determine your business plan when considering starting up a private trucking business. The answer to this question and also to where will you haul—locally, within your state, or all over the country—will determine the kind of trucks you will need to buy or lease—a standard trailer, a flat bed, or a refrigerated trailer.
• How do you intend to secure funds? If you are looking to secure loan, then will it be a personal or commercial loan? You can talk to your bank regarding the feasibility of each type of loan. If your bank doesn’t finance your venture, then do you know private investors who are prepared to fund your project? And if so, what are their terms and conditions? Before starting up a private trucking business, you must weigh these considerations to ensure that you can secure funds at conditions that will be most profitable to you.
• Have you shopped around for the most feasible insurance scheme? What is most appropriate insurance scheme for your nascent business? Your insurance agent will know best once you tell him about the nature and scope of your operations. You will not only need to insure the vehicles, if you own them, but also secure insurance for the goods you will carry. These considerations will help you chalk out a budget plan.
All these considerations apart, you will also need to secure the permits and the licenses for your business from the appropriate authorities, which may be the office of the Secretary of State for your state or the Department of Transportation. Also, federal rules make it mandatory that you must employ truck drivers who hold a commercial driver’s license (CDL). So, before starting up a private trucking business, you will need to get in touch with the reputable truck driving schools in your state to hire licensed drivers. We, atCDL License, have prepared a comprehensive list of trucking schools in the country to help you in your quest. To know more, call us at 1-800-878-2537.