Statistics show that trucks transport 70 percent of all freight in the United States. This translates to approximately $700 billion in shipped goods annually.
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With the ongoing driver shortage, rising freight demand, and increased rates, this could be a great time to start your trucking business. To help you, we’ve put together a cheat sheet on how you can start a trucking company and grow a successful trucking business.
1. Planning and preparation
Getting started as a small carrier involves a lot of planning and preparation.
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The usual approach is to start as an owner-operator, which means, you should have your own truck as well as participate in the daily activities of your fleet.
Many new owner-operators start out as drivers themselves. If you have no prior industry experience, you must first secure the appropriate type of commercial driver’s license. You may also choose to hire other truck drivers. Regardless of how you want to structure your fleet, planning is essential.
2. Creating a trucking business plan
Creating a trucking business plan is always a good idea. You can use two specific formats for crafting a trucking business plan:
2.1) Traditional business plan format
A traditional business plan is comprehensive and may include the following:
- Company description
- Market analysis
- Marketing and sales
- Service business analysis
- Sales strategy
- Financial projections
- Personnel plan
- Management and organization
- Executive summary
2.2) Lean startup format
Companies that anticipate future changes may use the lean startup format. As the name suggests, it requires fewer details than a traditional business plan and is more flexible.
A lean startup plan may include:
- Key activities
- Key partnerships
- Key resources
- Customer segments
- Value propositions
- Cost structures
Visit the U.S. Small Business Administration website to access their downloadable templates for a more in-depth business plan.
3. Legal requirements
In addition to a valid CDL (commercial driver license), owner-operators must also fulfill a number of different requirements prescribed by the FMCSA. This includes a one-time United States Department of Transportation Number, a Motor Carrier Number, International Fuel Tax Agreement stickers, and an International Registration Plan (IRP).
As per the ELD mandate, which was implemented in December of 2017, non-exempt carriers are also required to install an FMCSA-registered and compliant Electronic Logging Device.
Further reading: What is ELD?
4. Funding your business
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In most cases, to start a trucking business or trucking company, an investment of somewhere between $10,000 and $30,000 should be enough to cover the costs of insurance, vehicle down payments, permits, and a variety of state-specific expenses.
There are many ways to finance your new trucking business, such as using a home equity credit line, acquiring a bank loan, selling properties, and using your savings. To reduce your initial overhead, you may also approach lenders who can provide you with essential assets.
5. Buying your assets
If you have enough funds and decide to purchase your own assets, it’s always better to go for quality over price — especially when it comes to commercial motor vehicles. Paying a higher price for a brand new truck may mean fewer repairs, maintenance, and downtimes that may hurt your fleet’s profitability.
The same can be said for second-hand units that are well-maintained and are from reputable manufacturers. Here is a short list of things you should inspect before you purchase a used truck:
- Any visible signs of body damage
- Rust
- Tire tread
- The vehicle’s mileage
- The vehicle’s maintenance and oil change history
6. Insuring your assets
Every carrier needs insurance to protect his/her trucking business from unexpected financial burdens. This should cover risks such as damages to your vehicles and injuries caused by road accidents. You may consult trucking forums and social media communities for recommendations on which insurance product to purchase based on your needs.
7. Preparing your trucks for the road
Before commercial vehicles are allowed to haul cargo, carriers must prepare for one last set of requirements.
On top of your USDOT number and the company’s registered name decals on your vehicle, you also need your Radio Frequency Identification tags displayed on your windshield. Also, you shouldn’t forget your license plates or International Registration Plates if you operate across multiple states.
8. Hiring and retaining drivers
Recruiting and retaining good drivers is a challenge.
According to the American Trucking Associations, the driver turnover rate for large truckload carriers jumped to 94 percent in 2018 — 20 percent higher than the turnover rate in Q1 2017. For smaller carriers, the driver turnover rate is 73%.
A solid driver retention strategy begins with an effective driver recruitment process. Use a Pre-Employment Screening Program to view a prospective driver’s crash data for the last five years and roadside inspections for the last three years.
For driver retention, also focus on driver happiness and fulfillment instead of just focusing on cash-based incentives. When offering performance-based rewards, utilize ELDs and driver safety scores information to rank drivers according to performance, safety, and efficiency.
Hiring good drivers and retaining them will play a key role in the growth of your trucking company. Therefore, it is highly recommended to have a thorough plan and strategy for driver recruitment, driver satisfaction, and driver retention.
9. Growing your client base
Staying loyal to one customer might seem reasonable, but it may not be sustainable in the long-term. What you need to do is to diversify to stay profitable regardless of the individual financial standings of your clients.
A good rule is to make sure a single client never accounts for over 20 percent of your revenue. This means, at the very least, you should have at least five clients sending you a constant supply of loads.
To attract more clients, use online freight boards, build a company website, network, and establish a social media presence.
10. Growing your trucking company with the right tools
Successfully running a trucking company isn’t easy, but it may become more manageable with the right tools. Electronic Logging Devices, for example, have plenty of benefits and fleet management features for aspiring owner-operators and business owners.
Not only will they help you avoid costly ELD violations, but modern ELDs are also packed with fleet management features like vehicle diagnostics, automated IFTA calculation, idle time tracking, and advanced reporting that simplify operations.
Safeguarding your trucking business with dash cams
Apart from Electronic Logging Devices and fleet management software, you can also install dash cams to increase fleet safety and simplify driver training. The KeepTruckin Smart Dashcam, for instance, enables you to see what your drivers see on the road. With relevant video footage, you will be able to exonerate drivers when they aren’t at fault, simplify insurance claims, promote a culture of safety, and protect your trucking business from the uncertainties of the road.
See what Chad Boblett, an accomplished owner-operator, says about the KeepTruckin Smart Dashcam and how it helps him.
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Dashcams play a crucial role when it comes to driver exoneration and protecting your trucking business from potential liabilities. Otherwise, even a single road accident can financially cripple your trucking business.
Case Study: Read how Nybll avoided a personal injury lawsuit with dash cam footage that could have cost up to $500,000.
Moreover, dash cams can also help you lower your insurance cost. When you are just starting a trucking company, you need to minimize your operational expenditures as much as possible.
Case Study: Read how Tri-Pol Enterprises cut down their insurance renewal rate from 45% to just 17% and reduced their operational expenditures.
Download the ultimate guide to starting your trucking business
If you would like to learn more about the nitty-gritty details of starting a trucking business, download our free 8,000-word guide on starting a trucking business.
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This free search facility enables you to search against 10 million registered entities operating in the UK. It is vital that you do not copy the name of an existing organisation in your field there are already 2 million businesses, 2.3 million companies and 4.2 million UK domain names - and there are 25,000 changes each month.
Tips
Don't search for words like 'the' 'company' 'and' etc. Enter key words for your search eg. 'Energy Sav' for 'Energy Saver Windows' this will give you names beyond what you are searching.
It is important that you apply to register a name before printing stationery or commencing trading as we will undertake additional comprehensive and detailed searches on your behalf.
Go to our How To Register section for more details.
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You can also register an Incorporated Company (Ltd, Plc, Charityetc).
Register a Business
If you’re looking to register a business, the National Business Register is the choice for you. The National Business Register provides data on over 10 million UK businesses, companies, trademarks and brands and yours could be included next. If you’re looking to start up your business, our database can tell you which names have been taken and what kind of competition you have within your chosen industry, or ensure that no other businesses take your company’s name. Here at the National Business Register, we can also help you set up and register a business, trademark, company or domain name. Take a look through our site for more information! You can also call one of our advisors on our freephone number 0800 069 9090.
Business registration is vital when it comes to setting up and maintaining your business. Your business name is the most important assets your business can have. From answering the phone, to printing it over your products and marketing, this name will be the main way that people characterise your business. To register your business with us you’ll need to fill in the relevant application form for your business type. You can either apply online, or download the PDF form and mail this form to: National Business Register, Blythe Valley Business Park, Central Boulevard, Solihull, B90 8AG.
Want to Start a Company but don't know how?
If you’re looking to start a company, National Business Register can help you do just that. We have a wealth of business tips as well as a whole database filled with over 10 million businesses, companies, trademarks and domains to help you see just what the competition is in your sector, and whether your business name is still available. After you’ve checked that your name is available, you can apply for registration either through our website, or by downloading an application form to fill in.
After applying to start a company, your company will be registered on our database to be seen by anyone else looking to register a business to ensure that your company name stays yours and unique, and you’ll receive your certificate of incorporation as well as full company documents. Our website is filled with information about business registration and how to start your company no matter what kind of company you’re looking to start up. Whether you’re looking to register a business that is a PLC company, a Limited company, a LLP company, Offshore Company or a CIC company, the National Business Register can provide you with all the information you need to start a company or complete your business registration.
Simple Business Registration with National Business Register
When you register a business with the National Business Register, we not only provide you with all of the information you need for business registration or to start a company, but we also provide you a fully formed website too. By filling in your details with us when you register your business, you can also get our free website services. This unique service enables us to create a website entirely according to your specific requirements, meaning there is no need for you to upload or build the site yourself – our team of experienced web designers do that for you!
Our services allow you to register your business, start a company and more, all with access to our database. If you’d like more information about our business registration and set-up, contact us on sales@start.biz, or telephone us on 0121 678 9000 or 0800 069 9090 to speak to one of our advisors today!