Starting a trucking business can prove to be one of your most lucrative endeavors to date, given that you approach the building stage correctly. Many people tend to overlook how many steps truly go into creating a business, or lack the knowledge necessary to do so. While starting a business may seem simple enough, there are many things to consider when you start a trucking business in particular.
For those wondering how to start a trucking business, or how to start a trucking business without driving, then this article is for you! Here, we will break down the
However, if you follow these steps to a tee, you’ll be well on your way toward creating your very own trucking business!
Let’s get started.
Create a Business Plan
No vision has ever come to fruition without a carefully executed plan. So, for starters, you’ll need to draft one up.
Planning out how your business will operate will pave the way toward future growth. The more work you put into your business plan, the more likely it is that your trucking company will succeed in the long term. Your business plan should include detailed financial projections and operations for the next five years.
From there, work backward from your end goal and create smaller goals that are reachable. Creating unreachable goals will do more harm than good, so be reasonable. Ultimately, your business plan should include an executive summary, company description, market analysis, organization and management, funding requests, etc. Take as much time as you need on this step.
Create Your Brand
Now for the fun stuff! Creating your own brand is one of the most exciting parts of starting a trucking business.
However, there is a lot to consider when it comes to creating your brand. You’ll want to determine how your values, principles, and standards are going to mesh with your brand name, logo, and aesthetic.
That being said, it’s time to get creative! It can seem daunting and overwhelming when taking on such a big task, but really there are only three things to keep in mind.
You’ll want your brand name to be memorable, being that this is how most customers will remember your services. Your brand name should encompass your values and principles and serve as a practical way to inform customers of what exactly your business does. Try to incorporate keywords of the industry or your own company culture within your brand name. Doing so will make your name
Logos are often considered to be the face of the brand itself. Have you ever seen a logo that you’ve never forgotten?
That’s probably because the business and the creators of the logo took time to truly understand their values, how they operate, and what would be memorable for customers. Be sure to consider colors carefully, and choose/craft a logo that truly embodies your unique company culture.
The aesthetic of your brand plays a huge role in the success and memorability of your business. Carefully consider what colors you’d like to incorporate, whether you’ll go simple or all out, and what the aesthetic of your brand says about your business. It can be difficult and
Legalize Your Business
Making sure that all of the requirements are met when starting your business is paramount to success.
- All drivers will need a CDL (Commercial Driver’s License), insurance, access to workers’ compensation, and a pay structure to rely on. As the owner of the business, you’ll want to acquire the necessary CDLs before you can apply for funding.
- Next, you’ll need an EIN (Employer Identification Number) from the IRS. This will impact everything from how you hire and pay employees to how you file your taxes and benefits.
- Then, you’ll need to apply for an MC number from the FMCSA (Federal Motor Carrier Safety Administration). The only exception to this is if you only plan on carrying your own cargo and not a third party’s, or if you operate within a single commercial zone.
- Finally, you’ll want to get insured. This means drivers, trucks, cargo, etc. No one wants to end up bankrupt from a workplace accident they can’t cover with insurance.
Determine Business Structure
You’ll have the option to choose between an LLC, Sole proprietorship, Partnership, or Corporation. Be sure to take the time to understand the differences and implications that each would have on your business. However, it is possible to switch later on if necessary.
Once you’ve decided, you will submit your free online application to the IRS. You will be issued your EIN immediately if you apply online as opposed to submitting via fax or snail mail. Be sure to complete this process as early as possible since you will need your EIN when opening a business bank account.
You’ll want to determine what your expenditures will be in terms of startup costs. This includes hiring and training employees, purchasing equipment, purchasing trucks, settling on a warehouse/storage, etc. Then, calculate your expenditures with your projected revenue and determine if your business is going to be profitable prior to making any purchases. Diving headfirst into the fray without considering whether or not your business will be profitable will ultimately destroy everything you’re working for.
So, be sure to calculate your costs, then get the show on the road!
Market Your Business
Marketing your business is imperative to ensuring success. There are thousands of marketing platforms, channels, and outlets all at your fingertips. Be sure to exercise all of them and make the most out of a
Are You Ready to Start a Trucking Business?
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