How to Start Your Own Trucking Company
Working for someone else can be exhausting. Whether it’s a boss breathing down your neck or watching your hard work fill someone else’s wallet, leaving the typical grind and paving your own way in the world is tempting. More and more company drivers are realizing going independent can solve a lot of their challenges. There’s more money to be made and the transportation industry isn’t at risk during a recession.
That isn’t to say going independent is easy. Starting your own trucking company can be both empowering and overwhelming. While thoughts of freedom on the open road are exciting, being an owner-operator can be challenging—but also incredibly rewarding. If getting started seems too confusing or overwhelming, Truckers Bookkeeping Service is here to help. We take the complexity out of becoming your own boss and help you establish and cultivate your business.
4 STEPS TO STARTING YOUR OWN TRUCKING COMPANY
Getting started in trucking and transportation can be daunting, but here are clear-cut steps to set your new trucking business in motion the right way. And don’t worry, Truckers Bookkeeping Service is here to help you through each one.
1. create a financial map
Always start with a business plan that maps out your financial goals. This will help you stay organized when tracking your income and expenses as you work. By creating this first, you’ll be able to continually compare your actual finances with your goals to see if you’re staying on track.
Your plan should identify the capital you need to get started, anticipated costs and profits, the steps needed to legally work, and any long-term strategies that might otherwise be forgotten once you break out on your own. To learn more about business plans, read our whitepaper about becoming your own boss.
2. Register your company
Registering your business is relatively straightforward. Make sure to have your tax ID information, your business agreement, and whatever supporting documents your state requires. Check out the U.S. Small Business Administration’s guide for more information on registering your business.
3. Permits, compliance, and insurance
Once you’re legally registered as a business, it’s time to focus on the trucking requirements. Different states have different requirements for operating permits, so the process may look different depending on where you live and where you plan to travel. You also have to renew your permits periodically, and missing renewal dates can put you out-of-service. Our authority processing and permitting services can take that stress off your shoulders and help ensure you have everything you need.
Having proper insurance is also an essential part of getting started. Truckers Bookkeeping Service has an extensive network of insurance agencies that offer great rates.
4. Start your new career as your own boss
Now that your business is legally operational, it’s time to get your big rig wheels rolling! Depending on how much start-up capital you have available, you’ll need to buy or lease a truck (if you don’t have one already). Chart your profits and expenses as you start taking on loads and continuously compare them to your business plan to stay on track. Lastly, check out our TBS: Get Paid® app for fast payment after delivering a load. Learn more at TBS Factoring Service.
Don’t forget, you need to continually stay up-to-date on your Department of Transportation (DOT) compliance and permitting requirements. Truckers Bookkeeping Service is here to help you every step of the way.
Lastly, check out our TBS: Get Paid® app for fast payment after delivering a load.
TBS is your partner in trucking
Truckers Bookkeeping Service is proud to have been serving the trucking community since 1968. Over the past fifty years, we’ve been honored to be a part of the ever-changing and evolving transportation industry. We have expertise that only time and experience can provide, and we’re on a mission to use that knowledge to help truckers nationwide.
Our incredible teams are experts in all things trucking, and we’ll be there to support you every step of the way. From helping you get insured and get paid quickly to staying compliant with the DOT and ensuring you have current permits, we’re here for you. Learn more about these services and more.
Ready to become your own boss?
Learn more about services we offer to get you compliant, permitted, and ready to hit the road!
DOT Compliance for New Entrants
What you need to know
Keeping compliant is as important as finding loads to haul and keeping a well-maintained vehicle. This e-book will tell you how to stay DOT-compliant and will help you decide whether you have time to handle the process yourself or need to hire a service provider for that part of your business. If you decide to hire a compliance service, this e-book will guide you through some of the regulatory and safety questions to help you get the most for your money.