If you are planning to start a trucking business, you must consider various factors for your business to succeed. If you understand how it operates, the trucking business is one of the most lucrative ventures. As an employed truck driver, the best step is to shift from company to owner operator. Doing this will elevate you, and you will be your boss. But there are many challenges and we intend to go through most of the major ones in this guide.
How to Start a Trucking Business with A Single Truck
The trucking industry has kingpins with several fleets of trucks, and such companies are well established and known. To venture into this industry with a single truck and succeed is possible if only you lay a practical strategy. Consider doing the following.
Have a Business Plan
The first step to starting a trucking business with one truck is to write a business plan. A business plan gives an insight into how the trucking business operates. How you run the business and how your activities will be unique from other trucking companies. Your business plan will contain the type of trucking business you plan to run. For example, you are planning to handle a specialized load.
The business plan will contain the vision for your business. For example, are you planning to add more trucks in the future? How many drivers are you planning to employ? Some of these aspects might change with time but considering this will give you a path to follow.
Determine the Structure of Your Company
Deciding on the business entity you are planning to run is a path to making your trucking business successful. As you settle on a business entity, consider the income taxation and the owner liability because each of these entities comes with different taxation requirements; therefore, consider your business needs before deciding which entity to choose. Consider choosing from these business entities: Sole Proprietorship, S Corporation, and a limited liability company(LLC).
Consider Hiring a Business Service Provider
Do some research about service providers and seek the services of a trustworthy professional who will help you to start and grow your business. The ATBS will help you to know and do all things necessary before beginning your trucking business. The ATBS has more than 20 years of experience in the trucking industry, and they understand everything about trucking; therefore, they will offer you professional services.
The business service provider will help you sort out your taxes, book-keeping, and accounting as you concentrate on driving. They will also help you make business decisions as you grow your trucking business.
Get Your Truck
Having your truck is essential when you want to start a trucking business. You can get your truck by cash, truck financing company, and a lease purchase program. If you opt for a lease-purchase program, you will not own a truck but will be making payments at intervals of maybe 30 days until the contract expires. You can buy your truck or renew the contract when it expires. You can also opt for a financing company. You will own a truck and make payments until you fully own it.
This guide has given you a breakthrough in starting a trucking business with only one truck. It should ease most of the huddles that you could face when venturing into trucking.