Running and more importantly, growing a trucking company takes a lot more than operating a truck.
Have you ever dreamed of owning a successful trucking business?
Let’s be honest, who doesn’t.
Although everyone wants to own one, not everyone is able to have one. However, everything can be learned and managed.
As you may know, the path to success is hard but it is achievable and you can make it to the very end. You just need the right direction.
Speaking about directions, take a look at the steps that might lead you through your process of running a trucking company.
First Things First: Trucking Company Requirements
According to the United States Small Business Administration (SBA), every company needs to fulfill certain requirements.
In like manner, so does every trucking company before the establishment is made. Correspondingly, a trucking company needs to comply with the business licenses, laws, permits as well as forms.
In addition to the Government laws, there are the regulations and rules that apply to the trucking industry.
For instance, one trucking business owner must respect the regulations of the Federal Motor Carrier Safety Administration (FMCSA).
In addition to this, there are the Federal DOT and the Carrier Authority Number. Furthermore, the future owner of a trucking company must apply for the online Federal Carrier Administration Certification.
To continue with, there is the International Registration Plan (IRS). The plan is created in order to maximize the interstate highway usage. The only thing to do is to fill out the IRS Form.
Regarding the truck drivers, they all need a valid Commercial Driver’s License (CDL). Nonetheless, of the type of truck driver, every person who is intending to operate a vehicle needs it.
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Moreover, to comply with the CDL Classifications of the United States Department of Motor Vehicles (DMV). The CDL License includes three classes:
- Class A
- The B Class
- Class C
Similarly, depending on what they intend to haul, there are further requirements. For example, if you plan to transport fuel then you need to comply with the following:
- IFTA Fuel Tax Requirements
- Pipeline and Hazardous Materials Safety Administration (PHMSA)
- The National Fire Protection Association (NFPA)
- The United States Environmental Protection Agency (EPA)
- Standard Carrier Alpha Code (SCAC)
In addition to this, when hiring hazardous cargo drivers make sure that they have passed the hazmat practice test.
1. Get the Right Equipment
Continually, after considering the requirements, you need to put your attention on the equipment. Regarding this, you need to play smart. Likewise, you need to do the math well.
When involving in a trucking business, the equipment might be the most expensive part of the business. It is probably the hardest to deal with as well.
Due to this matter, you need to make a decision whether you will be one of the rental trucking companies or you will own the fleet.
Having said this, it all depends on how much you are willing, or you are able to invest in the fleet. To put it differently, the type of freight you are going to transport takes an important role as well.
To emphasize it further, you need to make a decision. Are you going to rent or buy the fleet?
The crucial point of getting equipment for your trucking company is to figure out how the fleet will operate.
Furthermore, there are other important things to consider as well, and very carefully:
- Your current financial status
- The cost of owning vs. the cost of renting the fleet
- Length of the project or job
- The availability of the equipment
- Management of the fleet and inventory control
For instance, if you decide to hire owner-operators you will most certainly pay a lot less but you will not own the fleet.
In all honesty, it is way better to own the fleet. If you have already decided to start running a trucking company then do it right.
My point is, there is a huge advantage of owning the equipment. To put it in a different way, owning it makes it available for you 24/7.
And furthermore, you know the saying: ‘If you own it, you control it’.
2. Use Online Load Boards
Due to the advanced technology, you can easily find or do everything related to your work online. Luckily, the same refers to the trucking industry.
In the old days, trucking businesses were not easy to start and lead them to growth. It could take years of experience and environment, standards as well as the economy change in order to advance it.
Nowadays, you can easily get your trucking company rolling online. There are free and paid load boards as well. Free or paid, it takes seconds until someone finds good online load boards.
The following online load boards are perfect to get your trucking company and business started.
Furthermore, load boards can be found on other searches and forums as well. For instance, you can find them on:
In addition to this, Facebook is always a good idea to find the thing you need. Why am I saying this? For instance, you can check people’s comments on particular pages about their products, websites, or their services.
Moreover, there are groups where you can get in and debate about the load boards. To put it another way, where to find reliable boards, as well as their opinions on using them etc.
All of these load boards are great to use regardless of their free or paid usage. However, the paid must offer more benefits than the others.
Things to remember:
- Set standards for the load boards choices
- Do not risk-take chances with the paid boards
- Calculate the budget you have
- Rely on the most trustworthy load boards
Regarding this, if you want to learn more about the loads, you can check the guide to choose the best hot shot load boards.
3. Know Your Trucking Company’s Business Expenses
Why is important to calculate your trucking company’s expenses?