Are you ready to get out on your own? Is it time to start making more money for the work you’re doing? Getting your trucking company started can seem daunting but it can be accomplished in a minimal amount of time by utilizing a company like TurnKey Authority.
The Starting Point
You’ll want to know what you’re getting into from the beginning. The many business-savvy recommend a business plan. This might be a good place to start if you intend to go at this the right way. It doesn’t have to be anything extensive, but it is good to outline the basics to ensure you don’t miss anything upon setup. Think about your strategies, opportunities, and projections.
You’ll want to set up your business appropriately. An LLC is the most common as this model provides you with limited personal liability. Then you will need to make sure you file the articles of organization with your state.
Financial Options
Securing funding for your new business venture is important. You may have your own capital, seek a business loan, look to investors, or utilize a factoring company. Be sure to research the pros and cons of each option. If you turn to a bank, be sure to secure a low-interest loan. If you take advantage of investors with deep pockets, it is important to clearly define the loan terms so future problems don’t occur. Using a factoring company is a very popular solution that allows you to increase cash flow by selling current invoices without the need for financials.
Insurance
You won’t want to get ahead of yourself in launching this trucking business without an insurance policy. This will protect you from damage and cover damages that may occur while hauling a load. Your policy could save or break you business. Be sure you know what you’re doing here, or utilize someone that does.
Equipment
You may consider leasing a truck or purchasing one outright. There aren’t many startup trucking business owners that have the investment to make out of the gate, which makes leasing the more popular and manageable option. Be sure to do your homework on various lease options before entering into an agreement. Insurance will be configured differently for trucks that are leased compared to trucks that are purchased.
Find Customers
You may already have connections in the industry as to you might be able to haul for. If not, you may be starting cold. You’ll want to call companies that may need freight shipped and offer your services. You may find loads using a load board or capitalize on the services of a freight broker. TurnKey Authority offers free use of both a pre-qualified, platinum broker list and a load board to assist in getting your business off the ground.