Commercial trucking companies can seem like big, scary monsters, but they’re not as difficult to run as you might think. In fact, according to the Federal Motor Carrier Safety Administration, 90% of new commercial trucking companies survive past their first year and many long-term trucking businesses have 10 or more years of successful operation under their belts. If you’re considering taking the leap into commercial trucking, follow these five tips to get started on the right foot.
1) Get Licensed
There are a few licenses you’ll need to operate as a commercial truck of driver. These include: Commercial Driver’s License (CDL), Class A CDL, and Transportation Worker Identification Credential (TWIC). You’ll also need to register your company with the US Department of Transportation.
2) Establish an LLC or Corp
Let’s make you feel like a real boss, start off by purchasing a business license followed by registering a corporation. Next, grt bonded and insured, and determe the transportation industry you want to enter. However, running a commercial trucking company is not just about driving the truck. You’ll need to know how much it costs to maintain a fleet of trucks and drivers. We can’t forget about how much money it will take to get your carrier licensed in order to be able to transport goods or materials from one place to another. While these steps are not easy, they are necessary if you want your own trucking company that will last for years.
3) Decide on Vehicles
Each type of truck has its own pros and cons. What you’ll want to do is take a long hard look at your fleet and decide which vehicles are best suited to handle the demands of your company. Generally, you’re going to want some combination of dump trucks, flatbeds, refrigerated trucks, delivery vans, reefers, pick-up trucks, box trucks or service work vans. The more variety you have in your fleet the more flexibility you’ll have with how you run the business on a day-to-day basis. And remember: no matter what type of truck they are they all need tires (among other necessities) so make sure that comes into consideration when budgeting for different types of vehicles.
4) Choose a Brand
Choosing a name is crucial, as this will represent your company and be the first point of contact with any potential customers. If you’re unsure about your company’s niche, it’s important to think about who your target customer is, their demographic, and what their typical needs are.
You’ll also need to come up with a slogan to help represent your company. This should be memorable and identifiable–without a slogan people won’t remember who you are or what you’re offering.
5) Focus on Technology
These days it’s easier than ever to start a company with everything you need at your fingertips. It’s important to evaluate all the tools and services that are available before you begin so you know what type of technology will work best for your needs. Below is a list of must-have technology items that any commercial trucking company should have: – A GPS system (with driver-focused features) – Mobile access to the GPS in order to provide directions, reroute drivers, and monitor fuel usage on the go &
– Automated dispatch software or a telematics solution like trucker information services (TIS) that can sync up with routing systems and satellites.
Partner with United Funding Group
In these uncertain times, it’s more important than ever to have a reliable partner you can count on for funding, especially with a Startup business. United Funding Group has a long history of helping small businesses weather tough times. We offer a variety of funding options that can be tailored to your specific needs. So if you’re worried about how inflation will impact your business, give us a call. We’re here to help.
Contact UFG, Today!
United Funding Group provides funding for all types of businesses, regardless of industry. We provide merchant cash advances for many industries, including retail, service, restaurant, and real estate investment. Whether expanding your business or opening a new one, we can get you funded quickly and easily. Contact us today to learn more about merchant cash advances from United Funding Group, ufgfunding.com.