If you want to run a trucking business, there are several things that you want to get right from the very beginning. The country needs trucking companies more than ever before. Undoubtedly, the trucking business is very profitable, which is why you will want to get everything right.
Here is what you need to know:
Table of Contents
Start with a Business Plan
No matter what business you are planning to launch, you need a business plan. Writing a business plan includes the following:
- A brief description of your trucking business goals.
- Description of industry knowledge and experience.
- Business operations, including staffing, technology, and operative systems.
- List of services that your trucking company will offer.
- A detailed analysis of the current market.
- Marketing framework, including how you plan to promote your business and build a loyal client base.
- Plan for accomplishing your revenue goals.
Understand the Legal Aspects
You will want to get the legal aspects of your trucking business right. Mostly, small trucking businesses choose to get registered as an LLC, which refers to a Limited Liability Corporation. As an LLC, you will want to know the answer to what is beneficial owner because an LLC is categorized as a reporting company by the CTA.
We recommend getting a lawyer on board, as the legal expert will help you save time and ensure that you are complying with the legal requirements of your state. Also, you will have the peace of mind that your assets are protected. The lawyer will also diminish the risks of your trucking company getting sued.
So, make sure to get the business structure and the legal aspects of your trucking company right.
Apply for Trucking Authority
Assuming that you have already gotten your CDL (commercial driver’s license) and passed all tests, now it is time to apply for trucking authority. All trucking businesses need to complete their trucking authority, especially when you plan on driving the trucks over state laws with more than 10,000 GVW.
You will want to establish a unique company name for your trucking company. Before getting registered, you will want to ensure that the company name isn’t taken. Subsequently, complete your tucking business application with the FMCSA. Also, file for the MC Number if you are planning to operate your tucks for interstate commerce.
Separate Your Business Account from Your Account
You will want to open a separate account for your trucking business. You might need to get business loans for running your trucking company. You will want to apply for a bank account that is specific for small businesses. Also, apply for a business credit card. It is important to mention here that you will want to keep your funds separate from your business funds.
By keeping your business account separate, you will have an easier time while dealing with tax planning and establishing a good credit card score for your business. Speaking of funds, you will want to get insured as well. The insurance will protect you against potential losses, including injuries and damage caused by accidents.
Article Last Updated: November 13, 2023.
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