3 Things To Remember When Starting A Trucking Business
by Elliot Simpson
Have you ever thought about becoming your own boss? It is now more possible than ever to take a skill and turn it into a lucrative opportunity to make money on your own terms. Since so much business and infrastructure depends on the work of truck drivers, there are no shortage of owner operator trucking jobs that you can capitalize on in order to perform excellent work, while remaining your own boss. However, if you have never gotten your commercial driver's license, or want to know some critical tips to help you make the most of your new trucking business, read on.
#1: Acquire All Necessary Permits, Licenses And Documentation
Handling your obligations on the business end will make your trucking business run smoothly and give you the great start that you need to hit the ground running. In addition to passing your commercial driver's license test and acquiring financing with your truck, you'll want to keep the following needs in mind:
- You must be in compliance with and consider the tax obligation for heavy use
- Apply for and comply with BOC-3 registration, so that you can continuously operate your vehicle for commerce
- Make sure that your truck keeps a valid Department Of Transportation and carrier number
#2: Keep Your Marketing And Customer Base In Mind
Since you're going to be your own boss, your business will live and die by the clientele that you develop. You will need to not only bring in new customers, but retain your customers so that you get consistent business throughout the course of your operation. Consider some of the following information, to help you market your business and bring in the best customer base:
- Start out by aggressively going after freight board jobs. These jobs typically revolve around scouring online databases to match up with shippers
- Develop a sales pitch and actively call prospective customers
- Maintain a thorough and sophisticated customer list, in order to catalogue and build information on the highest paying jobs
#3: Know All Of The Financial Implications
Going into business for yourself will require you to be precise about all financial implications. Studies show that truckers can expect a yearly salary of approximately $37,000, on average. However, if you are an owner operator, the median income hovers around $160,000. This bodes well for your prospects, but you'll also need to make sure that you log your miles, take out your own money for taxes and take into account equipment and repair costs.
Think about these three aspects, so that you are able to make the most out of your endeavors as a trucking business owner.
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