Starting your own trucking company is a good career move that might earn you a lot of money if done right. There are many step and guidelines a brandon foster tulsa ok consultation offers that is worth considering before starting out.
Starting a trucking company
If the timing is right, this is a great idea. You can increase your freight revenues by 75 percent over a period of nine years. The trucking industry nationwide is worth hundreds of billions of dollars. The prospects in starting a trucking company are highly lucrative. The trucking industry serves as a strong pillar when keeping things going, particularly when there is demand for products. At the start, you might get intimidated by the major trucking companies which employ thousands of drivers. Also, they have a wide pool of investors. It turns out close to 90 percent of the trucking companies today are small fleets of six trucks at most. This means there is enough space for starting your own trucking company.
Apply for trucking company forms
Documentation, paperwork and the right forms should be your first step. The whole process might seem tedious, but it’s necessary to get your business incorporated. Compared to the cost involved when acquiring the trucks, the registration costs are a drop in the ocean.
Get a good process agent
Your agent should have the time, knowledge and expertise required to cover your court papers. Your process agents must be spread across all the states wherein your truck plies their routes. You can check the online agents’
registry for recommended agents.
Acquire truck insurance
On establishing your trucking company ensure that it is fully insured. The trucks need liability insurance to cover injuries and damages brought about by operating commercial vehicles. Take your time to shop around for different quotes from insurance providers. Only settle for the insurance package that will offer your truck the best coverage.
Buy or lease a truck
When starting out you have the option of buying or leasing out your truck. This usually depends on your financial capability. For those endowed with enough resources, you can opt for a small fleet of few trucks at a go. This might result in a fair discount from the dealership. Always have the liquidity to enable you to meet running expenses. The capital factor is what drives most businesses to opt for the lease acquisition of their trucks. You can even opt for the lease-to-own option. As long as you meet the strict restrictions and conditions offered by the dealers, you are good to go. Before making an abrupt choice, take the time to compare different dealer options before picking the most suitable.
Finally, there is also another truck acquisition option that involves buying a used truck. You might land across one that has been used only a few years and still has over 4000,000 miles for $40,000 less. In as much as this seems like the perfect deal, remember trucks breakdown too and are costly to repair. This might raise your repair and maintenance expense significantly.