Ready to Start Your Trucking Company? Here's a Quick Checklist to Help

 

If you’ve been looking to start a trucking company but aren’t sure where to begin, you’re not alone. Many professional Ft. Lauderdale truck drivers are interested in striking out on their own, but the confusing legal, insurance, and bookkeeping paperwork keeps them from starting the process. That’s why Rechtien International Trucks has compiled this simple-to-follow “Starting a Trucking Business Checklist” so you can get an idea of how to start a trucking company! Learn more about starting a trucking business with the experts at Rechtien International Trucks and put yourself on the path to small business ownership.

Starting a Trucking Business Checklist

Step One: Create a Business Plan

Before you begin navigating any of the legal aspects of starting a trucking business in Riviera Beach, you’ll want to sit down and write out your business plan. A business plan is similar to a business’s roadmap, charting the direction your business is going and what stops along the way will help you get there. There’s plenty of information you should include in your business plan, such as ideas about how you plan to organize your business, what goals you hope to achieve, your profit model, and any potential obstacles you can foresee impacting your company. 

Step Two: Legally Establish Your Company

Once you’ve mapped out your business plan, it’s time to start a trucking company! You’ll want to either set up your business as a corporation or a Limited Liability Company (LLC) to properly delineate your personal and business assets. To do so, start by appointing a registered agent for your company (often yourself) so that the secretary of state can reliably send legal notices, state mandates, tax documents, and wage garnishments in a timely and efficient manner. You’ll also need to obtain your employer identification number, or EIN, to open a bank account for your business. 

Once your business is firmly established and registered with the state, you’ll need to obtain all the necessary business licenses and permits to operate your trucking company. Some examples of licenses and permits you’ll need include: 

• Commercial Driver’s License (CDL): Every employee driving a truck in your trucking company must have a CDL license to operate. 
• USDOT Number: All transportation businesses must have a number assigned to them by the U.S. Department of Transportation to help identify the business for audits, compliance reviews, crash investigations, and inspections. 
• Motor Carrier Operating Authority Number (MC Number): In addition to a USDOT number, you may need one or more MC numbers, depending on the scope of your business. 
• International Registration Plan (IRP) & International Fuel Tax Agreement (IFTA) Credentials: If you plan on hauling across multiple states, you must obtain IRP credentials and an IFTA decal for each vehicle. 
• BOC-3 Filing: Every motor carrier is required to have a process agent who can file a Form BOC-3 with the Federal Motor Carrier Safety Association (FMCSA) in case your company is ever involved in court proceedings.

Step Three: Buy/Lease Equipment & Get Insured

One of the most exciting steps of starting a trucking business is buying or leasing equipment. The type of equipment you need will vary depending on the cargo you plan to carry. Chances are, you can find what you’re looking for at Rechtien International Trucks, as our team carries new and used trucks and trailers of all stripes. 

After you’ve found the equipment you’re looking for, you’ll want to get the proper insurance coverage for each piece. Some insurance policies you should consider for your equipment include: 

• Primary liability insurance
• Physical damage insurance
• Passenger accident insurance
• Cargo insurance

Step Four: Stay On Top of Your Finances

It’s important to start a trucking company on the right financial footing. As legal fees and equipment expenses begin to add up, make sure you’ve either hired an accountant or invested in some sort of bookkeeping software to stay on top of your business’s money flow. Once your operation starts, you’ll want to track when you receive payment for Ft. Pierce deliveries, what expenses you’re paying to keep the business running, and employee wages and payroll. 

One of the most important tips Rechtien International Trucks can offer? Keep your personal and business finances separate. This makes for simpler tax reporting and helps you track what’s working in the business and what isn’t. 

Step Five:Find Customers & Grow Your Business

Small businesses live and die by the relationships they form with customers and the local area. Build a reputation for on-time, quality delivery services, and exceptional customer service, and foster new relationships with local businesses to keep your profits growing. Throughout your tenure as a business owner, make sure you stay in compliance with all filings and reporting requirements, establishing your business as a reliable option for new and returning customers. 

Learn More About How to Start a Trucking Company With Rechtien International Trucks!

Now that you’ve read our Starting a Trucking Business Checklist, you’re ready to get started! Have questions about how to start a trucking company that our list didn’t answer? Feel free to contact the team at Rechtien International Trucks, and our experts will be happy to give you advice and equipment tips that you need to start your small-business journey.