Starting and running your trucking business is an exciting step in your trucking career. It allows you to be your boss, make more money, pick your loads, and choose when you want to take time off. However, this business is not for everybody. There are many things you have to consider before jumping into the industry. Running a trucking business in today’s world is all about research and strategy. Before investing money in trucking, you need to understand essential regulations governing the industry and the permit you need. These include EPN Number, MC Authority, UCR Permits, truck permits for Oregon, industry compliance, and many more.
With so many questions to answer and things to explore, running a successful trucking business can sometimes become difficult. To ensure you do not find yourself underneath the rubble of questions, here are things you should know before running a trucking company.
UNDERSTAND THE COST
The first thing you should pay attention to is the fact that you need a lot of money. The business is not always a cheap investment because it requires many upfront costs to pay before operating. They include the cost of trucks, licenses, plates, insurance, and permit fees. You must understand these costs before your business starts making money.
KNOW HOW THE MARKET WORKS
There is so much more to trucking than just hiring drivers and delivering loads. It requires handling quite many things at one time, and marketing needs to be one of your foremost priorities. You must ensure your customers know who you are and why you are the best in the business through proper marketing. Social media channels are some of the best platforms to promote your business. You can also hire digital marketing agencies to ensure you do not lack in any area.
THE INSURANCE YOU NEED
Trucking companies are required to have a variety of insurance policies. These protect both the drivers and the public. These policies can be costly, so it is essential to consider them in your overall budget when starting a trucking company. Some insurance policies include commercial auto liability insurance, cargo insurance, truckers’ liability insurance, and many more.
KNOW THE TRUCKING REGULATIONS
Knowing the regulations that apply to your area before starting your trucking company is paramount. These will help prevent any headaches down the road and ensure you operate within the law.Some of the most common regulations include the following:
- Limits on how many hours a driver can work
- Restrictions on the types of cargo a truck can transport.
- Getting a permit to operate across New Mexico
- Obtaining IRP&IFTA and others.
THE TYPE OF DRIVERS YOU NEED
Your drivers are one of the most crucial parts of running a trucking company. They are responsible for transporting freight safely from one location to another. So you must have a team of qualified drivers on board. They must also be familiar with the rules guiding the trucking industry. In addition, their driving record, driver’s license, and insurance coverage must be good. Plus, they must have an EPN Number.
HAVE A SUCESS STRATEGY
Becoming a pioneer in your niche requires a proper strategy. While you might be able to get your business off the ground and get through the first few years, continuous success needs accurate planning. These include everything from the initial phase and upfront cost to risk assessment and preventive and maintenance services. These solid plans get you through the hurdles year after year. Success also means having the right goals in your mind. These steer you in the right direction through an anchor point.
Running a trucking business is rewarding, but it is not an easy one. Also, taking the time to do thorough research and plan will help avoid common pitfalls that new businesses face.