There’s never been a better time to start your new trucking business. The supply chain bottleneck caused by trucker shortages has created the perfect opportunity to fill an ever-widening gap and run a profitable business while doing so. Whether you plan to work as a solo independent contractor or build a fleet, there are a few best practices to keep in mind.
1. Review the Trucking Stats
Even the best entrepreneurs rarely get a business up and running overnight. A lot can change while you prep your trucking business for launch. Economic trends, federal policies and corporate initiatives are just some of the factors to look out for, so you can start your business with the right elements working in your favor.
2. Consider Your Resources
It can be easy to get carried away with optimism when pursuing a business initiative that has a high likelihood of big success. Any business can fail in even the best markets, so it’s important to launch a business that makes the best use of your existing and projected future resources. Start with a budget and then work on cash flow projections.
3. Complete the Paperwork
Once you have your general plan in place, move forward with the paperwork. This might include picking a business name, registering the business and getting the appropriate licenses. Before hiring an attorney, consider local available resources and organizations that are working hard to get truckers on the road. They might be able to provide assistance for free or at reduced rates.
4. Get Insurance
Trucking is one of the most dangerous professions in America. Consequently, good insurance is necessary for long-term success. It might be tempting to make a decision based on the cheapest rates, but be sure to consider value. Always ensure you shield yourself from risk as best as possible.
At Rev Insurance, we partner with truckers and trucking companies to secure their assets. We provide peace of mind while you pursue success. Get a quote today. Hablamos Español.
