Once you sorted through the options available, you decided that the best thing for you is to start your own trucking company. Starting your own trucking company isn’t such a niche idea. In fact, many of today’s business culture revolve around the use trucking companies for various reasons. In this article, we’ll help you learn what you need to know about starting your own trucking company.
Determine Your Business Plan
Before your trucking company can take off, you need to first determine what your company is going to be about. This marks the start of your business plan development. Do you plan on being a delivery service for a business’s supply chain? Are you going to center your business around moving services? Or, do you plan on having private fleets? Many think that trucking companies don’t have many options, but they’d be wrong. Trucking companies have a good amount of diversity and can see a large profit from pretty much every one.
Obtain Your Fleet
A new trucking company likely will have a small fleet of at least five to 10 trucks. You’re going to be spending well over tens of thousands of dollars for each. You can do this no problem with business loans. However, it’s important to start off slow with the number of trucks you have, so you can have some extra funds to put towards developing your trucking company further. You need to equip each truck within the fleet with the proper technology.
This technology will allow you to keep a closer eye on your fleet and its activities without too much hassle. Electronic logging devices (ELDs), tachographs, and dash cams are to name a few. Another piece of fleet technology that’s important to have is GPS tracking systems. GPS tracking systems allow you to see where all your vehicles are in real time. The software associated with it is connected to a satellite, which is how the information is broadcasted. Furthermore, because your fleet is one of the biggest investments you’ll make, you also want to get fleet insurance as quickly as possible.
Fleet insurance is a type of car insurance that functions like a regular policy would. The only real difference between them is how many vehicles you can put on a policy. Traditional car insurance would be very expensive as you’d have to add each truck to an individual policy. Fleet insurance eliminates this issue by allowing owners to put an entire group of vehicles on a single policy. This helps you save both time and money when it comes to preventative maintenance.
Hire the Right People
It should go without saying your trucking company won’t see any success without the drivers. However, you need to make sure you hire only the best candidates. You don’t want someone who’s inexperienced driving your trucks as that can greatly increase the risk of an accident happening and lead to a potential liability claim. Make sure you thoroughly screen your applicants before calling them in for an interview. Part of being able to obtain the best talent is offering them the best opportunity. There are things to offer employees besides a salary that today’s top recruits consider to be non-negotiables. Do some research and learn what people are looking for when they are job hunting and mold your entire package around the top trends.
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