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

June 25, 2023

Trucker's Corner

At Trucker’s Corner, you can navigate to topics regarding the trucking industry, lifestyle while on the road, and truck health. International Used Trucks has the information you need to keep you on the Road to Revenue

New Trucking Company Checklist 

 

Perhaps you’ve been a driver for many years and have loads of experience. Maybe you feel the need to expand your career and become a business owner. We have a new trucking company checklist to help guide you through the process of starting your entrepreneurial endeavor. The team at International Used Truck Center covers what you need to know.

Setting Up Your New Company

Before you can get anywhere near the road, your company must be legally established and licensed. These steps must come first when looking over your new trucking company checklist. Whether you want to start an over-the-road (OTR) company or want to know how to start a moving truck company, this is the initial phase of your new business.

  1. Form a properly structured corporation or Limited Liability Company (LLC)
  2. Obtain your 9-digit employer identification number (EIN)
  3. Open a business bank account
  4. Appoint a registered agent (if required by law in your state)
  5. Obtain licenses and permits (as required by the type of hauling you will be doing and where you will operate)
  6. Obtain International Registration Plan (IRP) credentials and an International Fuel Tax Agreement (IFTA) decal (if your company will operate in or across multiple states)
  7. Designate a process agent to file Form BOC-3 on your behalf with the Federal Motor Carrier Safety Association (FMCSA)

Choose the Right Equipment 

Research the right equipment you need to get the best results. Purchasing the right equipment at the right price can make all the difference to the success of your business, especially if you’re seeking a business loan to start.

Ask other owner-operators for their advice on choosing the right type of truck for your cargo. You can also check out our guides to the different types of food and beverage trucks, municipal trucks, and long-haul trucks. Look over our box truck sizes when you want to know how to start a moving truck company, whether you want to offer rentals or start a moving business. We have plenty of trucks for sale from all of the top brands.

Purchase Insurance Coverage

Another important part of a new trucking company checklist is the insurance coverage you need. You are required to obtain business insurance when you start a trucking company. Contact us if you have questions about the right type of coverage for your business, or how to obtain the best rates! You’ll need premises insurance, insurance to cover any of your employees who drive trucks, and motor vehicle insurance.

Invest in Accounting Software

As with any business, having a reliable and accurate way to track your income and expenses is one key to measuring revenue and profitability. This is especially true when you’re learning how to start a moving truck company, a trucking company, or another logistics firm. That’s because the gap between delivery and payment can vary widely. Accounting software takes the headache out of tracking your finances, even when you and your drivers are spread across the country and you need to manage your fleet. Consider customer relationship management and fleet management software and apps, too, as you learn how to budget for your trucking company.

Find Loads, Start Hauling & Build Your Business

Once you start a trucking company, you need to keep a whole fleet of trucks running on time while keeping downtime at an absolute minimum. Unless you’re a logistical genius, you will probably want a little help finding loads. Then, make sure you track the loads properly and manage your fleet with the efficiency software we talked about.

Options for finding loads include:

  • Hiring a freight broker to connect your drivers with loads
  • Using a dispatch service to build a network of contacts
  • Search for loads on a load board
  • Registering as a government contractor 

Start at Trucking Company & Grow Your Income

Want more of our advice for starting a trucking business? International Used Truck Center is here to help you get your business up and running! Check out our guides to Amazon delivery startups and women in trucking, or contact us online today. We’re happy to help in any way we can with your trucking needs!

And More

International Used Truck Center 41.776180, -88.200918.