Though it is wise to study the legal factors of each structure, industry experts generally agree the most favorable option for a trucking company is to file as a limited liability company LLC. If you operate small with just a single truck for your first few months of business, you might find it more practical to file as a sole proprietorship and convert to LLC later, once you add more trucks and employees. General liability insurance — covers most expenses in accidents where one of your drivers is liable. Motor truck cargo insurance — covers your business in an event where cargo is lost or damaged.
Investment ideas Starting a Trucking Company — Sample Business Plan Template The haulage and logistics business is one of the most lucrative businesses. But most people shy away from this business because of its risky and capital intensive nature. Do you want to learn how to start a trucking business from scratch?
Do you need a sample trucking business plan template or feasibility study report? Then i advice you read on. Starting a trucking business has been an idea i have been toying with for some time now. Regardless if you are an entrepreneur or an employee truck driver, starting a trucking business must have caught your imagination also.
This article is culled from: As it stands, the trucking industry is one of the biggest businesses in the world. In fact, in the United States alone, the trucking industry produces over billion dollars of revenue a year.
In Nigeria, haulage business and even logistics is a billion dollar business with an insatiable market. This is because transporting goods across long distances has become an important industry.
No matter the industry you find yourself, you must transport bulk goods to and fro both raw and finished goods. That makes the haulage industry a very lucrative one.
Starting a Trucking Company — Sample Business Plan Template Now if you are interested in knowing how to start a trucking business; you have come to the right place because I will be sharing some tips to help you succeed in this field.
Your journey to starting a trucking business begins here. But before I go into the details of starting a trucking business, I want to emphatically state that the information provided in this article does not in any way replace the need for you to conduct a feasibility studywrite a trucking business plan for your trucking business and do your own due diligence.
Here is a sample trucking business plan template you can start with. Yes, the first thing that should be considered is your personality. First, you have to be certain that this is what you really want to so.
Haulage is profitable alright but filled with a lot of risks and challenges therefore, you need a strong mind and determination to run this business successfully. You must be prepared to deal with dishonest drivers, shady mechanics, accidents and all sorts of challenges that are certain to come up at some point in this business.
Choose a niche in the trucking industry The trucking industry is very broad and to succeed in it, you must select a niche. There are different niches in haulage business and the niche you choose would determine the type of vehicles you would need and your start-up costs.
For example, you can check out these business opportunities for truck owners and then take the questionaire below: Will you be engaged in transporting bulk goods or would you be leasing trucks to businesses in the transport industry?
Will you outsource your truck to a trucking company or would you rather put your truck on a hired purchase? Are you going to haul short or long distance?
If you are to go into transportation; will you haul solid or liquid goods? These are the questions you must answer before setting out to start your own trucking business. If you choose petroleum products haulage for instance, what you would need is a petroleum tanker and you would have to register with an oil company or work as a sub-contractor with an already registered company but if you want to go into building materials haulage like carrying of sand, cement and granite from quarries to construction sites, what you would need is a tipper or a lorry.
Start-up Capital The next thing you will need to begin your journey in the trucking industry is capital and you are going to need lots of it. Trucking is capital intensive and arguably the bloodiest part of starting a trucking business.
Your start-up capital will largely depend on the size of the fleet you are intending to own. Therefore, you have to write a business plan and have a clear idea of how much you would need to start the business and look into your savings to see if you can afford it.
Are you going to buy new trucks or used trucks?
There are two ways with which you can get your trucks; you can either purchase them outright or get them on lease.We would like to show you a description here but the site won’t allow us. Trucking Company Business Plan. The following are excerpts from the Business Plan Trucking.
Starting a Trucking Company With 1 – 10 Trucks and torosgazete.com Plan can be presented modified with your information to apply for an SBA loan. Some trucking companies have their own training programs.
and some will help pay for CDL school. Many drivers who eventually become owner-operators start out as company drivers.
STEP 2: Have a plan. Nov 21, · In this video I explain the things that are important to keep in mind when you write a trucking company business plan and eventually starting your trucking business.
Starting a Trucking Company: How to Run a Trucking all the factors involved in starting your own trucking company. the types of freight you plan to. Determining whether starting a trucking company is feasible for you requires asking yourself a series of more complex questions.
The purpose of a trucking business plan is to outline the steps required to initiate your business and make it move and thrive.