Top Business Credit Card Tips: HOW TO GET RICH STARTING A TRUCKING COMPANY

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Congratulations! You just completed and passed the instructional driving courses and earned your Commercial Driver's License (CDL). {So now that you are licensed to drive a truck, what is your next step? Now that you are licensed to drive a truck, what is your next step.

This is where most start thinking, whether they should find a job driving for someone else or becoming an owner operator and creating their own trucking company or trucking business. Either way there’s a smart way of getting things done.

First, let’s consider getting you a job. You have to think of what type of trucking business is it you’re going into, such as dump truck, flatbed truck, tow truck, or long hall trucking to name a few. Once, you’ve made that decision, you need to look for the job.

There are many avenues in which to pursue trucking jobs. Often, trucking companies in your area that are seeking qualified licensed truck drivers will advertise open positions. Billboards are becoming more popular, with trucking companies sometimes purchasing billboard space if they are in a big hiring push.

The truck driving school where you trained and earned your CDL is another avenue to pursue in your quest for trucking jobs. The internet is also a major source for trucking jobs. Look them up and see if they have trucking jobs on their website.

Now, let’s say you decide to become an over the road truck driver, so that you can get the experience, because you’re planning on one day starting your own small trucking business. Besides, you understand that being an owner operator is where you make the real money.

The things you need to do before agreeing to drive for anyone is set up a C-Corporation and business bank account for yourself. The purpose of this is so that your employer will hire your corporation instead of making you the employee. This will allow you to business credit and your business bank rating so that you can easily get qualified for financing to buy your own big rig or Tesla’s Beast All Electric truck.

After, you’ve gotten the experience as a over the road truck driver and now moving in to the position as a an owner operator, there are a few other thing you must do in order to be compliant in your trucking business.

You need to chose one of these two avenues of business you’re going into:

Sub-contracted drivers: Under the first option, you run your business using sub-contractors as drivers. Although you, as the business owner, run the business and receive the contracts, your drivers are not actually employed by your company. This option cuts down on start-up costs, insurance costs, and required equipment. On the other side, this option gives you less control over your drivers and cuts into your profits.
Privately-owned drivers: Under the second option, you privately run your business and all operations. You use your own equipment, pay higher insurance prices, and hire a fleet of private drivers as employees. This option gives you total control over your business and its employees, and promises the most return on profits. On the downside, this option requires a great deal more start-up capital and operating costs.

Comply with all trucking-specific business licenses, permits, and forms.

In addition to the general federal and state requirements, there are tax, license, and permit regulations that apply specifically to the trucking industry. Depending on the type of trucking business you plan to run, several important requirements may include:

Federal DOT Number and Motor Carrier Authority Number' Understand your requirements and apply for these certifications online at the Federal Motor Carrier Authorit's website.
Heavy Use Tax Form (2290)' Comply with tax regulations related to the heavy use of U.S roads with IRS Form 2290.
International Registration Plan (IRP) Tag' Understand your requirements and obtain IRP tags by visiting your stat's transportation website and their IRP portal.
International Fuel Tax Agreement (IFTA) Decal' Understand your requirements and obtain IFTA decals by visiting your state's transportation website.
BOC-3 Filing - Use a processing agent and the BOC-3 filing option to secure and maintain active operating status.

In addition to these operational requirements, if you chose to employ private drivers, they'll need to obtain special drivers permits or endorsements, such as a commercial driver's license, to legally operate your vehicles.

Once you’re fully established yourself as an owner operator trucking company, you’ll easily be able to expand the business. Also, if you ready to start your trucking business, check out our website here.

2017-12-06

HOW TO GET RICH STARTING A TRUCKING COMPANY

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