Factors you should consider before starting your own trucking business
Making a decision of leaping from an ordinary truck driver position to being your own boss, with your own truck, is a challenging but also an exciting opportunity. The biggest concern many potential owner-operators have is in regards to how viable and profitable their trucking business will be and how strong the competition will be.
There are several factors that any truck driver should keep in mind when thinking about becoming an owner operator and starting their own business from scratch. By understanding a few important trucking and business principles, any trucker can successfully transform their trucking careers and ensure the profitability of their trucking business, as well as its longevity.
Obtaining the necessary knowledge
Some of the necessary knowledge in this field can be obtained in a rather straightforward way, by undertaking various courses offered by reputable trucking companies, such as Status Transportation. In order to acquire additional knowledge, you will have to do some research and consult other, highly experienced owner operators. The good news is that the vast majority of successful owner-operators are more than willing to share their experiences and knowledge. There are also plenty of organizations, associations and online applications that can provide the necessary tools, calculators, as well as informative articles.
Before you make this decision, make sure to get the answers to the following questions:
What are the costs of starting a trucking business?
This is more or less a basic information, that you can easily obtain from other owner-operators or by visiting specialized websites. In most cases, these costs will be included:
- Leasing or purchasing a truck and a trailer, if possible
- Initial insurance
- Getting business permits
- Ensuring all the forms, filings, endorsements, and licenses are up to date and valid
- Main insurance
- Finding a truck and trailer storage, as well as storage, loading and unloading facilities.
Additionally, you will also have to consider truck software and hardware in the form of tablets, smart phones, laptops or computers, in order to successfully run your business from everywhere and be capable of accessing all the necessary information at any time.