Trucking is one of the most important industries in the United States. A huge proportion of our nation’s products are transported partially or primarily on large commercial trucks. There are serious worries over the lack of qualified truckers. Recently, the American Trucking Associations (ATA) estimated that the country may be short by as many as 160,000 truck drivers by 2028. On August 10th, 2021, an American CEO told Yahoo Finance that the truck driver shortage is “about as bad as I’ve ever seen.”
Given the market conditions, there are currently many opportunities in the trucking industry. You may be considering starting a truck company with little or no experience as a driver, a business owner, or either. It is absolutely possible to form a successful first-time business if you have the right resources. At Suivant Consulting, we help entrepreneurs build and grow companies. In this article, our Atlanta trucking consultants highlight some of the most important things you should know if you are considering starting a trucking company without prior experience.
Starting a Truck Company With No Experience? Five Key Considerations
Building a new trucking company without prior experience can be intimidating. As it is a heavily regulated industry, there are a lot of state and federal rules and regulations that will impact your business. At the same time, even the world’s most successful business owners had to start somewhere. With guidance and support from a trucking consultant at Suivant Consulting, you can be sure that all of the paperwork and other business matters will be handled the right way. Here are five key considerations to keep in mind if you want to start your own truck company with no prior experience:
You Must Decide Who is Going to Drive
When starting a trucking company, the first question you need to answer is: How many trucks are you going to have and who is going to drive them? There is no one “right” answer to this question. Any type of arrangement can work with the proper planning. If you are planning on obtaining one truck and driving it yourself, then you will be working as an “owner-operator.” If you want to hire someone else to drive the truck or your company is planning on getting multiple trucks, then you will need to put a plan for hiring and retaining employees in place. In some circumstances, a company could also work with independent contractors.
Entrepreneurs Need a Business Plan
To build a successful business, you need a plan. Among other things, this plan should address financing, start-up costs, insurance, client acquisition, accounting, tax preparation, and other key issues. If you have no experience in the trucking industry, you may not even know where to start. That is normal. An experienced trucking industry business consultant can help you put a detailed business plan together.
Financing Your Trucking Business
As you probably already know, there are start-up costs associated with forming a new trucking business. In general, most truck businesses need some form of financing to get off the ground—whether from savings, a bank loan, or an outside investment. These initial costs cover things like buying/leasing a truck, obtaining permits, acquiring adequate insurance coverage, and handling maintenance and operational expenses. A consultant can help new business owners with financial issues, including accounting and tax matters.
Registration and Permits
One of the key things that makes the trucking industry unique is that truckers/business owners need to obtain a wide range of different registrations and permits to operate—especially if you are planning to go across state lines. Your business may need to obtain the following: An EIN number, a DUNS number, an MC/DOT number, Boc-3 filings, and UCR and State permits. Without the proper registrations and permits, a trucking company could face very serious state or federal sanctions. If you are starting a truck company with no previous experience, it is crucial that you get all the paperwork done the right way.
Building and Growing Your Business
You can set up the most well-structured trucking business in the world, but it will not mean much if you are unable to obtain reliable clients. While there are a lot of opportunities currently available in the trucking industry, it is also competitive. Success requires focused dedication, including handling things such as marketing and branding. Our experienced Atlanta, GA business consultants can help you put an effective plan in place to get your business out there in front of potential clients.
How Suivant Consulting Can Help You Get Started in Trucking
Building and growing a successful business is never easy—especially if you are entering a competitive industry with little or no experience. That being said, it can be done. At Suivant Consulting, we are committed to helping people start-up and scale up their businesses. Going far beyond a sales pitch, our trucking consultants put in the time and resources to help clients get results. Among other things, our business consulting services are:
- Analytically-driven; and
We know what it takes to help entrepreneurs in the trucking industry build a top-tier business. Our team provides a wide range of customizable packages to business owners in trucking. Whether you want comprehensive help getting all of the registrations and permits you need to operate or guidance with a specific business matter, we are more than ready to help. Remember, everyone starts somewhere. You can build a successful trucking company with no prior experience.
Get Help From Our Georgia Business Consultants Today
At Suivant Consulting, we are here for your business success. With the professional skills and real-world experience needed to help business owners and entrepreneurs in the trucking industry, you can count on our consultants for results. If you have any questions about starting a truck company with no prior experience, we are here to help. Call us at 770-874-9951 or use our online contact form to schedule your strictly confidential initial appointment. With a main office in Atlanta, we provide business consultants services in Georgia and throughout the Southeastern United States.