5 Steps To Starting Your Trucking Business

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Starting any business is a challenging yet rewarding task. You have to go through a long list of activities before getting the green signal for your business to officially start. From paperwork to financial investments, there is a lot to consider.

In 2018, the Canadian Trucking industry generated annual revenue of $39.55 billion from 66.5 million shipments. These statistics include organizations that operate a private truck fleet to transport self-produced goods and carriers that different companies hire to carry products. If you are thinking about contributing to the billion-dollar industry by starting your own company, here are some initial steps that you can take.

1. Explore Vehicle Options

In the trucking industry, your vehicle is an essential asset you need will for operations. Look for new and used commercial trucks that suit your company’s needs. A truck is not a one size fits all equipment. You have to think about the products you will carry, the estimated weight, and the travelling distance.

After you have listed your requirements, speak to a specialist at the dealership for advice. They will guide you through the process and help you find the vehicle that is suitable for you. You can also do some prior research to understand what kind of truck your business needs.

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2. Create a Business Plan

You might have a tough time forming a business without a plan. Create a business plan that lists out all your requirements and future actions. The draft should include your main objectives, mission statement, market analysis, competitor evaluation, cash flow projection, marketing plans, organizational structure, and more. A successful business plan will create the pathway for future operations.

3. Complete Legal Requirements

There are many legalities to consider before introducing your business to the public. You need to register your company so that you can separate your business liabilities from yourself. You will also need to get all related licenses, create a bank account, and obtain necessary permits.

You can speak to a professional who can guide you through the process. Or, you can do some research yourself, create a checklist, and complete all the requirements.

4. Hire Qualified Drivers

Drivers are the backbone of a trucking company. You must interview a wide range of candidates before deciding who to hire. Make sure to run background checks, call past employers for references, and check if the drivers’ licenses are valid.

Since the drivers will be travelling to different places, you need to trust them with your company’s assets. They will be the primary stakeholders of the business who will build relationships with consumers, so your company’s credibility relies on them.

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5. Market Your Services

You have to market your business to introduce it to the world. Once you have everything ready, create an advertising plan. Use traditional methods such as billboards, TV, newspapers, and more modern techniques such as social media. Word of mouth is also another prominent way to get your company recognized by more people.

Starting a trucking business is not easy. Once you go through the initial steps, you will get the hang of how things work. Be patient and work your way up instead of rushing the process.

Heron Nelson

Heron is a business blogger with a focus on personal finance and wealth management. With over 7 years of experience writing about financial topics, Heron has established herself as a trusted voice in the personal finance space. She has a deep understanding of financial concepts and strategies, and is able to explain them in a relatable and actionable way for her readers.