Although the trucking business can be extremely profitable, it can also be one of the most competitive industries out there. Aware of the potential for profit, several would-be entrepreneurs try to get their foot into the industry, and year after year, they end up failing. Although these people may have been fully capable truck drivers, they did not familiarize themselves with the key points necessary in opening up their own business. We’ve highlighted a few of these key points below. If you’re thinking of owning a small trucking business, be sure to familiarize yourself with the necessary knowledge before taking any committed steps.
Should You Start a Trucking Company?
First off, we would strongly recommend that only those with some experience in the trucking industry endeavor to own their own truck driving company. Even at that, there are several questions you must first ask yourself before even thinking about starting your own small trucking business: is your trailer and your equipment either all, or mostly, paid off? Do you have a list of potential customers lined up? Do you have employees in mind? Have you prepared a business plan and calculated the cost, income and expense projection of doing business? If the answer is yes to all of the above, then perhaps you’re ready to start talking about opening up your own trucking company. If not, you may still have a long way to go yet.
Hidden Costs of Truck Driver Training
Becoming a truck driver requires a specific educational program from a reputable truck driving school. In most cases, students are expected to pay an all-inclusive fee to the school they are attending, and that fee, as its title implies, will include all of the projected costs, from the very first day of school, right up until graduation. Other programs will offer a more scattered payment system where the student pays for the necessities as they proceed with the curriculum. In both cases, it is possible for the student to be overcharged if they are not sure what they’re getting from their education. We recommend having a thorough conversation with a student advisor in order to clearly outline every aspect of a program and each individual cost that goes toward it.
Over the Road vs. Local Trucking Jobs
For truck drivers who have been working on the long road for a while, local trucking jobs might seem relatively tempting. Really, it all depends on perspective. Long-distance jobs tend to pay more, however, they come with the obligation to spend an extended amount of time away from home. Local trucking jobs essentially guarantee that you’ll be home every night. However, certain local jobs tend to demand that the driver will be available to work weekends, and you’ll have to wake up extremely early for work. Consider your own personal position when deciding between these two types of trucker jobs.
Truck Drivers as Small Business Owners
Because the trucking industry is an extremely competitive field, truck drivers looking to become small business owners need to first make sure that they are ready for the long, demanding commitment that lies ahead of them. Truck drivers looking to own their own business must: determine how their business will operate; follow the standard steps to start a business; comply with all trucking-related permits, forms, and business licenses; obtain the necessary business insurance requirements; locate and purchase the proper equipment to get the business started and build up a client base to obtain transportation contacts. Think you can handle all that? Then you just might be ready to open up your own trucking business!