1. Research the Industry – Understand the costs, licenses, regulations and general operations of trucking companies in your area.
2. Establish Your Business Structure – Decide on the type of business entity you want to form such as an LLC, partnership or corporation.
3. Obtain Your DOT Number – Apply for your U.S. Department of Transportation (DOT) number and register your business with the Federal Motor Carrier Safety Administration (FMCSA).
4. Procure Insurance – Purchase the necessary insurance for yourself, your vehicles and your business operations.
5. Lease or Purchase Equipment – Choose the types of trucks and equipment you need to run your business and decide whether to lease or purchase them.
6. Hire Drivers – Recruit, screen and hire drivers who meet the DOT qualifications for truck drivers.
7. Develop Your Business Plan – Create a comprehensive plan that outlines the goals, strategies, and resources needed to make your business successful.
8. Secure Financing – Apply for loans or other forms of financing to cover start-up costs such as truck and equipment purchases.
9. Market Your Business – Develop an effective marketing strategy that promotes your services to potential customers.
10. Monitor Performance – Track and monitor your business performance including revenue, expenses, customer satisfaction, driver performance and maintenance costs.
11. Compile Reports – Create necessary reports such as trip logs, fuel consumption data and driver logs to ensure compliance with government regulations.
12. Stay Up-to-Date – Stay informed about changes in the trucking industry, regulations and technologies that can help you improve your business.