How To Start A Trucking Company Llc
How To Start A Trucking Company Llc – Want to see how much it costs to start your own transportation business? We’ve put together a list of the top expenses to expect when starting your own business. Use your own annual overhead cost figures to get your own estimate.
Not sure how much it will cost you? Use the standard calculator amounts (which is what I spent to start my trucking company Haulin Assets).
How To Start A Trucking Company Llc
You can click on each item to get a brief explanation of what each item is or see below for a more comprehensive overview of how this calculator works.
Trucking Industry In The United States
We are happy to help you go through this calculator or anything else you need help with starting your transportation business. Get in touch!
This calculator is not intended to calculate your monthly expenses. Instead, you can use it as a starting point to figure out exactly how much you need to put down to start your business. The numbers you use don’t have to be absolutely accurate, but just accurate enough to get an idea of how much cash you need to have on hand to start or take ownership of your trucking business.
As part of my calculator, you can use my costs to get an idea of how much you’ll need, but as with any business, this number varies wildly. When I started Haulin Assets, I didn’t have the best case scenario because I didn’t have a truck, trailer, or other equipment like a GPS that truckers might already have.
You can compare my costs to the best-case scenario below and read more about each scenario here or gain more insight into the costs of starting a transportation business.
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The cost of the truck can vary greatly depending on whether you buy new or used. As a general rule, the down payment is about 10-20% of the total cost of the truck. While used prices can vary widely, new semi trucks can cost anywhere from $80,000 to $150,000. This number does not include your truck’s monthly payments.
You can use my free spreadsheet to help you compare the cost of a number of trucks, but for my down payment I paid $13,486.
As with the truck, you can also expect a 10-20% down payment. I ended up paying $4,893 for that down payment and buying a refrigerated container. You can learn about the pros and cons of different types of trailers and how it can affect costs.
This item includes everything you need in your truck to be prepared, from a fridge and microwave to a reflective vest for shippers. If you already had your truck set up properly, this cost can be as low as $300, depending on what you need.
How To Start A Successful Trucking Company
Don’t do all the paperwork yourself, if you can help it. A professional service can help you organize what you need, avoid what you don’t, and save you money in the long run. This section includes costs such as:
I focused on getting this right, so this number is as low as I could get it for my specific situation, but costs vary by state.
Registration fees vary wildly by state, so there’s no good way to estimate it. You can use my number as a general idea, but know that it can range from $600 to $4,000.
Insurance is a huge investment and can vary greatly depending on how long you’ve been driving, what you plan to carry and your driving history. This is a bigger expense as you can expect to pay a few thousand just like a down payment.
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Learn how to get truck insurance or listen to Haulin Assets for more information on how to find the right insurance company and get an accurate quote.
As an entrepreneur you may not have had to deal with this, but most owners have occupational accident insurance. You only have to pay the first month’s premium as a start-up fee.
If you choose to purchase occupational injury insurance, you don’t have to get workers’ compensation, but you must pay the appropriate compensation for the waiver.
While you could argue that this is not a necessity, you should proudly display your trucking business on your truck as the appearance of your truck resembles your professional image. It can help shippers remember you and it also looks good during inspections.
Trucking Company: How To Start A Trucking Company, Be Your Own Boss, And Make Good Profits: Bowen, Gus: 9781647483890: Books
While this is an optional expense and should not be included in your startup costs, it is a good investment that can save you money.
An ELD is an electronic logging device to keep track of the miles you drive and more accurately track your hours of service (HOS). There are some relatively inexpensive ELDs out there, but you should find one that is accurate and reliable.
While you could use your phone to navigate, a good truck GPS can keep you from ending up on a road that isn’t built for semi trucks.
If you are already on the road and have a good GPS, you can mark this expense as $0.
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How much you want to pay for this depends on you. As a business owner, you can expect to need your phone and internet to keep in touch with your brokers
If you already have a good telephone and internet subscription, you do not need to include this in your start-up costs.
Some ELDs require your phone or a portable device to work. If you don’t want to use your phone, invest in a tablet. But this release is optional.
The standard numbers in this calculator are what I used to start my own trucking company Haulin Assets. Once your business is up and running, you can use our mileage calculator to manage your expenses and not spend more than you earn.
Temperature Controlled Trucking
If you want to learn more about how to pay for it yourself, I’ve covered all that and more in my Haulin Assets podcast. Checking out:
And to learn more about managing your business, track my monthly expenses or see how I made $200,000 in my first year as an owner-operator.
With over 40 years of experience in the industry, we’ve put together this free guide for you. download it for more information
Are you ready to be your own boss? Get your new coach authority with Motor Carrier HQ. Watch this video to learn more about us and how we can help you start your own transportation business today!
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I enjoy working with the staff and how it was a no sales pressure approach. This approach enabled me to take my time and make a decision to move forward with my transportation business. The staff is very knowledgeable and ready to answer any questions you may have. Tyler was my rep and I couldn’t be happier with his service.
I’ve been listening to the Haulin Assets podcast since it started and I knew when I was ready to start my DOT I’d let the guys at Motorcarrier HQ take care of it well they didn’t disappoint how quickly and professionally they started my LLC and gave me my DOT numbers, I’m going back sometime next year to get my MC up and running and complete the process of getting my authority, hope this helps someone who is on the fence.
Extremely professional and armed with all the compliance knowledge needed to get your transport company off the ground. We look forward to a long relationship with Motor Carrier HQ and especially our great account representative Matthew.
Very good experience. Tyler is great to work with. Very reliable and trustworthy. If you want to open a transport company, I would only use this company.
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The staff at Motor Carriers head office are very helpful. I would highly recommend starting your business with them. They are professional, knowledgeable and very patient. Whether you buy from them or not, they answer every question. I was paired with Mathew and I don’t think I could have received anyone better.
They make it easy for you by providing everything you need with just one phone call. Will continue to use them as it is a great value and time saver.
If you found our calculator helpful, get a free consultation from one of our coaches to help you figure out what you need to be your own boss. If you’ve been a truck driver and are ready to take the plunge and you become your own independent owner-operator and start a transportation business, we’ve got you covered. We’ve put together this complete checklist of all the items you need to be your own boss. We have written a long version of how to start a trucking business so you can read all the details.
Before we begin, we highly recommend doing your due diligence to determine if getting an MC authority is definitely right for you. As you probably already know, not all owner-operators require a license. Drivers for can lease with us and earn over $17,000 per month
