The answer to the question the title of this episode bears is not as simple as you might think. Would I want to be finding loads for a brand new trucking company today? No, but timing is important and things change quickly and everyone’s situation is different.
This episode is being released as the United States is in the thick of the coronavirus pandemic. The topics we touch on during this episode will apply to this situation and many others. In this episode I want to give listeners some things to think about and consider if they are thinking about starting a trucking company anytime soon.
What To Expect From Episode 46
The freight situation right now is tough and not ideal for starting a trucking company. Even though you don’t want to actually be hitting the road under these circumstances, it might be a good time to set the process in motion so the ground work is done and you’re ready to hit the ground running when the market turns and the timing is right.
How Long Does It Take To Start a Trucking Company?
It takes time to start a business and trucking is no exception. On top of the time it takes to actually set up an LLC (Limited Liability Company) or a corporation, trucking companies also have to get federal licensing to haul property for hire. That process takes at least 21 days.
In my experience, most people take around 2 months from the time they decide to pull the trigger until they are ready to haul their first load. Those two things can be completed without too much risk or a huge expense. As long as you are able to hit the road within a year, you won’t waste your money on those items.
One important thing Craig and I dive deep into is what steps you want to take immediately versus what ones you want to put off until you’re actually ready to hit the road. In this kind of a situation, it is more important than ever to limit your costs to only what is necessary and hold off on making expenses that can wait until you are closer to being ready to run.
The majority of your big expenses don’t need to be made until you are very close to hitting the road. Here is a list of additional things you will need to do, but don’t need to actually spend money on until you are closer to being ready to run. You can do your research and homework on them now so when you are ready you can complete the tasks quickly and start running when the timing is right.
- Shop for a truck and/or trailer
- Shop for insurance
- Find the right ELD
- Decide if you want to use Prepass
- Decide between Worker’s Compensation Insurance and Occupational Accident Insurance
- Plates for truck and trailer
- Graphics and lettering for your truck
One of the major keys to being successful in this is to have a good plan with a timeline you understand. If developing the plan and timeline seems overwhelming, feel free to give one of the coaches at Motor Carrier HQ a call. They can help you customize a game plan for free over the phone. Learn how to get started with your motor carrier authority.