Is Now a Good Time To Start a Trucking Company? | Episode 46

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.

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.

Listen to the Full Episode

Listen on Google Play Music

Facebook Comments

4
Leave a Comment

avatar
2 Comment threads
2 Thread replies
0 Followers
 
Most reacted comment
Hottest comment thread
3 Comment authors
Chris VernonMouadTerrell Davis Recent comment authors
  Subscribe  
newest oldest most voted
Notify of
Terrell Davis
Guest
Terrell Davis

Hey my question to you is do you use a dispatch service to get your loads or do you deal direct with brokers?

Mouad
Guest
Mouad

Hi Chris, Love the podcast, Unfortunately, I bought my truck just before all this started and I cannot afford for it to sit for a couple months. Being that I am legally blind, I cannot drive it myself. Thus, I cannot wait to hear your podcast on hiring a driver. Can you please expadise that recording or give me a quick message on the process you used to hire yours.