Thank  you for joining us for the final part of This three-part series on Starting a Trucking Business. In Part One, we discussed creating the trucking business plan.  Part Two covered the money issues associated with  a trucking business.  Now we’ll finish this series by covering equipment purchase and types of freight to haul.

7 Things to Consider Before Quitting Your Company Job – Part Three

Believe the unbelievable and receive the impossible!

6. Buying new or used truck equipment. If you decide to buy used try to purchase one with less than 100,000 miles. There will still be a warranty on the truck that can be transferred with the sale and used to defray any upfront repairs. If you buy new, here is what you will need for your purchase: a. Most truck dealers require 10 to 20% down payment at the time of purchase. Also, your credit score will determine the interest rate set for your particular truck loan. I suggest going through a truck dealer, whether a name brand dealer or a truck sales company because they already have financing companies available to put together a loan package for you. My first truck purchase was a Vovlo 770. It was used with 70,000 miles and had a 600 Cummins with an 18 speed transmission. We were able to purchase it with 5% down and 8% interest. With truck sales down dealers may be more willing to work with you to make sure you drive away a satisfied customer. One more thing to consider when you purchase a truck, make sure that the truck dimensions especially between the back of the cab and the kingpin are long enough for the type of trailers you will be hauling. My Volvo had to have a particularly long wheel base for the enclosed car hauling trailer I was pulling. The trailer had 5 foot bubbles on the front and back. The front bubble had to be able to clear the cab in tight turns.

7. What type of loads will you haul, freight, produce, cars or equipment? Once you know the type of loads you will haul, you will need to call the company you will contract to and find out about the type of paperwork needed before you can haul for them. Most companies require a contract spelling out your responsibilities and pay. If you are an owner/operator, you will drive under this company’s trucking authority. If you obtain your own authority, you will have to have all the necessary steps in place before you can drive. For a step-by-step guide to trucking authority, take a moment to order my E-book on this subject. You can also refer to our Members Access page for all the information you are looking for to get trucking authority in place.

Now that you’ve been given information to help you get started in your own trucking business, remember that what you dream you CAN achieve. Getting your own trucking authority is a goal you can reach! You are the architect of your life and you can be successful if you will write down your goals and the steps to accomplish them. You WILL see your dreams realized! I believe you will be successful!!!

Thank you for the time you’ve taken to review the steps in starting a trucking business.  Please visit our website for more information and resources on the road.  Be safe out there!!!

In Part One, we discussed the first three steps of starting a trucking business.  The first three steps involved  creating a trucking business plan.  This part of the three-part blog will have to do with your money issues, like financing, credit and equipment purchase.  Enjoy your reading!

7 Things to Consider Before Quitting Your Company Job – Part Two

Believe the unbelievable and receive the impossible!

4. Financing. Will you use credit or cash to finance your endeavor? If you decide to use cash and do this as debt free as possible you will need to have 3 to 6 months of your present gross salary saved. This money will be used for start-up costs and living expenses till you begin to get paid for your loads. If you use credit decide if you will use personal credit cards, a bank loan, or obtain corporate credit. (put article on corporate credit here). If you use personal credit cards, request a credit increase from your credit card companies before using this option. You may need that extra credit for unexpected expenses and delays in load pay.

5. Your credit score. The first major purchase you will want to consider is the type of semi you will buy. You will need a good credit score to obtain financing with a low interest rate. In order to know what your credit score is, you can check on any of the “free credit report” websites, such as www.freetriplescore.com, to see all three credit bureau scores. Remember however, these websites are offering a monthly service to monitor your credit. You may decide to pay the monthly fee or you can request your credit reports from all three bureaus, for a fee, through the internet, by letter, or by phone. Either option will give you your scores. Once you’ve checked your scores and they fall between 620 and 850, you can then begin your search for the right vehicle. If you find out that your credit is below 620, there are credit repair services that will fix credit issues and help raise your credit scores. I highly recommend www.originalcreditcoach.com, a reputable company that specializes in credit repair.

Now let’s get “the REST of the story”…in Part Three.

So you think you want to start your own trucking business, eh?  Well, there is some planning that you might consider before venturing out on your own.  If you Do these things first, your chances of a successful and prosperous company are excellent.  Here is part one of three parts.  Enjoy your reading!

7 Things to Consider Before Quitting Your Company Job

Believe the unbelievable and receive the impossible!

1. First of all, you must see the end of something before you can begin it! What do I mean by that? When you invest in stocks or real estate, all the top producers in these vocations will tell you that you must have an exit plan before you invest. It is the same way with your new business.  You must know where you want to end up before you begin the journey.  For example, you want to haul dry goods coast-to-coast and make a minimum of $175,000 per year before expenses.  If that is your end result, then you have an idea where to begin.

2. Write out a business plan (Put article here. Find one.) It’s easy with the right information. In your business plan include 30 day goals, 90 day goals, 1 year goals and 5 year goals. Written ideas become realized dreams. Give yourself 6 months to prepare for the move.

3. Will you be an owner/operator or get your own trucking authority? My suggestion is to be an owner/operator first before getting your own authority. This will give you the experience of self-employment with the security of running under a company’s authority. For more information on obtaining trucking authority, download my E-book here: A Working Man’s Guide to Starting a Trucking Business and Getting Trucking Authority. It is always a good choice to get incorporated. See our Members Access page for all the state specified agencies where you can apply for your corporate name yourself. This is one of the steps in getting your own business where you can save yourself a lot of money by doing it yourself instead of paying someone to get you incorporated.

To be continued in Part Two….