




How to Start a Trucking Company
[p]Wondering how to start a trucking company and earn more money? There are several steps and a few guidelines to follow. [/p]
[h2] How to Start a Trucking Company[/h2]
[p]Deciding to start a trucking company is a great idea and the timing is right. <a href="https://truckerpath.com/blog/trucking-industry-trends/">Trucking industry trends</a> expect freight revenue to grow by 75 percent over the next nine years and with the trucking industry eclipsing over $726.4 billion in revenue for 2015, starting a trucking company now can be extremely lucrative. The trucking industry serves as a pillar in keeping things going and as long as people have demand for products, moving freight will be necessary for years to come.[/p]
[p]Don't be intimidated by the larger trucking companies with thousands of truck drivers and investors to provide capital. 90 percent of trucking companies are small fleets of six trucks or less so there's space in the industry for you to learn how to start a trucking company.[/p]
[h2] 1. Apply for Trucking Authority - Trucking Company Forms[/h2]
[p]Paperwork, documentation, and forms. They're tedious and might seem redundant but are necessary for you to get your trucking company started and earn <a href="https://truckerpath.com/blog/trucking-authority/">trucking authority</a>.[/p]
[p]If you haven't already been assigned a US DOT number, you will need to register for a DOT number form before you can apply to obtain trucking authority. Keep in mind the old [a href="https://www.fmcsa.dot.gov/registration/form-mcs-150-and-instructions-motor-carrier-identification-report"]MCS-150 form[/a] is now only for updating existing US DOT number and not for obtaining a US DOT number.[/p]
[p]To get a US DOT number you will need to use the new [a href="https://portal.fmcsa.dot.gov/UrsRegistrationWizard/"]Unified Registration System[/a]. The processing time can take 20-25 business days according to the FMCSA.[/p]
[p]If you already have a US DOT number and wish to apply for operating authority you can do so by [a href="http://li-public.fmcsa.dot.gov/LIVIEW/PKG_REGISTRATION.prc_option"]completing this registration form[/a] and paying the associated $300 fee.[/p]
[h2] 2. Choosing a Process Agent[/h2]
[p]You will need to choose a process agent who can represent you in regards to court papers. You will need to have a process agent for each state your trucking company operates in. They are used if there ever is an issue where court papers are to be served to your trucking company in a state other than the state your company is registered in.[/p]
[p]The FMCSA has a [a href="https://www.fmcsa.dot.gov/registration/process-agents"]list of process agents to choose from here[/a]. The process agent is responsible for completing [a href="https://www.fmcsa.dot.gov/sites/fmcsa.dot.gov/files/docs/registration/1996/boc-3-1-18-2017.pdf"]Form BOC-3[/a] on behalf of your trucking company.[/p]
[h2]3. Truck Insurance[/h2]
[p]Once you've established your trucking company you will need to make sure that it's properly insured. Liability insurance is required for trucking companies to cover potential damages or injuries caused by operating a commercial vehicle.[/p]
[p]Shop around and get several quotes before making a decision on which insurance provider is best for your trucking company. [a href="https://www.fmcsa.dot.gov/registration/insurance-requirements"]Here is a detailed overview of the FMCSA insurance requirements[/a] to help get you started.[/p]
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[h2]4. Buying or Leasing a Truck[/h2]
[p]When starting your trucking company you can buy or lease trucks depending on what suits your needs best. If you have the working capital upfront to cover the cost and want to operate a small fleet with a few trucks, buying several trucks at once from a dealer might result in a discounted price per vehicle.[/p]
[p]You can also look into leasing trucks which often times keeps the monthly costs down and can even have a lease-to-own option available. However, there are usually restrictions that apply to leasing that vary by dealer. You will want to take the time to search and compare dealer options and offers before choosing.[/p]
[p]Lastly, there is also the option to purchase used trucks which can help save you upfront but can be costly down the line. You may find a used truck that is a few years old with over 400,000 miles on it for $40,000 to $50,000 less than a new one.[/p]
[p]It might be a great deal but remember, on average, truck repairs cost an estimated $15,000 annually according to the ATRI and with used trucks, that number can be even more.
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[h2]5. Choosing the Right Truck and Trailer Equipment [/h2]
[p]
Choosing the correct equipment to haul <a href="https://truckerpath.com/blog/types-of-truck-freight/">truck freight</a> can have a tremendous impact on your trucking companies earning potential. Although freight rates fluctuate week-to-week, typically flatbed truck loads pay the highest rate on average.
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[p]
That is not to say that a reefer, van or step deck load won't ever pay a better rate. Rather it's just an overall average to consider before choosing the equipment type for your truck. Keep in mind that location also plays a major factor in determining freight rates.
[/p]
[p]<strong>Looking ahead</strong>: when you're trucking company is set up, you can find truck freight to haul on free load boards like <strong>Truckloads</strong>. Customize your truck load searches by <a href="https://truckerpath.com/blog/what-is-deadhead/">deadhead</a> location and the trailer equipment type for you. [/p]
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[h2] 6. International Registration Plan (IRP)[/h2]
[p]
By registering your vehicle through the IRP in your home state, you will be allowed to haul interstate loads as well as freight through Canada without having to worry about additional registrations. You will be provided an apportioned license plate and cab-cards now display all jurisdictions that you cover.
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[p]
The IRP registration fee for your apportioned plate will vary depending on state and vehicle weight, but typically the price ranges from $1,500 - $2,000. [a href="https://www.fhwa.dot.gov/about/webstate.cfm"]Use this list to determine what the cost will be for your state.[/a]
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[button-green href="http://vip.truckerpath.com/gold-member?utm_source=email&utm_medium=how-to-start"]Try Trucker Path Premium FREE for 14 Days[/button-green]
Trucking Industry Update February 15, 2019 <h4>Trucking Industry Update February 15, 2019</h4>
<h6>By Jeremy Feucht</h6>
<h1></h1>
<h1><strong><u>Did you Know?</u></strong></h1>
The regulation of the transportation industry, including today’s semis, began in earnest this week in history. On February 10, 1966, Ralph Nader testified before Congress regarding a book he had published called “Unsafe at Any Speed.” His testimony initiated the move towards an emphasis on safety as opposed to power and speed.
<h1><strong><u>Trucking tip of the Week</u></strong></h1>
With all the winter weather still occurring across the US, it is important to make sure you are keeping your headlights clear of dirt. Road dirt and other debris mixed with wet conditions can make your headlights less effective. Remember to wipe them off during your pre- and post-trip inspections.
<h1><strong><u>Trucker’s Fees</u></strong></h1>
One week after news broke that the US House of Representatives is considering a move towards a weight mileage tax on truckers, the US Senate has announced a similar initiative. While discussions are ongoing, there is also talk about increased fuel taxes in the interim while the weight/mileage change in implemented. During the hearing that occurred on February 13, the number thrown around was an increase of nearly $.20 per gallon. If you would like to listen to the hearing, you can access it <a href="https://www.commerce.senate.gov/public/index.cfm/hearings?ID=A73B1CC1-D6D6-4B18-A419-9F33FB5F69BA">here</a> (fast forward to the 2:12:00 mark).
<h1><strong><u>Autonomous Technology</u></strong></h1>
TuSimple, a company attempting to lead the way in autonomous trucking, has raised nearly $100 million dollars in a funding campaign. With its latest round of funding, TuSimple is now pushing a <a href="https://finance.yahoo.com/news/autonomous-trucking-leader-tusimple-closes-110000387.html">$1 billion dollar valuation</a>. This ultimately means that TuSimple is making gains in their push towards a fully autonomous truck. However, this technology has yet to be fully approved for use in the US. While some states have allowed testing, many others have not. This will be an interesting topic to watch moving forward.
<h1><strong><u>Declarations of Emergency</u></strong></h1>
There are at least 32 states under declarations of emergency due to winter conditions in the US. Several are set to expire by the end of the week. Please check the <a href="https://www.fmcsa.dot.gov/emergency-declarations">FMCSA’s Declaration of Emergency page</a> to ensure you are not caught in a bad situation. If you are operating under the HOS exemption granted by such declaration, make sure the declaration is still in effect, so you do not receive a citation for hours violations. 