Your Trucking Business | Expert Tips for Moms

Starting and growing your own trucking business is a bold and empowering endeavor, especially for moms who are already masters of multitasking and managing chaos. It may seem daunting at first, but with the right planning, resources, and mindset, you can build a successful trucking company that supports your family and gives you the freedom to be your own boss. 

Draw Up a Business Plan

A well-thought-out plan can help you figure out what to do, what the risks are, and how to get the money you need to grow your business.

Before drawing up your plan, study and analyze the market you want to enter. Remember to list your experience and knowledge in the field so that you can show that you have what it takes to be successful and make money.

Show how good you are at running things by using your plan. For instance, explain how you’ll get new customers, keep track of your money (expenses, profit and loss, cash flow, etc.), handle your taxes, and decide on the best way to set up your business.

Choose a Name for Your Trucking Business

It might not be as easy as it sounds to name your company. When choosing a name, make an effort to keep it concise, memorable, accurate, and attention-grabbing. The local or state government where your business is created may require registration and/or permission, depending on the business format you select.

Register Your Company

This depends on where your trucking company is located and how it works. You might need to register your new business with your state and/or local government. To do this, general partnerships, LLCs, and corporations must register with the Secretary of State or the business office where they do business. They can do this online or by mail.

It’s important to know that if you want to run your business under a name other than your own (even if you are a sole owner), you will need to file a “doing business as” (DBA) name with your state and/or local governments.

Set up a Business Credit Card and Bank Account

Having a business bank account and credit card helps protect you legally and keeps your personal and work transactions separate. For instance, if you run an LLC or company, having a business bank account helps protect your personal assets and keeps you from being sued if your business is found to be at fault for any reason.

You can build business credit with a bank account and credit card. Suppliers and sellers will check your credit before doing business with you. Because of this, you might want to open your business accounts as soon as you start getting paid or spending money on your business.

Pick an Area to Specialize In

Specializing can help you avoid competing with well-known haulers and make more money. Think about the following questions:

• As a provider, what can you offer?
• What can you do that other truckers don’t that will help customers and shippers more?
• What do you offer that people want?
• What kinds of goods or trucking services do you want to get involved in? If you choose an area that you enjoy, your time and money will be well spent.
• Who will get the most out of your services?

Figure Out Your Costs of Doing Business

To figure out when you’ll break even and start making a profit, you need to know how much it costs to run your business. To do this, look at your set costs, like rent for the truck, wages, utilities, insurance, permits, and so on. Then, figure out the costs that change. Fuel costs and payments to independent workers are some of these expenses. The exact amount will depend on how many miles your truckers drive.

Set Your Prices

Add up all of your monthly fixed costs and split that number by the number of miles your trucks drove that month. This will tell you how much to charge your customers. Do this again with your fixed prices and salaries to find out how much it costs you to go one mile.

Remember that this is the lowest price you can charge and still make money. You should look at this rate every month because your flexible rates will change, and factors like inflation will affect your bottom line. If you want to grow your business, include the costs of hiring more people or vehicles in your calculations and add them to your base rate.

You should also think about the going rates in your freight lane, whether you want to set contract or spot trucking rates, and whether you want to add fuel surcharges to your rates.

Get Funding for Your New Trucking Company

Because you have to put some money into starting a trucking business right away, you might need to get funding. Small businesses often get their money from business bank loans or loans backed by the Small Business Administration (SBA). You can use these funds to buy tools and pay for other big-ticket items.

An equipment lender may also be able to give your business money, and the vehicle or other financed equipment could be used as collateral.

You can improve your chances of getting funds by using a business plan. Include your budget, the amount of money you expect to make or lose, and your financial forecasts. This information will help you figure out how much money you need and how you’re going to pay it back.

Purchase Equipment

The routes you intend to take, the loads you intend to transport, and whether or not refrigeration is required will all affect the equipment you purchase. You also need to decide if you’ll go for more expensive but lower-mileage trucks or cheaper, higher-mileage vehicles that can require more maintenance.

Meet Your Legal Obligations

Federal Motor Carrier Safety Administration (FMCSA) regulations require that you take out public liability insurance before they will give you many of the permits and licenses you need to run your business. This insurance needs to cover harm to people, loss to property, and fixing the environment. Additionally, most people who ship items will ask for cargo insurance to protect them from damage, loss, or theft while they’re in transit. 

It’s also a good idea to find a truck accident lawyer who you can call on in the event of a collision. Accidents are an unfortunate reality for anyone in the trucking industry, and being prepared for every eventuality can save you time and a considerable amount of money. You will need legal representation when an accident occurs, and a lawyer you can trust and rely on will save you both. 

In It for the Long Haul

Starting a trucking business may be challenging, but with your mom’s skills in planning, multitasking, and nurturing, you can grow it into a thriving enterprise. Stay focused, stay informed, and drive your way to success!