How to Start Your Own Semi Truck Business
Running your own semi truck business can be a lucrative endeavor especially if you're the sole proprietor of your business with no other employees. Commercial drivers are given the opportunity to enjoy the freedom of life while traveling and taking all the sites that the country has to offer. You'll also benefit from not having a boss.
But, working without the proper knowledge, skills, experience and equipment on how to start your own semi truck business can be the straight path to bankruptcy. You'll need to know your market to ensure that your business has a competitive edge.
Starting Your Own Semi Truck Business through Education
If you are considering of starting your one man trucking business from scratch, you’ll need to be a licensed truck driver. You must obtain a commercial driver’s license or CDL from your state or in the state where you are planning to start your business. Attending a reputable truck driving school is the best way to get a CDL. Through this, you can acquire the necessary education and skills that you need to obtain a CDL endorsement on your license like double and triples, HazMat and tankers. You can apply for student loans, Pell grants, and federal scholarships through the Workforce Investment Act grants, through the Free Application for Student Aid and other programs.
How to Comply with the Specific Trucking Business Permits, Licenses and Forms
How to start your own trucking business requires you to meet the state and federal requirements for owning and operating a business. But, these are not just the things that you need to do. There are permit, tax and license regulations that apply to the trucking industry. Before you can start your own trucking business, you may need to secure a Federal DOT Number and Motor Carrier Authority Number, fill out the Heavy Use Tax Form and obtain International Registration Plan (IRP) Tag and International Fuel Tax Agreement (IFTA) Decal.
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How to Obtain the Necessary Insurance Requirements for Your Trucking Business
The trucking industry emphasizes the importance of insurance requirements and you need to meet these requirements even if yours is a semi-trucking business. Your insurance requirements can cost more than other businesses as you own and oversee the operation of commercial vehicles. You can discuss this with a specialist in your area to have a full understanding on your insurance responsibilities. With the help of an insurance specialist, you can determine the exact type of insurance that you need, find and buy the right policy and protect your trucking business with the appropriate insurance.
In addition, need to comply with the safety and health standards and regulations of the trucking industry. You can get these requirements from the U.S. Department of Labor's Occupational Safety and Health Administration.
Recommended Articles
- Ways to Evaluate the Price of the Existing Trucking Business
Calculating the price of trucking business to buy is not an easy thing to do, especially if you do not know anything about the process. Thus, it is important to hire professionals to help you out. - Ways to Open a Trucking Dispatching Business
If you would like to know how to start a trucking dispatching business, here are just some of the most important things you need to bear in mind.
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