So you want to start a trucking company but you only have one truck? No problem! There are TONS of small trucking companies out there (yes, even with just one truck!) so don’t be intimidated by the fact that there are larger companies out there. The majority of trucking companies are actually smaller fleets, think 5 trucks or less, so there’s most definitely a spot in the industry for your company.
1. Obtain your Trucking Authority
Nobody likes to fill out a ton of documents and paperwork, but the first step of obtaining your trucking authority is crucial in starting your trucking company
First things first, you need a US DOT number. If you already have one, great! You can move straight ahead and apply for operating authority with the FMCSA.
If you don’t have a US DOT number yet, you’ll need to register for that first. The FMCSA states that the processing time for a US DOT number can be 20-25 business days, so be sure to keep that time frame in mind while applying.
2. Truck Insurance
Once your company is started, you have your US DOT number and operating authority, the next important step is to obtain insurance. Having liability insurance is required and very important – it covers any potential damages, accidents, or even injuries. Make sure you get a few quotes before you decide on an insurance company!
3. Your Truck!
The most important part of a trucking company is the truck! If you don’t already have one, you have purchasing options. You can either buy a truck (new or used) or you can lease one. There are pros and cons to each option, so if you’re on the fence about which one is right for you, check out our post all about Buying VS Leasing.
4. Choosing to Factor
Once you’re all set up and out on the road, you might find yourself curious about factoring your invoices. Choosing CoreFund Capital as your factoring company can help your business take off! To learn more about invoice factoring or if it’s right for your business, contact us today!