The trucking industry keeps America’s economy moving -literally and figurately. In 2019, the industry was responsible for 72.5 percent of all freight transported in the United States.
As an entrepreneur, you’re certainly smelling an opportunity here. The demand for trucking services will always be there. You’re thinking of starting a trucking company, but since you aren’t a driver, you’re worried that you might not hack it.
Your worries are well-founded, but you can run a successful business.
Read on to learn how to start a trucking business without driving.
Draw a Business Plan
Whether you’re a truck driver or not, drawing a business plan is essential. This enables you to put your plans to paper and assess whether they’re viable.
There are several details that are included in a business plan, including company description, product and service offerings, sales and marketing strategies, and organizational structure.
Importantly, a business plan enables you to identify a market. Before starting a trucking business, you need to have a clear idea of who your customers will be. You need to know how to reach these customers. You’ll evaluate the state of the competition in the market you want to establish the business.
A business plan also enables you to establish your capital requirements. Trucking is a capital-intensive business.
Get Adequate Funding
Anyone can start a trucking business. You just need the relevant expertise and the required startup capital.
If you’re planning to start a trucking company, you certainly have an idea of how you’re going to raise the capital. You can self-fund the business, which is ideal because it gives you complete control over the company.
If you’re unable to raise the entire capital on your own, however, there are options. You can get bank financing, especially on trucks and other equipment the business will need.
Another option is to secure equity capital, but this will mean splitting your ownership stake with other parties.
Whichever funding method you prefer, ensure you secure adequate funding before you open the business. Besides startup capital, you need healthy working capital to keep the business running until it can generate sustainable revenues. A truck company loan can help you keep trucking when you’re low on working capital.
Hire the Right People
If you were a truck driver, it’d be easier to start the business. Just acquire a commercial truck and most of the work is already done. But because you’re not a truck driver or you aren’t interested in driving one, you have to hire drivers.
Ensure you’re hiring licensed and competent truck drivers. Depending on the size of the company at startup, you might also need support staff, such as a logistics manager, truck loaders, and front-office personnel.
How to Start a Trucking Business Without Driving
Starting a trucking company is a smart business move. The demand for trucking services is high.
Being a truck driver puts you in a strong position to find success as a trucking company owner, but that doesn’t mean you can’t succeed if you aren’t a driver. With this guide on how to start a trucking business without driving, you now have the information you need to succeed.
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