Trucking is a lucrative industry that generates up to $346 billion

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Trucking is a lucrative industry that generates up to $346 billion in annual gross profits in the United States alone.

Trucking business operators have the option to purchase or lease their own trucks or hire subcontractors who own and operate their own trucks. The former would require a large investment because of the considerable cost of buying or leasing trucking vehicles. Generally it is advised that entrepreneurs who are looking at the trucking industry for investment must have at least $10,000 in capital. This investment can be easily recouped though because trucking transportation businesses reportedly earn income of at least $50,000 in a year.

Trucking business clients
Targeted market for a trucking business includes people and business organizations that manufacture, sell and distribute goods and materials. Getting big companies to work with you will be difficult though if your trucking company is just starting up and your trucking transport business has limited coverage. It is therefore important that you look for alternative potential clients which can include small business
operators that are participating in trade shows to showcase their goods and products. These clients need trucking services when moving their goods from one location to another.
To start a trucking company

When deciding how to start a trucking company you have 2 routes to choose from. You can be a one-man show and drive your own truck. Alternatively, you can obtain contracts and hire truck drivers, who have their own trucks to fulfill these contracts. Both these routes have their own benefits and pitfalls. So decide which one is best by making an analysis of the investments, costs, takings and profit involved.
On an average, the start-up costs in opening a trucking business are between $10000 to $50000. Depending on how much you work, you can make profits of around $50000 and above annually.


Licensing
You'll need State permits, IFTA license, State registration, fuel tax reporting etc. You also have to get insurance according to your precise needs.

Pay attention to all the fine points of owning and operating trucks, obtaining finance, procuring contracts and hiring fine truck drivers. In these days, of rising fuel costs make sure you have sufficient finance to tide you over the first six months at the very least.

Write a complete business plan including what type of trucking company you are starting. The most common is a company that offers hauling or moving items for other companies.

Get all the appropriate business licenses and permits. These include Fuel Tax Reporting, USDOT numbers, 2290's, IRP tags, MC numbers and IFTA decals. Get the required insurance that you will need to operate your specific type of business.
Read more: How to Start a Trucking Business | eHow.com http://www.ehow.com/how_2077076_start-trucking-business.html#ixzz1AVnFPDtG

Hire extremely qualified truck drivers. You may want to consider hiring owner-operators as this will cut down on your cost by not having to buy a fleet. Do extensive background checks on your drivers before hiring them. There will be nothing more detrimental to a new trucking business than a bad accident or any kind of incident with an unprofessional drive
Read more: How to Start a Trucking Business | eHow.com http://www.ehow.com/how_2077076_start-trucking-business.html#ixzz1AVsXykFd

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   5. » How to Start My Own Freight Trucking Business
Top 5 To Try
    * How to Start a Small Freight Hauling Business
    * How to Start a Small Freight Business
    * How to Start a Trucking Company
    * How to Start a Freight Brokerage Business
    * How to Start an Independent Trucking Business
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How to Start My Own Freight Trucking Business
By Linda Ray, eHow Contributor
A freight trucking business can take a variety of forms. You can specialize in large fleet logistics, or transport vehicles and move single loads for consumers and businesses. Secure the proper permits and insurance certificates before you open, no matter what kind of trucking operations you offer. State and federal authorities regulate the trucking industry, but there is always a demand for licensed, qualified trucking services.
Read more: How to Start My Own Freight Trucking Business | eHow.com http://www.ehow.com/how_4828660_start-own-freight-trucking-business.html#ixzz1AVtQ2x3y
#
Increase your credibility and prepare for interstate work by applying for Interstate Operating Authority permission through the Office of Motor Carrier Safety Administration. Register for intrastate permission with your state Department of Transportation (DOT).
#
3
Make arrangements to obtain the required level of insurance for the various types of materials you will be hauling. High-risk loads, such as explosives and other hazardous materials require a higher level of coverage. FM Global offers insurance for any type of cargo as well as risk management and loss prevention consulting (see Resources below).
#
4
Get a USDOT number from the U.S. Department of Transportation for each of your vehicles. This number must be posted in the truck and available for inspection. All commercial motor vehicles must display this number.
#
5
Develop a plan for bidding on contracts. Take into consideration your time and the price of fuel. Newcomers to the industry may want to underbid the competition to build a stream of referrals. Build a reputation before raising prices.
#
6
Register with a website that acts as a third-party broker service. Individuals and businesses that need freight hauled post their requirements and transporters may bid on the job. Many sites sell their services on a commission basis while others are fee-based. Sites such as eFreight Lines utilizes experienced logistics professionals to match clients with the company best suited to serve their clients. They operate on negotiated fee rates with carriers (see Resources below).
#
7
Post your availability on sites such as Truck Buzz to allow customers to bid on your open truck space (see Resources below). This can be especially useful for return trips. Whenever possible, find a load to haul in both directions.
Read more: How to Start My Own Freight Trucking Business | eHow.com http://www.ehow.com/how_4828660_start-own-freight-trucking-business.html#ixzz1AVu3HDxq

   5.
Top 5 To Try
    * How to Start a Small Freight Hauling Business
    * How to Start a Small Freight Business
    * How to Start a Trucking Company
    * How to Start a Freight Brokerage Business
    * How to Start an Independent Trucking Business
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Related Topics
    * Trucking Freight
    * How Do i Start My Own Business
    * Own My Own Business
    * Start My Own Store
more »
How to Start My Own Freight Trucking Business
By Linda Ray, eHow Contributor
A freight trucking business can take a variety of forms. You can specialize in large fleet logistics, or transport vehicles and move single loads for consumers and businesses. Secure the proper permits and insurance certificates before you open, no matter what kind of trucking operations you offer. State and federal authorities regulate the trucking industry, but there is always a demand for licensed, qualified trucking services.
From Essentials: Freight Trucking for Beginners
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      About the Trucking Business
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Difficulty: Moderately Challenging
Instructions
Things You'll Need:
    * Truck Permits and licenses CDL license Insurance
   1.
      1
      Form a Limited Liability Corporation (LLC) to protect your personal finances and to set up the boundaries of your business. You will need to incorporate your business plans and operational guidelines in the paperwork, which can further help define your direction.
   2.
      2
      Increase your credibility and prepare for interstate work by applying for Interstate Operating Authority permission through the Office of Motor Carrier Safety Administration. Register for intrastate permission with your state Department of Transportation (DOT).
   3.
      3
      Make arrangements to obtain the required level of insurance for the various types of materials you will be hauling. High-risk loads, such as explosives and other hazardous materials require a higher level of coverage. FM Global offers insurance for any type of cargo as well as risk management and loss prevention consulting (see Resources below).
   4.
      4
      Get a USDOT number from the U.S. Department of Transportation for each of your vehicles. This number must be posted in the truck and available for inspection. All commercial motor vehicles must display this number.
   5.
      5
      Develop a plan for bidding on contracts. Take into consideration your time and the price of fuel. Newcomers to the industry may want to underbid the competition to build a stream of referrals. Build a reputation before raising prices.
   6.
      6
      Register with a website that acts as a third-party broker service. Individuals and businesses that need freight hauled post their requirements and transporters may bid on the job. Many sites sell their services on a commission basis while others are fee-based. Sites such as eFreight Lines utilizes experienced logistics professionals to match clients with the company best suited to serve their clients. They operate on negotiated fee rates with carriers (see Resources below).
   7.
      7
      Post your availability on sites such as Truck Buzz to allow customers to bid on your open truck space (see Resources below). This can be especially useful for return trips. Whenever possible, find a load to haul in both directions.
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.
    *
      Build a business by starting out as an owner/operator with your own truck. As the business grows, purchase additional trucks and hire drivers or sub-contract to other independent truckers who are always looking to pick up additional loads.
    *
      Beware of hauling brokers that don't let you contact the customer until the deal is sealed. While many are reputable, you need to guard your business interests and make sure they don't make promises on your behalf that you can't honor.

Read more: How to Start My Own Freight Trucking Business | eHow.com http://www.ehow.com/how_4828660_start-own-freight-trucking-business.html#ixzz1AVuHmtYl
Rules and Regulations
When studying how to start a trucking business, familiarize yourself with all the laws and licensing procedures. Some of the rules and regulations you need to get acquainted with are IFTA licensing, state registration and permits, BOC-3 filing, fuel tax payments etc. Be thorough in your research and if still in doubt, perhaps it would be better to hire a compliance professional.
Freight
You also have to make a decision about the type of freight to carry. These days most things are transported by trucks. You can carry wet or dry freight, durable goods etc. So make up your mind about the kind of freight to transport.
Getting Contracts

Drivers
You can either opt to hire truck drivers and keep them on your payroll or you can associate with truck drivers who have their own trucks and pay them a certain percentage. Whatever road you decide to embark on, do be cautious about whom you hire and ask for references. Run background checks and do drug testing. If one of your drivers turns out to be rash and reckless, your contract may be terminated. The truck driver is the hub of a trucking business.


Determine how your trucking business will operate.
Trucking businesses operate by bidding on and fulfilling transportation accounts and contracts. Most trucking businesses usually operate in one of two forms – the difference lies in how they acquire drivers to fulfill their accounts and contracts:
    * Sub-contracted drivers:  Under the first option, you run your business using sub-contractors as drivers. Although you, as the business owner, run the business and receive the contracts, your drivers are not actually employed by your company. This option cuts down on start-up costs, insurance costs, and required equipment. On the other side, this option gives you less control over your drivers and cuts into your profits.
    * Privately-owned drivers: Under the second option, you privately run your business and all operations. You use your own equipment, pay higher insurance prices, and hire a fleet of private drivers as employees. This option gives you total control over your business and its employees, and promises the most return on profits. On the downside, this option requires a great deal more start-up capital and operating costs.

Follow the traditional steps to starting a business.
As with any new business venture, first understand the basics of starting a business, and then research the additional steps specific to your field. After you’ve determined what type of trucking business you’d like to start, follow these 10 Steps to Starting a Business for more information on financing your business, hiring employees, and complying with tax obligations.

Comply with all trucking-specific business licenses, permits, and forms.
In addition to the general federal and state requirements, there are tax, license, and permit regulations that apply specifically to the trucking industry. Depending on the type of trucking business you plan to run, several important requirements may include:
    * Federal DOT Number and Motor Carrier Authority Number – Understand your requirements and apply for these certifications online at the Federal Motor Carrier Authority’s website.
    * Heavy Use Tax Form (2290) – Comply with tax regulations related to the heavy use of U.S roads with IRS Form 2290.
    * International Registration Plan (IRP) Tag – Understand your requirements and obtain IRP tags by visiting your state’s transportation website and their IRP portal.
    * International Fuel Tax Agreement (IFTA) Decal – Understand your requirements and obtain IFTA decals by visiting your state’s transportation website.
    * BOC-3 Filing – Use a processing agent and the BOC-3 filing option to secure and maintain active operating status.
In addition to these operational requirements, if you chose to employ private drivers, they’ll need to obtain special drivers permits or endorsements, such as a commercial driver’s license, to legally operate your vehicles.

Each state has a portal dedicated to commercial transportation. For example, Idaho’s government website has a Trucking Portal that has detailed information on commercial driver’s license requirements, rules and manuals, safety information, licenses and permits, taxes, and all other related issues. Before you start your trucking business, be sure to visit your state’s transportation portal to help understand the required regulations and assistance your state provides.

For more information on the regulations facing the trucking industry, visit Business.gov’s Transportation and Logistics guide. Because these regulations can be confusing, you may decide to hire a compliance professional to help make sure all requirements are met.

Obtain the necessary insurance requirements to sustain your business.
The nature of the trucking industry imposes strict insurance requirements on businesses. Because you own and oversee the operation of commercial vehicles, your insurance requirements will cost more than many other businesses. To fully understand your insurance responsibilities, discuss them with specialist in your area.

The following guides provide more information on types of business insurance and your requirements:
    * What Type of Insurance Do I Need?
    * Finding and Buying the Right Policy
    * Protect Your Business With the Proper Insurance
In addition to your insurance responsibilities, your employer responsibilities require you to comply with health and safety standards and regulations. The U.S. Department of Labor’s Occupational Safety and Health Administration provides compliance assistance for the trucking industry to meet these expectations.

Find and buy the proper equipment to get started.
If you choose to operate a private fleet with your own drivers, you’ll need to purchase commercial vehicle(s). Depending on your start-up capital, you’ll need to determine how many vehicles are reasonable. While many businesses start small, as your profits grow you can always add to your fleet. When choosing what commercial vehicles are appropriate, consider the type of freight you plan to carry. Different types of cargo require different equipment. For example, if you’ll be transporting food, you may require a refrigerated truck or if your cargo is oversized, you may require a flatbed truck.

When making your selection, also think about the environmental considerations. The Small Business Matters blog, Greening Your Business Fleet - A Five Step Approach that Can Save You Money, has tips that can help you make an environmentally friendly decision while helping your business's bottom line.

Equipment Leasing: Weighing the Pros and Cons provides insight into choosing to purchase or lease equipment for your business.

Build up your client base to obtain transportation accounts and contracts.
The competitiveness of the trucking industry makes receiving contracts difficult. As a start-up business, you most likely will not have the reputation required to receive large accounts. Many trucking businesses start small, utilizing local contracts and small business trade shows, to build up a client base. As you successfully complete these jobs, you’ll be able to grow your business and contract larger jobs.

Business.gov’s blog on Tips for Growing New Markets on a Tight Budget has more information on successful advertising techniques.