Business Plan For A Trucking Company

Business Plan For A Trucking Company-5
For smaller carriers, the driver turnover rate is 73%.

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This includes a one-time United States Department of Transportation Number, a Motor Carrier Number, International Fuel Tax Agreement stickers, and an International Registration Plan.

As per the ELD mandate, which was implemented in December of 2017, non-exempt carriers are also required to install an FMCSA-registered and compliant electronic logging device.

The Keep Truckin Smart Dashcam, for instance, enables you to see what your drivers see on the road.

With relevant video footage, you will be able to exonerate drivers when they aren’t at fault, simplify insurance claims, promote a culture of safety, and protect your trucking business from the uncertainties of the road.

In most cases, to start a trucking business, an investment of somewhere between $10,000 and $30,000 should be enough to cover the costs of insurance, vehicle down payments, permits, and a variety of state-specific expenses.

There are many ways to finance a new trucking business, such as using a home equity credit line, acquiring a bank loan, selling properties, and using your savings.

To reduce your initial overhead, you may also approach lenders who can provide you with essential assets.

If you have enough funds and decide to purchase your own assets, it’s always better to go for quality over price—especially when it comes to vehicles.

Not only will they help you avoid costly violations, but modern ELDs are also packed with fleet management features like vehicle diagnostics, automated IFTA calculation, idle time tracking, and advanced reporting that simplify operations.

Apart from electronic logging devices and fleet management software, you can also install dash cams to increase fleet safety and simplify driver training.

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