Commercial trucking still is the backbone of our economy. Without the huge tractor trailers criss-crossing through the entire country, the United State’s economy would come to a standstill. In fact, KPMG reported in 2008 that trucks ship about 85 percent of goods in the U.S., with shipping needs growing by three percent each year. This could be a great time for starting a small trucking company. Below is an overview of five steps you’ll need to take to fulfill the federal and state requirements to do so: 1) What kind of legal entity are you going to operate? Will you be a limited liability corporation (LLC), or will you do business as a sole proprietor. Each has its pros and cons; study the differences well before deciding. 2) Naturally, you’ll need to consider whether you will purchase outright our lease your truck and even your trailer. Some companies purchase their trucks and lease (rent) the trailers. 3) You’ll need to file your authority and other federal requirements. The exact filings and requirements will depend on the details of your situation. You’ll also need to file for your IFTA (International Fuel Tax Agreement) stickers for taxes on your fuel. 4) Purchase the insurance required by the FMCSA (Federal Motor Carrier Safety Administration) and obtain your state permits. 5) Write your driver info and requirements (check with the FMCSA for an outline), receive your authority and permits and start hauling. Of course, there’s a lot more work involved outside of registering your fleet. You’ll need to hire safe, reliable and trustworthy drivers, you’ll need to market your services and you’ll need to have or come up with the capital to start your operations. An â€authority service†can help you with paperwork, filings and, often times, insurance requirements. But being your own boss by starting a small trucking company -- especially in an economy where jobs are discarded and people let go as if employers were petulant children who have tired of yesterday’s toys -- often is a great way to bring you and your family financial security, if not wealth. If you have experience as a driver, dispatcher or otherwise have extensive knowledge of the trucking industry, now could be the perfect time to become self-employed by starting a small trucking company.
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