Thinking about starting your own owner operator business but don’t know where to start? Here’s some information on how to get started if you are brand new to the industry!
1. Sign up to a commercial trucking school. Just do a simple google search and find many available. You can also consult a local trucking firm for help finding one. By doing this they might try to recruit you and may offer to pay for schooling in exchange for an employment contract.
2. Get your Commercial Driver’s License, also known as a “CDL”. You must pass both the written and driving tests. Another thing you will need is an endorsement that covers the materials you intend to deliver with your business. For example, if you will be carrying hazardous materials, you will need the endorsement H.
3. Write a logical comprehensive business plan. Make sure to include your plan on how you will operate, how you plan to expand and generate more business. Create a thoughtful mission statement that outlines who you are as a company and your primary goals.
4. Obtain an employer identification number with the Internal Revenue Service. This will help identify your business and give you the ability to hire employees and open a business checking account. If you don’t know that type of entity you want to become make sure you contact an attorney or tax planner so they can help you maximize your tax benefit and reduce your liability.
5. Get your commercial trucking insurance. It is very wise to go with an agent for two reasons. First, is that an agent will help you shop around for the best rates! Agents are experts and will do the work for you, they will shop around until they can get you some of the lowest rates. The other main reason is that they will help you get the correct coverage for your business, you don’t want to be under-insured by any means. Here at Ace Commercial, we can help you find the best quote for you and are here to help.
6. Time to purchase your truck. Get a truck that suits your needs from your business plan.
7. Open a business checking account. This makes it easy to open gas credit cards.
8. Think about setting up an office to operate out of and keep yourself organized.
9. Market your business! Contact anyone who performs shipping services and start booking.
10. As you start growing, and the business is flowing, start hiring employees to help expand the business and make operations easier.