Be Your own Boss as a Trucker

What is your favorite part about being a trucker? Is it living life on the open road? Is it the freedom to set your own schedule? Maybe it’s something else. There are many people who don’t understand what it’s like to live as a trucker. While there’s a lot of freedom, it can be one of the loneliest, frustrating, and underappreciated careers out there. Sometimes there’s long hours, little pay, or a lack of respect from dispatchers or employers. If you’re frustrated working for your current company, it may be time to start your own trucking company, where you can be your own boss. The best thing is, you don’t have to start your new business alone. Motor Carrier can help. Advantages of Being Your Own Boss If you become your own boss with your own trucking company, you can choose your hours, your haul, and how you want your company to run. Here are just a few of the other advantages of running your own trucking company. Control Your Assets If you work for a company, the truck you use might not be yours to own. In fact, some trucking companies make it almost impossible to come to own your own truck, even when it’s leased to you. However, with your own company you can choose whether to lease or own. You decide what to invest your money in and where that money goes. Choose What You Haul There are a wide variety of goods you can choose to haul as the owner of your own company. Here are just a few of the types of material and...
How to Get Your Trucking Company Started

How to Get Your Trucking Company Started

Tired of working for big trucking companies that don’t treat you like an individual? Are you ready to start your own business and be your own boss? If you want to start your own trucking company, don’t let paperwork slow you down. Here’s what trucking companies don’t want you to know about starting your own business. How to Start Your Own Trucking Company The most important step to starting any company is to create a plan. To start your own trucking company, you must: Start with the business details. Decide what you want your business to do, and write down how you’re going to make your business a reality. You can also plan your finances and resources to determine how much money you need to start your business. Once you get those resources, how you are going to budget those finances? This first step is also the time to determine the name of your business and how you want to register it legally. Register your business. Once you’ve gotten the logistics of starting your business out of the way, it’s time to register your business. Here are 10 steps you can take to start your own business. When you register your business, you can choose to register your business as a sole-proprietorship, a Limited Liability Company (LLC), or a Corporation (Inc). All of these options can help you determine starting costs, taxes, and whether you are operating as an individual or a company. Obtain proper trucking registration. The next step towards opening your own trucking company can be a little complicated. Regardless of what kind of trucking business you...

Motor Carrier Insurance Coverage

If you’re an owner-operator, you already know the routine because it happens every year. You sit down with an agent, select a company to insure your truck, settle on a policy that can meet your needs, and sign a check that guarantees coverage. Of course before you sign the check, you should do your homework to make sure you are buying the right insurance or the right price. Unfortunately, the trucking lifestyle doesn’t come with much spare time. So take 10 minutes right now and review the following points on buying truck insurance. You’ll save hours of research and probably a good amount of money as well. The Right Insurance Company Companies that insure motor carriers, trucks and drivers are not all the same. Some sell through independent agents, while others go through their own sales staff. Some specialize in commercial truck insurance, and others sell it as one of a secondary line of coverage. Some companies specialize in specific niches within the motor-carrier industry, such as large fleets, temperature-controlled equipment, or owner-operators. Some cover thousands of small customers, while others only handle a few big ones. The most important part of looking for the right insurance company is to buy from a company that specializes in truck insurance. If you go through a non-specialist, they may overlook certain details in your coverage. For example, a non-specialist might not know that owner-operators may have to upgrade their coverage on a temporary or single-trip basis to qualify for a lucrative back-haul delivering a commodity they don’t normally carry. A specialist would know to ask whether you need this coverage and...
Three Things You Need to Know About Lease Agreements

Three Things You Need to Know About Lease Agreements

Understanding lease agreements can be confusing for someone who is considering becoming an owner operator and to people who are new to trucking. In simple words, the term lease means paying a fee to use someone else’s equipment. When leasing a truck, the leasing agreement can be for years or month by month. People are mostly confused by the word “lease” because it is often used in conjunction with another word and each term means something slightly different. However, after reading this, you’ll know what the context is when you hear the word “lease” with the other words or even when it’s by itself. Below are three ways you will hear the word “lease” used as it relates to trucking. Lease Purchase/Lease to Own Some trucking companies have a lease purchase program that allows the driver to lease a truck with the option to buy. Many drivers use this program if they want to become an owner operator, but don’t want to invest their own money right away. Because it requires no money up front, drivers tend to enter this program if they have poor credit or if they don’t have money. Lease Program Just like you can lease a car, you can lease a truck from a company or dealership. Like lease purchases, often times you don’t need to put any money down or have good credit. Unlike lease purchases, you don’t intend to buy the truck. Once the lease is up, the trucking company will lease you another truck that is new or like-new. For both lease purchase and the lease program, you and the trucking company...

Finding Your Freight

If you’ve already started down the path of running your own motor carrier company, you find yourself stuck at the most crucial part – finding freight. When looking for freight, it’s not so much finding random loads to haul here and there, but finding consistent work that is worth your time. Thanks to technology, finding freight is easier than ever. There are resources all over that can help you grow your business, however, without the proper planning, the path to growing can be unclear and overwhelming. Unfortunately, these resources can also make the competition a little tougher. So how do you succeed in as a motor carrier company? Find out below! Work Directly With Shippers The most successful motor carriers develop relationships with shippers and only use brokers or load boards for their backhauls. You typically get paid more for loads without a middleman, like a broker. So keep your profit margins up by working directly with shippers as often as you can. What Clientele Do You Want Before you start chasing down loads, define the client you want to work with. It’s not only about if something is a good load or client, it’s knowing your target client. This will give you a clear perspective on what you want and how you can find them. Here is a a list of some of the things you should look for in an ideal client: A large, established shipper Pays well and on time Good reputation Has regular work Shipments are on lanes you want to drive There’s never a perfect client, but you should be able to find clients...