How To Start A Trucking Business: Trucking Company Startup Checklist [What you need to start]
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- Опубликовано: 16 июн 2024
- In this video I discuss what you need for a trucking company startup checklist. These are the minimum that you will need to start your own company, or go out on your own as an owner operator.
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0:00 Intro
2:34 Insurance
3:03 Working capital
3:20 Startup costs
4:19 Insurance Startup costs
4:41 Employee vs. 1099 contractor
5.38 Workers Comp costs
6:54 Toll costs
*This video is for educational purposes only, always consult your attorney or accountant for specific advice when borrowing money or signing any contracts. This channel represents only my opinions and not any of my past, present, or future employers.
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GREAT VIDEO!!
Thank u for all the info as well as ur insight. It is much appreciated
Glad you enjoyed it! Thank you very much for watching!
Aye man i appreciate you. Wish you and the fam the best
Thank you very much! Thank you for watching!
Mystery of Money do you have to pay highway tax and registration each month?
Thanks for being real...some people get on here and make it seem so easy.
Easy it is not! Thanks for watching! I appreciate the comment!
Straight forward info love it
Thank you very much!
Man you information is valuable thanks I subscribed to your channel
I appreciate that! Thank you for watching, and subscribing!
Great video my man!!!
Thank you very much! Thank you for watching!
Great Video !!!
Thank you very much! Thank you for watching
Great video!
Thank you very much!
Very informative. Thank you:)
Thank you for watching!
Great video.
Glad you enjoyed it! Thank you for watching!
Thank for the information
Always welcome! Thank you for watching!
Thank you for your video
Very welcome! Thank you for watching!
I’m loving the knowledge bro 😎 keep them coming. Can you make a video on the logistics of the business
Thank you very much! Can you be specific on what you need? No problem making a video if you give me a direction. Thanks for watching!!
Good info, keep it up...
Thanks, will do! Thank you for watching!
Thank you for that
Very Welcome!
Great Video..! Navy Pride ⚓️
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Great info
Thank you very much!!!!
Great info by the way im taking care of step 1 now a got medical card last week cdl next week...
Thats great! Best of luck!
This was very informative! Thank you for share this information.
Me and my partner are starting out and we are purchasing two trucks.
I will be applying for our Authority next week.
Glad it was helpful! Best of luck!
Her bro thanks for the info I own a my own truck but I haul logs but looking to get into OTR driving
Very welcome! Thanks for watching!
make a plan, prepare, and have a reserve. it helps to have knowledge to cut costs like diesel mechanics, network with parts houses for better pricing, network with potential clients, understand their needs and help them versus just view them as cash cows. a can do attitude is better than a can't do attitude which equates to doodoo in the end. Safety, Quality, speed of service in that order/
Great advise! Thanks for contributing!
Gr8 share
Thank you very much!
Great video! Do you have this laid out somewhere, like a business plan? I’m writing down all your main points, Thanks for sharing!
Found the file link! Thanks
@@alacran2050 Check out the course for more detail. Here is the link. mystery-of-money.teachable.com/p/business-plan-writing
I love this video. What about ifta stickers?
Thank you very much. What do you want to know?
🐐
"I don't drive the truck"
smart man
Thanks, was wondering what putting the truck in service ment
Good question. Just that we have it on the road making money. thanks for watching!
Thanks some key points there I got a 1994 fld 120 looking to least on to a company What do you recommend
How much experience do you have and what are you looking to Haul? I am guessing with the age of the truck you will be restricted to companies that don't have ELD'S.
Great video man! I couldn't help but notice you have a navy sweatshirt on..... I am a vet as well and am thinking of starting a trucking company, do you have any insight on any loans or any thing the VA offers?
Thank you very much! Right now the SBA is waiving fees through 2023 on loans. I would look at that route first. The VA may offer some training on starting a business, but it is limited. See a college near you has an SBDC and contact them also. Best of luck!
@@MysteryofMoney thanks a ton for the response, I wasn't expecting it. I will definitely be checking into that. Subscribed🤘
great video, I am thinking of starting a business, with used trucks under 100000 $ each, may be starting with 2 of them.
Best of luck! What are you looking to haul?
do you have a video on booking loads and quickbooks?
That is a great idea. I will work on one. Thanks for watching!
Business plan course launched today! Here is the link. mystery-of-money.teachable.com/p/business-plan-writing
Very informative video. You clearly have spent some time preparing. Thank you. I am planning to get a cdl, get employed to gain some experience, then buy my own (become owner operator) and hire a driver when possible and add more trucks. Do you think doing it this way is a good idea?
That is the way we did it. My brother drove for someone else for about a year before we started our company. Our plan was to add as we can. Best of luck to you!
@@MysteryofMoney
Do you do consulting and assist clueless people like me get their business started for a fee?
@@therealstablemacaw521 I can help guide you in how we got set up. It’s all about learning as much as you can. Check out my website for info on consulting and let me know what you think.
@@MysteryofMoney
Will do. Thanks
@@therealstablemacaw521 Yes I do. Check out my website for details. Thanks for watching. Sorry it took so long to reply, this comment got buried.
Are you looking to start? What are you thinking of hauling?
Hi, I'm looking to start Hopefully by the end of this year. I'm planning to work local and haul Dirt, Gravel, etc in an End Dump trailer.
@@ivancervantes1100 hey same here i'm 19 so i can legally get my cdl just can't leave the state
Great video and info. Could you please tell me if it necessary to have a CDL and a truck to get an MC and establish a trucking company?
And how much it will cost me please to get an MC and pay for cargo insurance?
Thanks!
Thank you very much. You don't need a CDL, but you will need a truck. The MC will require that your VIN #'s are registered, as well as, the EIN for the business. There is a 30 day waiting period once you apply so that they can see if you have ever had issues in the past. I believe the cost to register is $200. Cargo/liability are the biggest expense and can run you upwards of $10,000 per truck per year. Hope that helps. Thanks for watching!
@@MysteryofMoney All respect to you man.
If I don't have a truck, can I get an MC with cargo van or cargo sprinter?
Appreciated!
@@montero7980 You should be able to since there are no specific requirements. Unfortunately that is not in my wheelhouse. Best of luck!
@@MysteryofMoney Thank you man, best of luck!
I’m looking into getting into trucking/dispatching I want to hire drivers I just do not know where to start I have my own box truck and used it to run a moving company but now I want to get into trucking/ dispatching asking God to lead me as I do my research
Who drives the box truck now? Where do you get your loads to haul?
Good info I would like to start a truck furniture delivery service could you provide any advise?
Do you have a local furniture company to get contracts for delivery?
Hey bud do u offer a class on how to start??? Serious question! I’m looking to start a business now and just need a guide
Not exactly a class, but I can offer guidance. Send me an email with some details. My address mysteryofmoney00@gmail.com or check out the website www.mysteryofmoney.com. Thanks for watching!
Thank you for this Video very informative Really Appreciate you 🫡🔥🫡🔥🫡
What do you feel is the better option leasing your truck or buying?
That is a really tough question and really comes down to preference. We looked a leasing for our second truck but didn't see the real value. The monthly payment was similar to the truck payment, but they did include PM's and other services. I thought if something happened we could always turn in the lease, but found out that it still effects your credit negatively. We are working toward keeping the trucks for 3-4 years and then trading them in while they still have some value. I take the loans out for 5 yrs, so there is only a small balance when I am ready to trade. I feel this works the same way as the lease, as we get new trucks every few years. Sorry if I am rambling on, and I hope I answered the question. This does give me an idea for another video, so thank you! Best of luck!
That's a great one, I want to start heavy equipment's and machinery hauling. I have to spend big amount of $$ for moving my Machinery. Can you give me some idea about that?
I have a few customers that specialize in that industry. I understand the expense of moving those pieces. What is the distance you usually move equipment? Would it make sense to start the company and broker to other operators like yourself? If it was just for your own equipment it might not be the at bad, but might be expensive to have a driver just for that. Sorry, kind of rambling.
@@MysteryofMoney Thanks, actually mostly for my Equipment moving and I have to run every state of USA
@@megmach I imagine that with what you pay to move it, you could save alot of money!
Have you heard of the sba veterans advantage loans? Im 18 months from seperating i have two llc one in used cars and the other in real estate. Have you heard of such loans for veterans to start a company?
Yes, the veteran advantage loan is also a program through the SBA. Here is a fact sheet. www.sba.gov/sites/default/files/resource_files/Veterans_Advantage_Borrower_Fact_Sheet_0.pdf. The SBA wont do loans for investment properties only properties that are occupied by the business, like a legal office. I bet you are counting down the days! Thanks for watching!
@@MysteryofMoney u are the real mvp thanks for getting on camera and giving out the game ill be sure to like comment and subscribe from here on out. Once i separate i will be sharing my story with other vets to follow
@@moneymikeslickwill8749 let me know when you do, I’ll be sure to subscribe! Keep safe till your home!
What is the best load board ? I just got a truck need help !
I don't know about the "best" but we really like 123 load board and DAT Solutions. I know it is expensive to keep 2, but it works for us. Thanks for watching!
So is a trailer needed to purchase ? Or do you just pick up freight provided by company ?
We are supplied trailers by the company. Most will charge you by the mile, or month. If that’s the case sometimes it’s cheaper to buy your own.
You can run power only
im about to start driving at a company that dont require cdl but i already have one and they have 10 speed trucks. when i buy a truck do you know if the insurance company are going to want me to have otr experience?
Most of the time they look at the driving experience, not that you owned a truck. Do you have OTR experience now?
Any advice on finding a Knowlegeable CPA to start off with who knows about trucking?
I use Quickbooks to keep everything pretty well organized and just hand it to the accountant at the end of the year. It is really hard to find one that understands everything but if you break it down to equipment and leave it at that, they are pretty good. I would try to google and meet with some in your area to get a feel. Don't pay for an initial meeting if you can help it. Best of luck!
Hi Dawn. I can help you're still looking, email jlewis@taxcouncil.co
Listen step back find an actual owner op that's willing to share. Not some swuft,prime, weiner lease purchase sxam.
Does all of this information apply to hotshot trucking aswell ?
Most of it. The trucks might be a little cheaper but all of the permits and such should be similar. We were looking into that as an addition, but our carrier stopped leasing them on. Stated the insurance was too high..
I don’t want to get my cdl because im going to enjoy my time as a flight attendant threw out my twenties but i do want to start a truck company because i don’t want to work I want to be a boss i plan on starting small like leasing my truck to a company
You don't have to as long as you can find a dependable driver that can manage themselves.
I am just getting a group of 4 people to start trucking business. We held our first meeting today and will be holding some other soon. Can you be of help to us on guidance and type of truck to start with?
Is it advisable to give to a third party to run for us?
Sorry for the late response, so much spam. What are you going to be hauling, and who is going to handle the business end? Are you all drivers? Send me an email with a little more detail mysterofmoney00@gmail.com
do u have a cdl now or u still only run the papers??
Not yet, hoping to at some point, only so I can pick up a truck if I had to.
You don’t need a cdl to start a trucking company. You can hire a driver.
Good point. I know without having someone in the family that drives I wouldn’t want to get into this business Took us 3 yrs to get great drivers. Thanks for watching!
@@MysteryofMoney indeed. Getting a good driver is the hardest part of the industry. You are blessed to have a family member you can trust.
Good pay 💰 home every week drivers love this 🤩🦥
From your experience Would you advice someone without a cdl to get into the business? If yes, in what is the best truck to start with? Great content, byw!
@@gabrieludensi6421 Thank you very much. It is so hard to say what truck. What works for us, others would never be caught driving. If you are looking to drive a desk, like me, make sure you hire drivers you trust. Thats a-lot of money to be driving down the road. Make sure you learn as much as you can. Our journey was trial by fire which is why I made these videos to try to help people. I don't know everything, or a lot by some measure but I am always willing to learn. I wish you the best and thank you for watching!
Since you're the accountant and your brother is the cdl, how did you register with the irs?
Im not sure how you mean register? We are an LLC that files as an S Corp. Is that what you mean?
@@MysteryofMoney I asked the question wrong. You answered. Thanks
Very welcome! Thank you for watching!
Go Navy
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THEYRE MORE STRICK HERE IN CALIFORNIA SMOG REGULATIONS AND COST OF FUEL ⛽ MONEY 💰 🤑 💸
I can only imagine. That is why we stay out of CA. Best of luck to you!
Good video man, is there anyway to contact you personally by chance? I’ve been driving for about a year now and I really want to start my own company, however I don’t want to make it difficult on myself. So if it’s possible to reach out I’d definitely appreciate it. Thanks again
Thank you very much. Shoot me an email at mysteryofmoney00@gmail.com
Listen bro 1 yr driving is not enough time to start your own trucking company.
@@MysteryofMoney thank you so much for providing this info here. Can I reach out to u as well. Im looking forward to starting a trucking business as well.
@@amadouly562 absolutely! Check my site for available times.
@@MysteryofMoney I definitely will. Thanks
Is it better to have truck driving experience before establishing your own truck company where you will be hiring drivers?
I think if you have the knowledge to run the business that is half the battle. You should up your knowledge on the industry and put yourself in the position of a driver, before you hire one. Hope that makes sense.
@@MysteryofMoney yeah and thanks.
Hey how much money can I make that's the big question is is it worth doing
i want to start one so bad. I have a big IN at a produce company (Delmonte) just don’t know how to start
Do you know any drivers to go in together? Unless you are a driver.
@@MysteryofMoney I can easily get drivers as I deal with them on a daily basis and made good connections. The issue is our company has a traffic department and i believe they will use my drivers? not sure. I’m only 22 and really wanna start my own thing. Any chance you can help me out?
Thank you for the information! Are there carriers you can lease onto that provide drivers?? Is it possible for an LLC to lease a truck onto a carrier that will provide dispatching/booking, and puts drivers in your truck? Is that what is meant when people say “investor?”
Thank you for the kind words. I have heard of some, but I always think they are scams. Its possible to find a carrier to do that, but I would also be worried about someone I don't know driving around in a $100K plus vehicle. We try to keep local so out trucks don't get abandoned 4 states over. You could always look for a driver to go into business with, maybe they know other drivers that are looking to make a change. Thanks for watching!
@@MysteryofMoney makes a lot of sense! Thank you
Did you find anything? I'm looking for this as well.
What about I want to start with a electric truck like a Tesla
That would be a tough one right now. Since the technology is so new, and there is not the infrastructure set up to handle the charging, it might be tough sell to a bank. The costs are extremely high. I think eventually it would be a good model, but right now I don't see it as having a chance for traditional funding. Just my opinion though. Thank you for watching!
Can a non US resident owned INC get operating authority ???
I would imagine, if you have a work visa, or permit to do business. I would check with your state.
Any consultation I can talk to you one and one. Want to start trucking company next year. Trying to get all information I may need.
Thank you for watching! Check out my website. www.mysteryofmoney.com. I have some options on there.
How do you get insurance
We went through OOIDA at first when we only had my brother as a driver. After we added an additional driver we switched to progressive.
Hello I’m getting ready to go in business with a friend in the trucking. I need to know how to run the back office, taxes and records. Can you help me? He’s already in business as a driver and has two trucks.
Send me an e-mail. Let me see how I can help.
When I started trucking 20k a year insurance.
Was that full liability?
So how much money does the truck driver makes you in a year?
That is a tough question. Depends on the year and loads. This year is rough with the cost of fuel. Right now we are covering bills with a little extra. Hopefully I can answer this better come the end of the year. Thanks for watching!
So roughly how much start up for first year?
Do you mean gross sales, or expenses?
@@MysteryofMoney both
Subd
can you start a trucking business without you having a CDL ? I wanna be the one hiring drivers to drive them
It is possible, but you will need at least one CDL driver for the insurance and for your DOT and MC to be issued.
I'm wanting to become an owner operator but no money and bad credit (555)
Can you get your credit up to the 680 range and you should be able to look for an SBA loan. Best of luck and thanks for watching!
How do you tax your company drivers? W2 or 1099?
We treat all as employees, that way they don't have to worry about the taxes.
@@MysteryofMoney What company do you use for workers compensation insurance?
@@ameri-kingtransportllc4047 We use Bi-Berk insurance through Berkshire Hathaway. They were super easy to deal with.
What , you making sound so hard , I bought my 2016 international prostar with apu for $40k and I have had my company for 8 month
Good for you. I don't mean to make it sound hard, just realistic from y experience going on 5 yrs now. Thanks for watching!
If I didn’t know a few guys that were already doing it, this would have scared me.
How much you making take home ?
I want to start trucking company but I only want owner operator!. How does that work?
You mean under tour own authority? Would you be driving, or hiring a driver?
@@MysteryofMoney it would be my own trucking company I would make the contract with places and stuff! But I would only hire owner operator in my company. So I don’t need lease or buy trucks and deal with the parking , insurance all that sweet stuff
@@samgandham7136 Ok. I get it. Almost like you would be a broker? I see that alot. Most of the time you have to have the DOT and MP numbers that they run under, and carry the insurance for liability, but there may be a better way of doing it. Best of luck!
What state are you in?
PA
Don’t you know any good decent driver around you?
Why am I watching this video. I just play American Truck Simulator😂
Well, are you any good? LOL.
@@MysteryofMoney Getting better just started playing
Probably cheaper!
Thanks helpful, I live in Georgia I’m 3 months old in business but been running from another person authority planning to start on my own authority, i have a 2015 freightliner cascadia with Cummins isx engine, I need a help with the checklist of what do i need to put all the documents together? I’ve got my Dot & Mc number a month ago and my insurance is in place- please help me what’s the next step in documents wise? And i also need to know more about getting a load with new Authority as people says a lot ?
This is a tricky one. We never tried our own authority yet. If you have waited the required time and have all of your numbers you should be good to contact a broker. What app are you using to look for loads? Are you going to factor? You are going to have to find a broker that will give you a shot to start out, once you build your brand you should have no trouble getting loads. Best of luck! Thanks for watching!
Please send us an email we can help with this convoy is a great loadboard to start send us an email at trucknoffice@gmail.com
It’s sounds like you may need a little bit more cultivating or consulting and I think you may want to go with a factoring company please check the percentages they are going to charge you
Rts fuel has a separate load board they charge around 3% factoring think 4% for no recourse and fuel discounts
can i join the company you are leased on???
Not sure if they are adding drivers. Where are you located?
I want to start my own Business I have my class A LIC want to haul freight buying me a truck 5500 Dodge Ram with gooseneck trailer just need help how to get a broker
Have you tried the different load boards? We use DAT and there are lots of loads out there.
I provide free insurance quotes to AZ and NV operated owners through my brokerage. Let us know if we can assist you with getting started.
Good to know. Thanks!
Good luck trying to buy a truck in this deranged market!
I have heard the prices are outrageous for all types. What have you seen?
@@MysteryofMoneyall makes and models up by at least 40%! I don’t see myself buying anytime soon!
I’m about to start my company and I would like to know how much money do you make with those 3 trucks monthly?
Usually we gross 45-50 depending on how the settlements hit. Net is all over the place with repairs and such, but I would say we usually see about a 6-8 net income. That also counts the pay down of loans. Hope it helps.
@@MysteryofMoney 6k to 8k per truck or overall with all 3?
@@OneSvT I am looking for this answer as well
Hey brother. My name is Vito and I am in serious need of a mentor if maybe you would be willing to help
Sorry I missed this Vito, so much spam. send me an email mysteryofmoney00@gmail.com
How do you find and get business? How does that work?
Our carrier gets us the loads out of our home state and then the drivers us load boards such as DAT to get the return loads.
@@MysteryofMoney do you guys use a factor company to get paid quicker, or just using quick pay from brokers? great video btw
@@nicholaspacelli8180 We actually get paid from the company we are leased to.
You don't need a CDL to start a trucking company or to purchase a truck... 😬🤔
Kinda crazy, you don’t need a drivers license to buy a car, only to drive off the lot.
@@MysteryofMoney yeah just I bought my 1st truck I'm having mine delivered.. #noCDL
@@ExplicitlyWildhow you do that lol😂 help me!
Am dispatcher in India
Do you dispatch in the US also?
@@MysteryofMoney yes
What is your role as a despatcher?
@@therealstablemacaw521 Nothing
It’s sad isn’t it . Think about it another 20 years there will be a lot more costs
Very true. Even from one year ago, the costs have almost doubled. Thanks for watching!
so what exactly is an owner operator ? me and my brothers are looking to start a small trucking business they have the CDL'S i am more of the investor in this i would still be able to purchase ??
Good question. For me an owner operator is somebody that is leased on to another carrier. We run under our own plates with the carrier covers liability insurance permits and stickers. We are essentially a 1099 contractor. I have signed all the paperwork to purchase all their trucks so far and I don’t have a CDL license. As long as you’re not listed on the insurance for any of the trucks you don’t need a license.
What state you in?
PA
I’m in PA also berks county and I’m working on getting my first truck, I got my CDL but I want to get a driver for it.
Really? Cal? Really? Truck?
Yo hire me lmao
I would, but its hard to find trucks right now.
@@MysteryofMoney I feel you lol, if you ever need another driver lmk
Title “how to start a trucking company “ but I don’t have my own authority...wtf smdh 🤦🏻♂️💀🤣
Just means you can make money in different ways. Works for us 4 yrs strong. Thanks for watching!
Is there anyway I could get in contact with you. Just to pick your brain 🧠. I’m willing to pay for your time
Shoot me an email mysteryofmoney00@gmail.com
If you all haven't seen a documentary called... It's worse than you think... By revelations of Jesus Christ ministries... I suggest you do... All praise and glory to the most high Jesus Christ
Nice video! I’m interested. How can I contact you?
Thank you very much. You can send me an email at mysteryofmoney00@gmail.com
Do you have a instagram I wanna know if you were willing to be my mentor and guide me through getting into trucking O/O I'm Willing To Pay
I do have an instagram. @mysteryofmoney. reach out by e-mail to see what I may be able to help you with.