Starting a trucking business can be a great way to make money, but it is important to understand the costs associated with it. To get started, you must assess your financial situation and status. Between fuel, insurance, equipment, maintenance, payroll and other costs, waiting 30 to 90 days for accounts receivable payments can put a trucking company in the red. The default numbers in this calculator are the ones I used to start my own Haulin Assets trucking company.
Some of your fixed costs include the price of your truck unit, regular maintenance, annual permits, taxes and insurance costs. Turnover rates are very high in the industry, so offering higher wages is one of the ways trucking companies try to keep their drivers with them. In addition to paying for the purchase of a truck, you will also need to account for the maintenance that may be required on a commercial truck. These are the largest expense categories that are unique to the trucking industry compared to the creation of other types of businesses.
There are several endorsements that you (or your truck drivers) must add to the CDL in order to operate hazardous loads or specialized vehicles. If you would like to suggest a new cost guide or if you are interested in showing your brand, do not hesitate to contact us. You can decide to hire a group of owner-operators with your own trucks, or you can choose to build a fleet of large rigs and find talented truck drivers to drive them. Starting a trucking business will entail many costs related to trucking specifically and the costs that any business will incur with operations.
It is important to understand these expenses before investing in a trucking company so that you can make an informed decision.
