Exspeedite® New 4.0 Release – Starting a Successful Trucking Business Checklist

Exspeedite® is the primary mobile trucking software provider serving commercial and private fleets, brokerage, 3PL, and heavy-duty transportation companies.  We are an enterprise-based trucking software catering to the small and mid-size trucking industry, ensuring each client has a competitive advantage matching the services of large trucking companies.  Exspeedite® mobile trucking software is a mobile fleet management system using the latest technology that is 100% copyrighted and trademarked. Established in 2008, our unique software provides problem-solving resources to give your company the freedom to focus on moving ahead toward success. Headquartered in Is anti, MN, Exspeedite® is the most beneficial service offering with the largest menu of solutions:

  • Dispatch
  • Brokerage
  • EDI
  • Mobile Communications
  • OS&D
  • IFTA
  • Order Imports
  • Driver Information with Event Notification

Exspeedite® is committed to serving you and helping you keep up with trucking software needs!  We are proud to introduce our latest technology to provide you with the best mobile tracking software. The brand new 4.0 release now allows you the ability to house multiple companies with numerous offices all in one convenient database. The conversion rate is now automatically calculated for multi-currency integration with more vendors, combining trucking and fleet invoicing into one location. Invoices are then automatically generated and sent via email to clients. Carries can expect electronic manifest notifications, richer features for driver pay, and better data filtering that is 33% faster than our previous platform.  And that’s just a start!  Exspeedite® mobile trucking software has enhanced EDI functionality along with a more comprehensive integration with QuickBooks and Sage.  Our design is modern and sleek, bringing better performance for you and your teams.  Fast, accurate, simple, and intuitive are just a sliver of the many benefits you will enjoy with Exspeedite® mobile trucking software.

Successful Trucking Business Checklist

You probably want to work for yourself if you want to learn how to establish a trucking company. Perhaps you’re a truck driver who wants to retire from the road and have a consistent source of income. The shipping and delivery sectors are increasing in the United States as more individuals purchase things online. To get items delivered on schedule, the nation depends on truckers. As a result, it is an excellent moment to establish your own trucking company. You may employ additional drivers, earn more money, and even start putting money down for retirement (and a vacation).

Trucking is a lucrative business. Trucks transport almost 70% of items worth $700 billion throughout the United States. Whether you’re an owner or an owner-operator, this offers up new income and profit potential for your trucking company.

To assist you in launching a trucking firm, we’ve put together this checklist.

Write a business strategy as the first step.

In every firm, a sound business strategy is a must-have. According to the Small Company Association (SBA), your business strategy should be 3-5 years in the future. It should also include a strategy for increasing income.

  1. A typical business plan comprises the following:
  2. Summary of the report Describe yourself, your firm, and how you intend to accomplish your objectives in a few sentences.
  3. Description of the business. More information about you and your organisation, including what sets you unique from other trucking businesses and how your expertise and experience in the trucking industry can assist your company.
  4. The technology, systems, and personnel you want to use to run your business effectively.
  5. A list of the services you will provide to your clients.
  6. Market research. An examination of the existing market and how your business will generate income.
  7. Sales and marketing are two different things. How will you recruit and maintain a devoted consumer base?
  8. Financial forecasts. A strategy that describes how you’ll meet your revenue targets.
  9. If you’re looking for funds or looking for investors, you should include a fundraising request.
  10. Learn more about how to write a trucking business plan in our comprehensive guide: How to Write a Trucking Business Plan.

Get your commercial driver’s licence in the second step.

Whether you’re an owner-operator or employ drivers, the Federal Motor Carrier Safety Administration requires that you or they have a valid commercial driver’s licence (CDL) (FMCSA).

Drivers must be 21 years old or older to apply. Intrastate driving is possible for anyone between the ages of 18 and 20. Drivers must fill out a CDL application and pay the required costs. They’ll require confirmation of identification, proof of residence in the United States, and a valid social security number. In addition, drivers must pass vision and knowledge tests. They must pass a pre-trip inspection as well as a road skills and driving test after receiving a commercial learner’s permit (CLP) (with their vehicles). Drivers earn their CDL after passing these examinations and paying the required costs.

Step 3: Submit an application for your trucking licence.

Completing your trucking authority is one of the first stages in learning how to establish a trucking company. When working as a hire carrier across state borders for cars weighing more than 10,000 gross vehicle weight, trucking companies must obtain an operating permission (GVW).

To get started, come up with a distinctive company name and check to see whether it’s available online. Then submit it to your state. Fill out an application with the FMCSA for your trucking authorization. To carry interstate commerce, you must get a motor carrier number (MC#).

Step 4: Pick your process agents.

Choosing a process agent is the next stage in creating a new trucking company. This is the individual who can legally represent you in court when you submit your business’s court paperwork. Every state in which you travel, work, or operate necessitates the use of process agents for your company. This is a mandatory obligation set out by the FMCSA, so don’t skip it.

Process agents may assist you by acting on your behalf if you have an issue in another state. Your process agent completes your BOC-3 documentation, as mentioned in Step #2. Refer to the FMCSA’s website to identify available process agents.

Step #5: Decide on the sort of company you want to run.

You’ll have to file taxes with the IRS when you establish a trucking company. It’s critical to figure out what kind of trucking company you want to start. A sole proprietorship, partnership, limited liability company (LLC), or corporation might be the form of business. They come in a variety of shapes and sizes, so consult a tax professional for more information.

Some company owners choose single proprietorship because it is the cheapest and most straightforward way to submit taxes. However, if a person or company sues you as an owner or owner-operator, they may sue you individually rather than via your company. They would sue your firm rather than you in such situation, preserving your personal assets.

Step #6: Open a bank account for your company.

Apply for a small business bank account and a credit card for your company. It’s crucial to maintain personal and business money separate for tax purposes and to build a solid business credit score in case you need a loan or financing in the future. As you establish your trucking firm, you may start developing your business credit by utilising your business account to apply for a business licence, permits, and insurance.

Step #7: Familiarize yourself with the legal requirements.

The trucking and transportation industries are heavily regulated. As a result, the FMCSA imposes certain legal obligations on owner-operators.

  • Apply for a DOT number and a Federal Authority from the United States Department of Transportation.
  • Fill out a BOC-3 form and get a trucking insurance coverage started (primary liability, cargo).
  • Get your stickers for the International Fuel Tax Agreement.
  • Get allocated plates by registering for your UCR permit and International Registration Plan (IRP).
  • To establish yourself as a business entity, get an Employment Identification Number (EIN) from the IRS, whether you’re filing as a single proprietor, LLC, or corporation.
  • Install electronic logging devices that are FMCSA-compliant in your cars (for non-exempt carriers).
  • The National Motor Freight Traffic Association can provide you with a Standard Carrier Alpha Code (SCAC) (NMFTA).
  • If your truck weighs more than 55,000 pounds, you must file IRS Form 2290 to pay heavy highway vehicle usage taxes.
  • Obtain the necessary state and/or local business licences.

Step #8: Obtain insurance.

Large trucks were involved in 112,000 injury collisions and 4,862 death crashes in 2018. Insurance is required for transportation companies to protect themselves against losses (damages, injuries caused by commercial vehicles). Shop around for the best deals, then check the FMCSA’s website for information on business insurance filing requirements.

The following items may be covered by trucking insurance:

Commercial liability insurance with a limit of $750,000. Some brokers want a $1 million insurance policy.

Cargo insurance is worth $100,000.

Physical damage: This policy provides protection in the event of a no-fault collision.

Non-trucking use: If you’re transporting loads for someone else or a corporation, you’ll be covered in the event of an accident.

The Owner-Operator Independent Drivers Association can provide you with further information.

Step #9: Obtain funding.

If you’re starting a new trucking company, you may need to take out a loan or locate investors to cover your initial expenditures. Make sure you’ve followed all of the procedures above before applying for a business loan or looking for investors.

For funding, check with major and small banks and credit unions. Larger banks need two years of operational experience, so credit unions may be simpler to acquire a loan from. You may also look for trucking lenders on the internet.

If you need to contact lenders, investors, or partners to fund your trucking company, your business plan will be the first thing they want to see. This article will show you how to write a trucking business plan.

To learn more about Exspeedite and our services, visit www.exspeedite.com or call (763) 244-1373

To learn more about Exspeedite® and our services, visit www.Exspeedite.com or call (763) 244-1373