Are you a prospective owner-operator looking to start a trucking company? It’s certainly a lucrative field: 70% of all freight in the United States is currently transported by the trucking industry, and a 27% growth is expected within the next decade. It’s also noteworthy that 91% of trucking companies operate six or fewer trucks, meaning the industry is dominated by small carriers.
So, it seems possible, but how do you get started?
The simplest answer in business – really any business – is if you don’t understand something, surround yourself with the people who do.
Dunham Tax Professionals is here for the potential owner operator. We can and will assist you every step of the way as we guide you through:
- Writing A Business Plan – Get organized, articulate your goals, and identify your value proposition.
- Legally Establish your Company – Establishing a Limited Liability Company or LLC – which requires an Employer Identification Number or EIN – sets an important boundary between your business assets and your personal accounts. With this comes a unique set of tax requirements and advantages. (Dunham Tax Professionals will assist you with details specific to your business structure as well as establishing an EIN.)
- Obtain Necessary Business Licenses and Permits – Most state, county, and local governments require companies to have the right licenses and permits in place before they open their doors. There are more than 150,000 filing jurisdictions across the country, all with independent requirements. Depending on your service and where you operate your trucking company, any number of licenses and permits may apply to your business, and Dunham Tax Professionals is here to help you cut through and understand all of it.
- Buy or Lease Equipment – The proper equipment can make the difference between success and failure, e.g., do you require refrigeration; what weight do you need; do you buy or lease?
- Appropriate Insurance – As an owner-operator you will need to obtain business insurance for your new trucking company, e.g., primary liability insurance; cargo insurance; physical damage; passenger accident.
- Understanding and Tracking Income and Expenses – As always, the importance of accurate bookkeeping cannot be overstated. For the OTR transporter, it may be common that payments are often received weeks or months after delivery, and it can be difficult to track expenditures.
- Stay in Compliance – Owning and operating a business means staying up to date on time-sensitive filing requirements, ranging from quarterly tax returns to multi-year renewals for CDLs. Failure to keep up with these requirements can result in loss of good standing or significant penalties. Dunham Tax Professionals will always ensure your LLC complies with everything as it should.
So, if you’re ready to start your own transport company, make an appointment with Dunham Tax Professionals to help you with everything you need to get on the road to success today.