Ways to Start Your Own Trucking Company

Ways to start your own trucking company infographic

With trucks delivering 70% of all cargo in the U.S., and e-commerce on the rise, there’s significant profit potential in the logistics industry. 

  1. Sole proprietorship

A single person owns and operates the entire company, as well as accepts all its legal responsibilities. A sole proprietorship is considered the easiest way to structure a company.

  1. Partnership

Partners are either general or limited. A limited partnership involves more legal paperwork but offers more protection. A general partnership is essentially a sole proprietorship shared between two or more people. 

  1. LLC

A limited liability company (LLC) is usually a separate entity from the owners. An LLC offers more legal protection than a sole proprietorship or partnership.

  1. Corporation

Corporations consist of stockholders who own the company, directors who manage it and officers who run its everyday operations. Corporations are the most complicated organization in terms of legal work but offer the highest amount of protection.

  1. ESOPs

An employee stock ownership plan (ESOP) provides fluidity and security. An ESOP provides your employees with a stake in the company.

  1. Leasing equipment

By leasing, you can start using your equipment without paying the full price for it. You make monthly payments and the leasing company covers any maintenance or repair costs for the trucks. Not having to cover insurance costs will save you money upfront, but you don’t own your trucks, so the leasing company can enforce its own rules over their use. 

  1. Buying equipment

Buying your trucks outright will be more expensive upfront, but the trucks can be leveraged by selling them or renting them out. Throughout the ownership of the truck, any modifications can be made — though the cost, as well as any repairs, falls on the owner. 

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What's the SONAR ROI?

By increasing the number of loaded miles per day your drivers drive by 1% and your rate per mile by $0.03 you will make more per week #WithSONAR.

#WithSONAR you can save up to per week through better bid negotiations and more effective management of your routing guide.

#WithSonar you can add 1 more load per person each day and increase $5 margin per load, earning your company an extra per week.

Disclaimer: Every company’s circumstances are unique. Fixed and variable expenses, market conditions and operational factors vary. Unforeseen events may also affect results. Calculated potential results reflect the consensus expectation of FreightWaves’ experts. Actual results may vary.

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