Trucking can be a very lucrative occupation, but don’t let the lure of money fool you into thinking it will be easy to start your own business. There are many things to consider and steps to take before you begin your new trucking operation.
Here’s a basic guide to starting your own trucking business.
Each state has its own rules on the licensing and permits you need to start driving commercial trucks for a living. Your local department of transport can help you apply for the correct qualifications so that you start on the right foot.
Register for an ABN or ACN
All businesses in Australia need to register for an Australian Business Number (ABN) or an Australian Company Number (ACN). You need to decide if you’ll be registering as a sole trader or a company so that you apply for the correct registration.
Decide on the right truck for your business
You need to ensure your truck is the right size and has the correct capabilities for the type of trucking business you’re starting.
Then you need to decide whether you’re purchasing outright or if you’re going to talk to a finance broker about truck finance. There are different ways you can go about it, such as asset finance or low doc loans.
Leasing, hiring and buying options can get confusing, and a broker will get you the best deal for your needs.
Get the correct insurance
It’s crucial that you keep your business protected in case things go wrong. Covering yourself, your truck, your business, your cargo, any other drivers, and the general public needs to be done before you start driving.
An insurance broker will advise you on the types of insurance you’ll need for your circumstances so that you’re adequately covered.
It’s time to hit the road
Once you’ve done these steps, you’re ready to start trucking. Having your logo on your truck is great advertising, but you should also develop a marketing strategy to get your name out there.
Then, as your business grows, you can start to recruit other drivers to help you manage the workload.
To ensure you get your trucking business off to the best start, get expert advice when necessary so that you’ve got everything covered. The team here at Asset Finance Shop will guide you through applying for truck finance once you’ve found your new heavy vehicle, so be sure to call us!
Good luck with your new trucking business!