Starting an Owner Operator Business
Owner operator business is a good investment. However, before engaging into it, you must research and learn more about the business in order to achieve the highest profit.
There are lots of people needing the services of owner operator business so you can be sure that with the right knowledge and skills, your business will flourish.
How you can Profit from an Owner Operator Business?
Another type of personal or home business is the owner operator business specializing in trucking. This business can be operated individually as long as you can manage to do all the necessary paper works as well as you can organize and manage the driving (either you hire drivers or you drive it yourself for the start). Furthermore, this business is expandable, all you need to do is to purchase more vehicles and employ more drivers. This is definitely a good investment but be sure to know and understand all the necessary things needed by the business. The need to shift and transport products is very high in demand. Companies are leasing trucks and services to be able to transfer their goods from one place to another. This is why; an owner operator trucking business is becoming more popular these days.
Steps in Starting an Owner Operator Trucking Business
First is to get a federal authority, federal tax number, BOC-3, bonding agent, and motor carrier number. The time you must allot in this first task is about 2 – 3 weeks because it takes that long to get all these necessary items and allow your business to be legal and operational for the 48 states. Next is to enroll to a reputable driving school for truck and get a license in driving the vehicle. Obtain a trustworthy dealer to supply you with good and operational trucks. Make sure that the truck that you will purchase is checked by a professional mechanic (it is best if the mechanic comes from your side). The prices of the trucks range from $10,000 - $75,000 depending on the features of the truck that you want.
The regulations according to the Department of Transportation may require you a liability coverage, however, additional insurance might be necessary to buy depending on where state you are residing. You might also be required to meet the requirements of the shippers to continue. Get your surety bond also from your agent or direct from the bond. The surety bond is a contract of two parties which is binding in court. The bonds cost between $500 per month to $10,000 lump sum depending on your actual credit.
Good software for your business is also a good idea. The software will keep track of all the loads that were taken, the payments of accounts, accounts receivable, and any data pertaining to every load taken. Advertise your business by word of mouth, or by posters, brochures, business cards, and even through internet.
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