Setting up a trucking-company is no easy task, but it’s not impossible. You just need to have an impeccable business plan and register with the state and local governments. Here’s a step-by-step guide to launching a successful trucking business. Read on to learn more about these two important business practices. Then, get your business off the ground! You can then get your first few clients and grow from there.
SBA loans
SBA loans for trucking businesses can provide up to $50,000 in financing for business expenses. Trucking business owners should explore different financing options to find the best one for their needs. By educating themselves about the lending process, they will be better able to repay the loan. Short-term loans for trucking companies are the best option for emergency cash needs and have less strict credit requirements. They can be provided in as little as seven days.
LLCs
In addition to being legal entities, LLCs for trucking companies help limit personal liability. If a client sues your trucking company, your personal assets are at risk. By forming an LLC, you limit your liability to business assets and not your personal assets. You should make sure that your trucking company follows all of the regulations and guidelines that are specific to the industry. Listed below are some of the advantages of LLCs for trucking companies.
Non-profit corporations
The trucking industry makes billions of dollars every year, which https://xtechcommerce.com/trucking-company-journey-management means it can cover death-related costs. But few of these companies actually invest in helping their own employees. Most spend their money on photo ops and new equipment, not on helping truckers in need. Luckily, there are some nonprofits that do that. The Women’s Trucking Federation of Canada is one such example. In fact, it’s estimated that women make up about one in five truckers.
Short-term business loans
There are many different ways to get trucking-company short-term business loans, and which one is right for you will depend on your needs and your credit profile. If you need working capital fast, short-term loans or small business lines of credit are probably the best options for you. Otherwise, credit cards or personal loans are perfect for minor operational expenses and fuel purchases. For a fast and convenient solution to your funding needs, consider using a trucking business loan marketplace such as Lendio. Their service partners with over 75 of the leading lenders. Applying for a trucking business loan takes only 15 minutes, and it will not negatively affect your credit.
Freight factoring
A major advantage of freight factoring for trucking companies is that they receive immediate access to working capital and can customize financing options. The application process is free, and applicants can go from application to funding in as little as 24 hours. Freight factoring services also provide transportation specialists and a user-friendly application process, which makes it easy for small and medium-sized carriers to take advantage of these financing options. Below are some reasons why trucking companies should consider freight factoring.