Please ensure Javascript is enabled for purposes of website accessibility Starting a Trucking Company in 2023: Key Points to Consider

Starting a Trucking Company in 2023: Key Points to Consider

By January 26, 2023Trucking Information
truck garage

The data is in, and small business owners overall have a positive feeling about 2023. Many are looking to add new employees, expand into new territories, or are positioning themselves for higher sales and revenue. The trucking industry is also experiencing positive trends, as more people are looking to start their careers as drivers, or are looking to shift gears and go from owner-operators to launching their own trucking companies. If you are thinking about starting a trucking company this year, there are a few key considerations to keep in mind.

Trucking Equipment 

It almost goes without saying that the vehicles and maintenance equipment needed to run a trucking company is not cheap. If you are starting a trucking company, you may want to look into used equipment, or get new equipment through a leasing package so you can upgrade and get maintenance included in the agreement. Conversely, you can hire drivers that have their own trucks until you get enough capital on hand to purchase your own fleet.

Additionally, the industry is shifting to electric vehicles, with a goal of converting trucking over zero petroleum use by 2030. Electric vehicles may not have the driving radius of diesel-powered trucks, but new trucking companies that are doing local and regional hauls, or are offering last-mile delivery, will not notice any drawbacks. Moving to a “green energy” fleet is more than a great advertising point – it allows you to get an edge on the competition, as well as future state and federal mandates to become oil-independent. When looking for electric vehicles, check to see if there are any local to national discounts or tax incentives to help with the cost.

pile of invoicesPaperwork

Launching a new trucking company in 2023 has not gotten any easier for entrepreneurs who want to do everything themselves. To start a trucking company, business owners need to get licenses, permits, a physical location, Tax IDs, insurance, and more. Every form needs to be filled out correctly, and paperwork needs to be coordinated so nothing is left outstanding. This will allow you to launch your trucking company on time and start generating revenue. Fortunately, Single Point Capital has a start-up program, and we will help you get everything in order and filled out correctly to expedite your launch. We will also waive any administrative fees if you use our freight bill factoring services.

Insurance

As you might expect, the cost of insurance for a new trucking company can be fairly steep. A good portion of start-up costs goes towards making sure drivers, equipment, and company liability are covered. While there are many options out there to choose from as far as insurance carriers go, but making that initial payment can be a challenge. Single Point Capital can help. Our insurance payment program will cover up to 50% of the cost, and then defer the amount, making payments easy and manageable for new trucking companies.

Fuel

Your fleet is not going anywhere without fuel, and the price of diesel has been volatile lately. New trucking companies need to save money wherever they can, so getting the best prices at the pump or from wholesale purchases is crucial when you’re just starting out. Single Point Capital has a fuel discount program that offers big savings for wholesale purchases, as well as at the pump for over 5,000 locations nationwide.

Finding Shipments

Once your new trucking company is up, running, and ready to roll, how do you find shipments? You can try to make inroads with local businesses, shippers, and even brokers. But if you need something immediately, look no further than Single Point Capital. We offer dispatching for all types of shipments, and we will even negotiate rates so your trucking company gets a decent payout. We provide personalized account managers, and route planning, and we will handle all of the paperwork, so you can focus on getting from Point A to Point B.

Cash Flow

Cash flow is essential to the survival and growth of new trucking companies in the first few years of operation. Unfortunately, customers have a way of letting invoices sit around until they absolutely have to make payments. This means a new trucking company can end up waiting 30, 60, or even 90 days before they receive revenue, all the while needing funds to cover payroll, overhead, and other expenses. Freight bill factoring from Single Point Capital takes care of that by turning unpaid invoices into cash, and making the funds available to you within a single day. Our freight bill factoring services accelerate cash flow so you can cover expenses, avoid taking out short-term loans, and build capital reserves for growth.

Launch Your Trucking Company in 2023

2023 is going to be a big year for new and small businesses, so get a jumpstart on the road to success with comprehensive services from Single Point Capital. Contact our offices today to learn more.

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