A temporary job as a truck driver for immigrant Blazo Gjorev led to a decades-long career as a business owner in the transportation industry. He is now sharing his experience in starting a trucking company to help others who are interested in becoming business owners in this very important field.
Driving Experience
Blazo Gjorev stressed that the first thing you need to obtain is a commercial driver’s license which is referred to as a CDL. He said that many trucking companies have their own training programs or they may sponsor you in obtaining your CDL if you work for them for a few years after your training is completed. This is a good deal because it gives you the driving experience that you will need for the future.
Create a Business Plan
Before you start your trucking business, Blazo Gjorev said you will want to have a business plan in place that will clearly show what your projected revenue and expenses will be. This will help you in garnering funding for your business from a bank or other lender.
Determine the Structure of the Business
According to Blazo Gjorev, you will need to determine what type of structure you want for your business. You can choose from a sole proprietorship, partnership, limited liability corporation, or a corporation, such as C-Corp or S-Corp.
Save Up
You will need to save up some of your own money while you are getting your driving experience for another company to be able to start your own trucking business and be able to cover at least some of the startup expenses, Blazo Gjorev explained. Purchasing a tractor and trailer is pricey and so is the license that you will need to start your business.
Business Operations
You should plan how you want your business to operate, such as who will maintain the trucks, how will you find loads to take on, who will be in charge of accounting, taxes, payroll, and billing, and other minor details that you will need to figure out ahead of time, Blazo Gjorev said.
Be in Compliance
It is imperative that you know and understand how to properly comply with all federal and state regulations, Blazo Gjorev explains. This includes the rules governing operating authority, the need for a United States Department of Transportation number that is required, and you will need to learn and understand a variety of different taxes that apply to the trucking industry before you open your business.
According to Blazo Gjorev, owning a trucking business can be a very rewarding and lucrative experience as long as you plan ahead properly and are ready for the many exciting challenges that come with it.