Re: Hauling

Posted by john on December 07, 2003 at 22:40:22 from (68.222.1.125):

In Reply to: Hauling posted by CaseSC on December 07, 2003 at 16:33:17:

Sorry to be so long winded but here goes........
Things you will need;
1) to haul interstate you need a ICC # (federal authority) fairly easy to get.
2) to haul intrastate you will need in state authority from each state you use. Usually very hard to get. In fact most times you need to buy a company to get their authority. Yes intrastate authority is only good in that state. Want to haul intrastate in another state and you need a separate authority from that state.
3) Now you will need a truck, size and type will depend on what you want to haul. Working capital to keep this truck on the road till the money starts coming in.
4) Insurance; $100,000 liability minimum just to get a tag and cargo insurance to cover what you will haul.
5) CDL license with proper endorsements for your type of truck.
6) IFTA or fuel bonding so you can file your fuel taxes for every mile you run in each state.
7) A commercial base plate that is apportion for every state you will run in.
8) A log book and the knowledge of the new rules that take effect on 1/4/2004 so you can stay legal.
9) Many of out of state contacts so you can get back hauls or a broker to find you loads. This way you will not have to dead head home every time.
10) Now you can figure your cost per mile and try to set a rate that will cover this yet be low enough to keep others from undercutting your rate.
11) A wife and kids that understand to make money in trucking you need to truck; not sit at the house and spend quality time with them. (MOVE THIS TO # 1)
12) A lawyer and CPA to keep your paper work straight.

OK; so you still want to do this. Yes you can make money at it if you can stay loaded and running or it will just be a hobby. My suggestion to you is to find a company that does this kind of work. (such as a hot shot firm) Lease on with them with the option to bring in your own loads. This way they will take care of # 1,2,4,6,9,12, and sometimes 7. The way it works is they will hold out a percentage of money on loads they give you and you will pay a percentage (not the same amount) of loads you bring in to cover the cost of above. This way you can get your feet wet and learn all the ins and outs of the business building your contact list all the while. Then when you think you are ready you can set out on your own taking your contact list with you.

Hope I did not leave anything out but know I probable did.

Do not want to scare you just give you the facts. There are trucking firms going bankrupt every day because of fuel prices and insurance cost so just make sure you know all the facts before you jump into this. But on the other hand this may be the best time ever to start this with the new HOS rules. They estimate we will need many more trucks just to haul the freight we now have. (maybe even driving rates up)

Wish you the best of luck.

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