2024 Trucking Business Starter Guide

The trucking and logistics industry has seen steady growth over the past few years as the e-commerce market continues growing exponentially year-on-year, driving the need for products to be transported across local and international lines. This has spurred many entrepreneurs to start their own trucking business and capitalize on the growing demand for trucking services.

If you want to follow their lead, now is a good time to enter this industry and establish your business. However, whether you decide to embrace being an owner-operator or open a full-scale trucking business with multiple employees, you’ll need a comprehensive business strategy and a clear idea of how you want to run it.

Below, we’ve gathered some key statistics about the current state of the trucking industry as well as seven steps you can follow to build a trucking company that is profitable and sustainable.

Starting A Trucking Business In 2024: Key Figures

Performing research and gathering information on the industry you’re about to enter is a fundamental step in the process of starting a business. Before we run through the steps needed to start and implement a successful trucking business in 2024, let’s look at the current trucking landscape at a glance:

• Time needed to build—With a good strategy and access to the necessary resources, you can build a trucking business within 2-4 months.
  
• Average startup budget – The average startup budget for current trucking businesses is $100,00 and $275,000.
  
• Profitability – Done right, a trucking business can be highly profitable. The average profit earned by a trucking company in the US in 2024 is $58,000 to $188,000 per year.
  
• Industry growth – The trucking industry is slowly but steadily increasing. The CAGR for the freight and trucking industry is forecasted at 47% between 2024 and 2028.

Step-by-Step Guide To Starting A Trucking Business In 2024

Starting a business is always a big undertaking whether you are new to the trucking industry or have some experience in it. But having a guide to shed light on those crucial first steps can have enormous practical value.

From crafting a business plan to marketing your business, here are six steps anyone can follow to understand what it takes to build a trucking company from the ground up in 2024.

Create a suitable business plan

All successful businesses start with a solid business plan. You won’t be able to move forward until you have mapped out the kind of business structure you would like to create and how you’d like to approach its long-term operations.

First, you need to cover the basics, such as your company name, location, and pricing structure.

Determine whether you will need a loan to get the operation started and how scalable you want the business to be, and identify an arrangement in which your legal protection is balanced with the benefits.

Determine what kind of trucking business you want to run

Trucking is a broad industry. Several business types in this market are worth considering, and the right one for you will depend on your budget size, where you are based, and how much financial and legal responsibility you are willing to take on.

Some popular trucking business types include:

• Local trucking
• Long-haul trucking
• Intermodal trucking
• Container trucking
• Flatbed trucking

Each of these trucking business models comes with unique challenges and advantages. Having a clear vision for the future of your trucking business is an integral step in the business startup process.

Identify your target market

Who are the types of clients you would most like your business to attract? Which regions, demographics, and product markets are you most interested in working with? Are your preferences profitable?

Identifying and understanding your target market is absolutely essential for starting any business, and a trucking business is no exception. The more you understand who your target clients are, the easier it will be to develop a business model that meets their needs and expectations.

The best way to identify your target market is to conduct deep market research and consult with your associates about which clients will most benefit your business plan.

Obtain trucks and other necessary equipment

You won’t have a trucking business without a fleet of reliable, safe trucks. As the driving force behind your business, the right vehicles and machinery are crucial for ensuring that you can fulfill client needs and make a sustainable profit.

The right trucks for your trucking business will ultimately depend on how far the vehicles will be traveling and what kinds of products you expect to be transporting. You’ll also need to ensure your trucks meet all expected safety standards to reduce the chance of truck accidents.

In terms of technology and other resources, you will need access to a base loading zone, safety tools, trolleys, and packaging materials to ensure that the products you transport are handled properly and your drivers can perform their job with the least possible risk.

Recruit and hire a strong team

Aside from the trucks themselves, a strong team of employees is the most important component of a successful freight and transportation business. You’ll need not only a reliable team of drivers but also on-site managers, lifters, runners, administrative staff, and safety supervisors.

As your business grows, the need for financial and project management is also likely to arise. Many of these tasks can be performed by a small team of knowledgeable individuals, but a larger team will mean greater work output and more profit as clients roll in. 

Start operating and marketing your business

Once you have obtained the necessary documents, licensing, and insurance for running a legitimate trucking business, you can begin marketing your services to the world and getting paid for your freight services.

Remember, businesses can take a while to get on their feet. Sometimes, it can be years before serious profit is earned. But with a solid business strategy, a well-planned budget, and excellent customer service, there’s no reason why your business can’t make a name for itself in the trucking industry.

A Solid Business Opportunity

2024 is a good year to start a trucking business. With the freight and logistics industry growing larger every year and consumers demanding more home-delivered products, the outlook for trucking businesses is strong.

By performing deep market research, developing a robust business plan, obtaining the right supplies and technology, and recruiting a strong team, you can set your trucking business up for success in 2024 and beyond.

Do you need to hire the best truck dispatch company in the US to handle all your dispatching needs and keep your trucks on the road? We can help.