Amid the COVID-19 pandemic, all industries are looking to the trucking industry to keep the economy moving. If the driver shortage was up for debate over the past year, the upcoming weeks and months will make it very apparent. As the United States ramps up domestic production to manufacture medical supplies and to transport food, clothing, and other goods to consumers, the need for drivers and new trucking companies will be imperative.
Trucking Is More than Just Big Fleets
While large trucking fleets are an integral part of America’s supply chains, the trucking industry needs more platforms to hand-off and deliver shipments. Owner-operators are necessary to fill in driver gaps and operate on their own schedules to deliver shipments on time to locations that may be outside of the operating areas of larger fleets. Smaller trucking companies are needed to make those critical “last mile” deliveries that fall outside of major shipping lanes. This is a good time for owner-operators and entrepreneurs to launch new trucking companies to fill in the gaps in the trucking industry and keep the economy afloat.
Launching New Trucking Companies
New trucking companies are essential to the industry and the economy at large, but navigating the various forms on local, state, and federal levels can be confusing. New trucking companies need to file formations documents with the Secretary of State, tax forms with the IRS, and fill out the appropriate paperwork with the US Dept. of Transportation and the FMCSA. Additionally, there are requirements for compliance, including hours of service, electronic logging devices, and fuel tax reporting. In the back office, new trucking companies need a clear accounting process to handle invoicing and collecting payments from direct customers and brokers alike.
Start Your New Trucking Company Today
Single Point Capital offers a wide range of services to help owner-operators and entrepreneurs launch their own trucking companies. We offer setup and guidance for all necessary forms so you can get up and running and start generating revenue. We offer free USDOT setup and waive administrative fees for clients who sign up for our factoring services. If you are thinking about starting your own trucking company, contact the experts at Single Point Capital today.