How to start your trucking company in Florida?

A trucking company transports freight goods across roads with a fleet of trucks. In the US alone, trucking was responsible for more than 70% of the freight hauls and was worth $732 billion in 2020.

The industry is constantly growing, and it’s worth considering starting a container drayage service. This article explains how to set up a trucking company in Florida.

The trucking industry in Florida

The trucking market size in the US is $3 billion. There are 24,666 registered trucking companies in the state, with more than 32,000 employees in the industry. In 2022, the industry was reported to be facing a severe truck driver shortage owing to the impact created by the COVID-19 pandemic and several old-age truckers retiring. The driver shortage could double up by 2030. Therefore, there is ample opportunity to start and run your tricking business here.

Requirements for a trucking company in Florida

• Business Plan (with a feasibility report)
• Business Licenses and Permits
• Trucks (any number, although it’s advisable to have many)
• A Class B Commercial Driver’s License (CDL)
• Corporate Insurance
• Your EIN (Employer Identification Number) or Federal Tax ID Number.
• A Corporate Bank Account
• IRP Plates
• Employees
• Operational Capital (To cover expenses

Steps to starting your Florida trucking company

1. Write your business plan

Your business plan should at least cover these points

–       the type of company you want to register

–       Your target market (Industry-specific, cargo-specific or multifunctional, franchise, container drayage service, etc.)

–       Feasibility report

–       The area you want to serve (Miami, Jacksonville, Lakeland, etc.)

–       Payment options

–       Branding strategy. Choose a memorable business name that is easy to pronounce and recall. It’s preferable to use simple English words. You can also refer to a specific location in Florida.

2. Register your company

Most companies register their trucking company as a limited liability company (LLC.). To register for your LLC., you need to keep these things in mind:

• Choose a registered agent for your company.
• Decide on your management requirements.
• Create an LLC operating agreement.
• Comply with Florida and Federal tax and regulatory requirements.
• File annual reports

3. Obtain all necessary trucking licenses and permits

There are many licenses and permits you need for your business. These include:

• General Business License
• Commercial Driver’s License (CDL)
• IRP Plates
• Zonal and Signage Permits for your vehicles
• Operational State Facility Inspections for your parking area

The good news is that Florida does not require certifications to start a trucking company. You also do not need to file a trademark if you do not have the funds to challenge infringements in court.

4. Choose the right truck

Your choice of vehicles determines the type of customers or products you need. Here’s what you need to keep in mind

• Truck Price. New trucks have a higher price but may have lower maintenance costs
• Diver Comfort level
• Preferred cab style
• Weather resistance
• Dealerships across the US (this is important if you plan to do work on interstate logistics)
• Weight limits

 (this is important for container drayage services)

Purchasing versus leasing.

5. Secure funding

To secure funding, you should consult banks, even if you have a willing investor. That is because the bank will act as an intermediary between you and the funder. Your business plan will go a long way in helping you at this stage.

–       The overall cost of setting up your company can range from $50,000 to over $ 1 million, depending on your business objectives and company scale.

–       Trucks can vary in cost, but low-end semi-trucks cost around $100,000, while higher-end models can reach $200,000.

–       You can opt for company business credit cards for cashless payments

–       SBA loans and short-term loans can help you get started. These require additional documentation

–       You can use truck financing programs to cut initial costs when acquiring your company fleet

The bottom line

Starting your company has several requirements, but you can always outsource your logistics to fulfill high demand. If you want to start providing specialized services like container drayage, Gofreighthub.io can give custom solutions for your business.