How To Start A Box Truck Business Step By Step

hey what's up guys if you guys have been following me for quite some time you'll see that i'm involved into the trucking industry i've been involved for about three years now and if you watch one of my other videos you'll see how you can make a hundred thousand dollars of passive income in the trucking business here today's video we're going to be talking about the bike truck business the box truck business is very lucrative as well it's over 700 billion dollar business which the transportation business is but the box truck business is a lot simpler and a lot easier to get into rather than the semi business we're going to talk about 11 steps on how you can start your box truck business number one is going to be to create your llc one of my videos from the past i'll drop the link below it's going to be how you can create an llc it's only going to cost you 50 and it's going to show you step by step on how you can create your llc number one that's going to be tied into that as well is going to be how you can create your ein your ein is going to be your tax identification number for your business basically it's going to be your social security for your business it's going to be a way that all your business expenses is tracked through the irs and when it comes to the end of the year you're going to be able to file your tax return so make sure you have a great accountant so that you can take an advantage of all your tax benefits number two is going to be your dlt slash mc number this step is very simple all you're going to have to do is follow the link below i'll be dropping that below in each step i'm going to leave the link next to whatever step you need to take this is only going to be 300 bucks and it's going to be very simple if you've ever driven down the highway and you look at any semi or box truck they're going to have a d.o.t number d.o.t number is the identification number that allows the fmcsa to monitor a company's safety record and other information required under inspections and audits so basically a dlt number is going to be on any trucking business that you see drive past you every day number three is going to be your blc3 filing this is only going to be 30 bucks and like i said before in the video i'm going to drop the link down below on the website so you can create your voc3 file the blc3 is the destination of agents for service of process a blc3 filing is a federal filing in the united states that allows a processing agent to accept legal documents on behalf of a transportation or logistics company in each state in which the company is authorized to do business so for me i put my name personally on our trucking business it's going to be very simple and it's only going to be 30 bucks number four is going to be your ucr number this is only going to be 60 bucks and the link will be down below on how you can create that as well the ucr is going to be the united carrier radio station program ucr stands for united carrier registration program it is a federal mandated system for registrating operators of commercial vehicles who are involved in interstate and international travel so basically if you're going to be traveling interstate or out of state or even out of the country such as going to canada because i'm in michigan and a lot of truck businesses around here travel to canada number five and the most expensive monthly for you is going to be your insurance it's going to be the most expensive besides your truck of course but this is very expensive on the low end you're going to be paying about fifteen thousand dollars a year on the high end can be forty thousand dollars but what you're going to do is make sure you find a great insurance agent don't go looking on aflac or progressive or any of these big time companies and calling them directly find you an agent who's going to shop around at all at every single insurance agent and what's going to find the best benefit for you what you're going to need is a million dollars of liability coverage and then you're also going to need at least 100 000 of cargo insurance cargo insurance is basically going to be covering whatever you're holding so if you get into an accident or your driver gets into an accident and they crash and the goods are damaged you have a hundred thousand dollars worth of coverage to cover any of that cargo when getting commercial insurance you can either get the truck first some people get the truck first some people get the insurance first if you're going to get the insurance first i recommend finding a vin number online using that vin number so i know a person who used a truck that was only about ten thousand dollars they used that and then they got their insurance using that vin number because when you get your insurance they're going to ask you for a vin number they're going to ask you how much your truck is worth so they can see how much exactly your insurance is going to be on a monthly basis and on a yearly basis when applying for your dlt number there's a 21 day waiting period so within that 21 days you're gonna have to get insurance so that your authority can go active so for me personally i recommend you get insurance on about the 19th day so when it comes to the 21st day your authority is going to be active and you're going to be able to start rolling number six is going to be your truck your truck is going to be anywhere from 15 000 and it could be all the way to 40 50 60 000 this is going to be your most important or one of the most important things you're going to purchase is going to be your truck anytime you go look at a truck whether it's new or used make sure you find a great mechanic not just one mechanic find a bunch of mechanics that you can work with and you can bring them with you so you can test drive this vehicle and make sure this truck is very operatable and you're going to be able to make a lot of money buying a bad truck is going to put you out of business before you even start so make sure you take the correct steps and don't rush anything don't rush any of these steps because like i said before you'll be out of business before you even start so make sure you get a great mechanic to go with you to check out these trucks give yourself many of options and don't budge on the first or second one shop around and make sure you find the vehicle that's best for you and your business the best trucks that i've seen personally are hino everyone recommends that you get a hino truck personally my partner and i we started out with the f-650 which is a great truck it did what we needed to do we made a good amount of money with that truck so i personally recommend you can get a four a ford is a very affordable truck and you're able to make a lot of great money with the ford but honestly any truck can be great for you as long as you do your due diligence you bring your mechanic and make sure that truck is operatable and it allows you to make money number seven is going to be your dlt decals so once you get your dlt number and your mc number you're going to want to get decals like i said before all trucks that you drive past that are on the road on the highway or even doing locally are going to have dlt numbers so what you're going to make sure to do is get your d.o.t number dlt decals are very cheap you can get them for 20 30 40 bucks whoever you use is going to be just basically vinyl and they're going to stick it right on the side of your truck you can get your dlt decals as well as your company's name on the side to look very professional for you number eight is going to be your dlt inspection a lot of times when you buy a truck they already have a dlt inspection that's valid a dlt inspection you're gonna have to do that every year it's basically showing that the truck is operatable and you can do business with that truck and there's no major issues getting a dlt inspection is like i said going back to a mechanic if you go to a mechanic shop and you bring that truck they're going to give you a dlt inspection it can be anywhere from 80 bucks all the way to a couple hundred bucks so make sure that when you're buying that truck that sometimes you can even have the dlt inspection when buying the truck which is to your advantage so you don't have to pay that 80 to 200 bucks three to three hundred bucks on the back end so if you can get a truck that already has a dlt inspection you already saved a step and which will be great and it'll be to your advantage number nine is going to be your eld and log books when you get your dlt inspection they're going to have a checklist of everything you're going to need inside of that truck as well as everything you're going to be need to get fixed so that you're operatable your eld and your logbooks you're always going to need two logbooks they're going to be just paper log books just in case your eod your electronic logbook goes out but you're going to need two log books inside your truck at any time they're like five bucks you can get them from any truck stop or you can even get them from online but eld you're going to need that you're going to plug that in and it's basically showing the police that you're not going over your hours because all truck drivers have specific hours that they can drive you can't just drive all over the world 24 hours because that's against the law so you're going to need the eld as well as two log books inside of your truck at all times a couple elds that i recommend personally are going to be keep trucking and then geotab when i worked for pepsi we used geotab it was a very great source to use for your eld so you can check those out link will be below of course i mean i'm not going to leave you guys hanging i'm going to leave everything and i'm going to make it very simple for you guys number 10 is going to be your factoring company so if you're familiar or even if you're not familiar i'm going to educate you guys on how you can get paid once you start booking those loads and making money so how the trucking industry works let's say i do a load for amazon if i do a low for amazon more than likely they're not going to pay until two weeks all the way out to a month so you may be if you don't have money saved reserved for your business starting off which maybe a lot of you guys won't have and when you book these loads you can't wait to get paid two weeks or even a month out you'll go out of business before you even start so what you're gonna have to do is get factoring company a factoring company basically picks up your invoice and pays you up front for a fee and then that two weeks or that month out amazon or whatever company you're working for pays them so basically how factoring company works is let's say i book a load for amazon and the load is a thousand dollars me personally i'm gonna have a factoring company and i'm gonna after i book that load and i run that load and everything's settled so what i'm gonna do is send that thousand dollar invoice once the load is all finished i'm gonna send that to my factoring company and they're gonna pay me my thousand dollars but first they're gonna take their three percent of that and then they're gonna get paid in the two weeks or even a month from amazon me personally five percent is the most i would be getting charged from any factoring company so if anyone is talking about seven six seven eight nine ten percent which i don't think they will but if they do stay away three is a sweet spot for me personally if you can get that percentage down to three percent that would be great for you so just shop around and find which factory company is best for you if you google a few different factoring companies you can see that who they're going to recommend which are going to be blue vine triumph rts financial and apex capital court you can check those out and call those guys and see what they're offering the more trucks you do have the less they'll drop your factoring fee so just build that business and take its time and do things the correct way so you won't go out of business number 11 and the final step is going to be gps starting off for our trucking business we just used our phones it's very simple and you don't have to come out of money buying a gps but if you have a driver it's understandable that you do buy a gps you can get a gps anywhere from two hundred dollars all the way up to a thousand dollars these gps's sometimes you can get a eod as well as a gps combined which can save you a lot of money and can be very beneficial if you guys are i'm in the mountains or anything like that and you won't have cell phone service so getting that gps with the eld is a two for one package and could be great for your business so just shop around and look for a good gps that allows you guys to travel the world and you won't have any issues those are the 11 steps how you can start your box trucking business hopefully guys picked up something from this and i educated you guys on how you can start a box trucking business it's very lucrative like i said you can make a lot a lot a lot and a lot of money doing this and you don't even need a cdl so educate yourself if you guys have any questions leave them below instagram you can reach out to me timothy williams junior zero make sure you do follow me and subscribe like this video and always tell a friend to tell a friend to tell a friend to tell a friend and just stay tuned for my next video thank you guys and we're out

Channel: Timothy Williams Jr

Views: 1,148,224

Keywords: #boxtruck, #cdl, boxtruckbusiness, how to start a box trucking business, how to start box truck business, starting a box truck business, box truck business start up, box truck owner operator, truck business, trucking business, box trucks business, start a box truck business, 26 foot box truck, renting box truck for businesss, trucking company start up, box truck driver, insurance, how to find loads for box trucks, box truck loads, box truck owner operator business, insurance agent

Id: gZXEzrUUmxE

Length: 12min 40sec (760 seconds)

Published: Mon Sep 20 2021