Commercial trucking has been one of the pillars of the economy for quite some time now. The numerous semi-trucks that one typically encounters while driving on Florida interstates can attest to this. Experts claim that trucks transport close to 90% of all goods shipped within the country.
Why Start a Trucking Company in Ormond Beach, Florida?
With the industry needing an annual growth rate of 3%, this would be an ideal time to start a small trucking company in Ormond Beach, Florida. The industry has unexploited opportunities which one could exploit to attain financial security. There are a few requirements that one needs to fulfill before the company commences operation.
First, you need to pick the type of legal entity that you're going to operate. You could either be a Florida limited liability corporation (LLC) or just a small Ormond Beach sole proprietor. Because each of these has unique benefits and drawbacks, you'll have to get acquainted with the differences before making your choice. Obviously, you'll need to choose whether to lease or purchase both the trucks and the trailers. Some Florida companies opt to buy trucks and rent the trailers.
Trucking Company Legal Requirements in Ormond Beach, Florida
Besides the federal requirements, you have to file your authority. The requirements and filings largely depend on your individual situation. Additionally, the International Fuel Tax Agreement (IFTA) stickers also need to be filed. You'll then have to purchase the coverage mandated by the Federal Motor Carrier Safety Administration (FMCSA) in addition to obtaining Florida permits. The last step involves providing the driver info and requirements so that you're granted the permits needed to commence hauling.
There are a number of services that could assist you with filings, paperwork and even insurance requirements. Besides the legal processes, there are other elements involved here, including hiring reliable staff and marketing the trucking company. You'll also have to raise the required start-up capital.
If you've previously worked in the trucking industry as a driver or even a dispatcher, you could use your experience and knowledge to give yourself a competitive edge. In the current era of job uncertainty, being your own boss could set you on the path to financial freedom. This is the perfect time to venture into self-employment by starting your own firm.
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