Trucking: Starting a Trucking Business, jerre g lewis, trucking experience

Question
I intend to start my own trucking business but not as a driver but just as an owner. I do not have any trucking experience. I have been doing a lot of research. I am looking at trucks but I do not know what to buy. Should I buy a slightly used truck or a new one? What are the pros and cons of both? I want to get my own authority, I want to hire my own driver, and I want to get my own loads. What are the steps to get started?  I know that there are companies that will get my ICC/MC number for a fee around $500.00 in addition to factoring for fees. I am curious about insurance; can I get it if I do not have a truck or a driver? What is the average cost of insurance for the Federal Minimums?  Alternatively, should I purchase a truck and lease it out? What is more profitable?  Should I start local then do some state-to-state runs. I know that it is a lot to know but I am willing to learn.  Can you please get me into the right direction?

Answer
Hi Troy.

You have a lot of questions and ones that aren't easily answered without knowing your market.  I would buy a book called "How to Start & Manage an Independent Trucking Business: A Practical Way to Start Your Business" by Jerre G. Lewis and Leslie D. Renn.  Study it and then write out a business plan.  This will then get you going in the write direction.  Then, I think you'll be able to tackle some of these questions.  You can buy that book on Amazon.com.  Learn as much about trucking and what market your going to fill as much as you can.  Trucking has a high failure rate.  When you have a business plan written out, most of your questions will be answered.  Visit sites like www.ooida.com for additional help.

Good luck!

Bob Stephens