How to start a dump truck business

You need to take stock of your resources, get a CDL, and obtain a Transportation Workers Identification Credential (TWIC) in order to start a dump truck business. Here are details on each of these steps and others you can take to start a dump truck business:

• Take stock of your resources. To start a dump truck business, you must first determine what equipment you already possess and what equipment you might need to purchase or rent.

This also applies to your finances. Do you have enough capital to start the business, or do you need to get a small business loan? You can also ask for loans from friends and family or seek out investors for your business.

If you don't have the capital in place, make sure you draw up a detailed business plan that you can present to any of the parties just mentioned. The more prepared and tedious you are with your business plan, the more likely you are going to be able to secure the funding that is needed.

• Get a CDL license. Getting a CDL license is something you will need, and any drivers that you hire will need it. It is always a requirement to start a dump truck business.

CDL licenses fall into three different categories:

• Class A

• Class B

• Class C

Trailer gross weight rating restrictions separate Class A, and Class B. Class A license allows you to drive tractor trailers, while a Class B license clears you to drive straight trucks, box trucks, and large passenger buses.

Class B is the type of CDL you are most likely going to need for yourself and any drivers to legally operate your dump truck business.

• Secure a motor vehicle record (MVR). This step is fairly simple in most states, but you should still do the proper planning in the event of delays.

In most states, there is a fee you must pay to get a motor vehicle record. In certain states, you can also accomplish this online and get a digital version.

In other states, drivers may need to pick up a physical copy or have it mailed to their home address or to your business address.

• Obtain a Transportation Workers Identification Credential (TWIC). A TWIC also lets you access secure areas, such as ports and other maritime hauling-related facilities.

Whether or not you need one depends on what areas you want your dump truck business to service.

• Get all the proper insurance. A dump truck business means you need a variety of insurances.

There are also a number of other insurances you should look into to protect your dump truck business. It is highly recommended that you seek the counsel of an experienced insurance agent to determine all the necessary insurance policies you should get for your business.

• Average costs of starting a dump truck business. Now we'll take a look at how much capital you will need in general to start your business.

On average, starting a dump truck business in the United States costs between $100,000 to $200,000. This can vary depending on the size and scope of your business.

Here's a breakdown of the average cost of the requirements of starting a trucking business:

• Registering your trucking business is a one-time cost that can be up to around $1600.

• New dump trucks average around $72,000 per vehicle

• Used dump trucks cost between $7,000 to $20,000

• Getting the Tax ID number for your business is one-time cost of $79.

• Obtaining your MC and DOT number is a one-time cost of $300.

• Insurance services for your trucks and business itself can cost you anywhere from $9000 to $12,000 per year.

• The average dump truck driver in the United States earns a salary of $41,926 per year. You can multiply that by the number of drivers you want to hire to get a good idea of your hiring costs.