Aspiring Entrepreneur On A Budget? 2 Businesses You Can Start With A Single Truck
Whether you are stuck in a "dead-end" job that you have been eager to quit, are currently out of work, or have a job you enjoy, yet have always wanted to be an entrepreneur, then you may be hesitant to start your own business due to the belief that you don't have enough start-up cash to do it. However, many of today's most successful entrepreneurs started their own businesses with little cash, and you can too.
In fact, there are several business you can start after purchasing just a single vehicle. Read on to learn about two business you can start with just a single truck.
1. A Food Business
The food truck industry is booming, and this is a business you can start with just one truck. If you have always dreamed of opening your own restaurant, but don't have the funds to do it, then this is a more affordable food service operation you can start. While the cost of starting a food truck business can vary greatly depending on where you plan to operate your business and the cost of the truck you purchase, initial business investments can range from about $28,000 to $114,000.
The National Restaurant Association reported that food trucks took in about $650 million dollars in revenue in the year 2012, but food truck revenue is expected to skyrocket $2.7 billion dollars by the end of 2017.
Once you purchase your truck, you will have to insure it, obtain a local business license, and invest in a little food inventory. However, if you are a great cook and run your truck alone, you can skip the payroll (at least for now) and run your business with very few overhead costs.
2. A Trucking Business
Another business you can start with just one truck is a trucking business. While many truck drivers do work for large trucking companies, others are independent semi truck owner-operators who answer to no one on a day-to-day basis other than their customers. The average truck driver earns just over $40,000 a year, although, of course, when you work for yourself, the sky is the limit when it comes to what you can earn each year.
You can keep business start-up costs down by purchasing a used semi truck at a very affordable price instead of a brand-new truck.
Of course, you will have to obtain your CDL license (if you don't have one already) before you can drive a semi truck legally. Unless you have a friend who is a truck driver who can teach you how to drive your new semi truck, consider attending a truck driving school before you apply for your CDL license. You may be able to obtain financial aid from the federal and/or your state government to help you pay for this schooling.
In addition, there are a lot of other resources for new business owners on budgets that you can take advantage of. Consider joining the SBA, or Small Business Administration, for business mentoring and/or to apply for the many loans they offer new business owners.
After you obtain your CDL, you will have to obtain your Federal DOT and Motor Carrier Authority numbers, submit your Unified Carrier Registration, obtain an IRP tag and register a BOC-3 form (if you plan to drive out of state), and obtain an International Fuel Tax Agreement decal.
Once your truck is ready for the road, it is then time to create a business plan. Getting started as a new semi truck owner-operator is as easy as bidding on loads on online websites dedicated to connecting truck drivers with customers who need loads of goods hauled. However, don't be afraid to call local businesses and inquire about their shipping needs once you gain more confidence as an independent truck driver. Businesses will often sign long contracts with truck companies and/or independent truck owners-operators; once you have a few contracts with local businesses, you can look forward to a steady income that you can count on.
If you are eager to become an entrepreneur, yet are on a tight budget, then realize there are many businesses you can begin on a budget with just a single vehicle. To browse trucks for sale, check out websites like http://www.arrowtruck.com/.
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