You can invest in a truck business without having any knowledge of driving it, learn the best method of how to invest in trucking without driving.
In 2019 Trucking business in the USA represented 80% of the freight cost, and more than $791.7 billion was realized yearly from trucking investment.
Investing in truck have made many investors very rich almost 80% of these people don’t know how to drive a truck still they are making huge profit from it. Without getting the right knowledge on how to invest in trucking without driving, you might find it hard to carry out, we will direct and guide your footsteps on this.
Getting started in investing in a truck without driving
Are you aware that investing in trucking is a business of its own, therefore it has to be treated and planned in the right way.
When trying to invest in a trucking business there are certain things you need to put in place.
They are as follows
this is the very first thing to do investigate your area or location to find out the types of trucks needed in area for goods transportation.
It will help you to determine the type of truck to buy.
Register your business:
proceed to register your business either as a sole proprietorship, single LLC, or corporate LLC.
Carefully select the type of business structure good for your trucking investment.
Choosing an LLC will separate you from your business eg when your truck damages others’ goods, your personal property will not be seized or held and you will not be arrested when such a thing occurs.
When arranging for your trucking investment remember to register the business.
To gain deep insight into LLC and how it works visit this page
Obtain your permit and license
Most times, It depends on the type of country you are running the investment, there are some countries or states that don’t require this license and permit.
Check in your state to see if a license and permit is necessary then go ahead to obtain it for your business.
In the USA it is necessary to obtain a license and permit for your trucking business.
Purchase insurance for the truck
Try to purchase insurance for your trucking investment which will cover and protect your business against any odd that may befall it.
Don’t neglect this aspect because it’s very crucial to your trucking investment.
How to Invest in Trucking Without Driving
It is 100% possible to invest in trucking without driving it
Follow below steps
Buy a truck and hire a driver
This is very simple to do, go to a truck dealer purchase a truck you want.
Proceed to search for a good driver with many years of experience that can be able to drive the truck.
This way when you get a contract to transport goods then you call your driver.
Many people investing in trucking use this method because it’s very easy to carry out this way.
Many investors may decide to pay their driver weekly, monthly, or daily. You can pay him whenever he transports goods with the truck.
Step 1. of how to invest in trucking without driving.
Buy a truck and leave it in the care of a driver
This method is different from the first one, in the first one you will be the one to pay the driver on any transportation he made with the truck.
But in this second method, you will buy a truck and give it to a good driver he will be doing an account for you and be paying you monthly, daily or weekly from the profit he made.
You can decide to receive your payment anytime.
Invest in trunk rental
Another way to invest in trucking is to buy the truck and make it available for renting.
This way you don’t need to hire a driver or start looking for those that need a truck delivery service.
With this method, many people will be coming to hire trucks from you to transport their business.
Even many drivers will come to hire from you daily, some may decide to hire it for 3-6 months and return it for you when they are done.
How to Invest in Trucking Without Driving,
As your business is expanding you can start buying different types of trucks so that people will hire anyone they want.
Rent and hire a driver
With this method you will go to truck owners and rent a truck from them then you hire a driver.
This works best if you get huge a contract to transport a large number of goods to a certain location.
Then you can go ahead to hire a truck and also hire a driver, after everything is done and completed you pay the truck owner and also pay the driver, The remaining money will be your profit.
Advertise your new business
This aspect is very crucial for more achievements, you have to make an advertisement to make people notice that they can hire different trucks from you.
You can connect with those business owners that always need a truck delivery so that you will be rendering the service for them.
Check out: comprehensive guide for small investment
Are there any risks associated with investing in trucking without driving?
Yes, there are some risks in it, almost every business has its own risks they counter.
The risks associated with investing in trucking without driving may include
- Running out of funds to pay for your driver due to many expenses
- Your truck developing an engine fault
- Risks of being involved in an accident and spoiling other’s property. etc.
Some of these risks may be eliminated with the help of insurance.
Is investing in truck without driving profitable?
Yes, it is very profitable however your profit from it depends on how much you invested in the business.
How To invest in trucking without driving is another a cool way of making money, you can do it as the main source of income or add it as another means of income
Choose the type of truck investing you want to venture into and make a good estimate on how much it will cost you.
To carry out this investment you need to have a good amount of money, you can purchase a truck of $100,000 to $200,000 and start with it.