Tips for Legally Selling Goods at Flea Markets & Craft Shows
Flea markets and crafts shows have become a cultural phenomena. Increasingly small businesses are mastering the quality of the artisanal goods that they make and sell. While these types of businesses usually start out as a hobby there are some steps that you should take to ensure that your business is selling goods legally.
Is this a business or a hobby?
First things first, find out if you are operating a taxable business. This is important because if you are in fact operating a business you will need an Employer Identification Number (EIN). Applying is simple and in many states you can complete the application online.
Should I register with the government?
After you obtain a tax ID number no further action is required with the Federal government. In some cases you may have to register with the state in which you are selling your goods. To find out more information you will have to check the individual state rules to apply online or by mail. Regardless you will need the EIN number to register.
What about permits?
You may need a permit on the local level. Many states require permits so that you can collect sales tax. To determine if you need a permit, visit your state government’s business portal on Business.USA.gov. Additionally, use the flea market organizers as a resource. Most likely they will be able to answer questions about state permits.
Do I need to pay taxes?
In short, yes you do. You will need to report profits and expenses on your Federal taxes. State taxes can be more difficult because laws may vary. Some states require you to pay taxes on all your sales while others have levels that must be met first. For more information, check with the event manager and the state tax agency.
Where do I pay taxes?
Sales and Use Tax law follows the rates and procedures of where you are selling the goods. If your business is located in Washington, D.C., and you sell your goods at a flea market in Connecticut; you will need to follow the Connecticut rates and procedures.
How do I pay taxes?
If you are selling in the state where you live, paying taxes is much simpler. If you made out of state sales make sure that you ask about taxes when you apply for state permits. In some cases taxes are collected at the event. Some states consider this the best way to make sure the taxes are paid and at the correct rate. If taxes are not paid at the event it is still your responsibility to pay. Contact the state’s Special Event Coordinator to find out more information.
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How Broadband Access is Beneficial to Small Businesses
Editors note: This blog is coauthored by Nate Yohannes, Senior Advisor of Investment and Innovation
For American businesses to flourish in this highly competitive global economy, it’s fundamental that they have the tools to succeed. Although the United States is the originator of broadband and our economy is driven by technological innovation, there are still a number of American businesses that do not have access to broadband and/or do not have the adequate type of broadband that is needed to operate a business. This problem not only hinders growth of American businesses, but also hinders the growth of the United States economy.
Over the past six years, we’ve seen substantial progress in expanding broadband access as an effort to help close the digital divide in the United States. This progress derives from efforts such as the American Recovery and Reinvestment Act (Recovery Act) which was signed into law by President Obama in 2009. The Recovery Act provided a $4 billion grant program to the National Telecommunications and Information Administration to fund broadband projects. According to the White House, over 110,000 miles of network infrastructure, and more than 45 million additional Americans have adopted broadband internet. Yes, there has been progress in expanding broadband to all Americans; however, there is more work to be done and the President acknowledges this.
As an effort to continue broadband access as a top priority for the President, in March 2015 the President’s Broadband Opportunity Council (BOC) was established. BOC is a government-wide effort to expand broadband across every corner of the United States – with a particular focus on expanding broadband to underserved communities and encouraging investments and innovation to improve broadband quality. BOC was tasked to provide a report and recommendations to the President and this week, it was publically released
Here at the Small Business Administration, we understand how imperative it is for small businesses to have access to broadband thus, we have committed to helping expand broadband across this great nation. SBA commits to developing a strategic plan to provide support to businesses and institutions lacking technical infrastructure. We will develop new training models to support small businesses in using broadband-base applications and services to conduct better market research, improve operations and efficiency, and strengthen marketing and sales. SBA’s Office of Entrepreneurial Development will distribute materials to SBA field offices including more than 900 Small Business Development Centers (SBDCs), 100 Women’s Business Centers (WBCs) and 16 Veterans Centers. Materials will also be made available at 14 rural utility services. Regional Centers through a partnership with USDA and through the Business USA portal. Key milestones include providing an updated digital literacy toolkit and launching an awareness campaign.
This fall, we will implement those recommendations and work with partners around the country to further the President’s broadband goals. As a proud member of BOC, I know that this is not an easy task -- but one that is critical to advance this great nation.
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Top Tips to Lead and Empower Employees
Employees are an essential part of your business and brand. If they come across as unwelcoming or uninterested, you run the risk of rubbing your customers the wrong way. Unhappy employees can lead to assumptions about whether or not your business is a great place to work – and whether or not customers want to give you their business. There are countless studies highlighting the links between strong employee morale and satisfaction and customer satisfaction. So how do you make sure your employees are happy and satisfied?
“Happy” and “satisfied” are subjective terms, but typically, satisfied employees are those with a sense of well-being. This includes the presence of positive feelings like joy and interest, and the absence of negative feelings like apathy and sadness. In the same way that positive feelings can enhance an employee’s ability to find meaning in his or her work, those feelings can also play a role in that employee’s performance and growth.
Here are some tips to foster a positive work environment and empower your employees:
1. Start by being a good leader. You might be a good manager, but are you a good leader? It’s often said that while managers manage people, leaders lead people. In addition to managing projects and workload, make sure you’re also focused on inspiring your team to excel and succeed.
2. Give them quality time with strong leaders. As a leader, it’s important for you to listen and show that you care about your employees’ work, concerns, and aspirations. Whether you introduce a mentor/ protégé program or a few extra one-on-one meetings, your employees will be more engaged and productive when they feel seen and heard. If you have a larger business with a hierarchal reporting structure, it’s also important to give recognition to your management team. If they already get workplace face time with you due to their positions, consider a social outing like a lunch or a social event for the entire management team.
3. Encourage empowered behaviors. Employees who have a strong sense of well-being are also more likely to take on new challenges and to play a wider role in the success of your business. When possible and with parameters, let your employees make some decisions independently of you when they are closer to the action than you are and may be more likely to know the right call to make. Remind them that as they make decisions that they need to consider customers, the team, and your business profitability.
4. Encourage creativity. There are always new challenges to address and better ways to do things; let your employees get creative when it comes to dealing with common business issues. Whether it’s suggesting a process improvement for managing inventory or researching a new technology solution for your invoicing system, give your employees room to creatively address everyday challenges.
5. Hold “lunch and learn” sessions. These meetings give your employees the opportunity to learn and connect with one another during the lunch hour. Determine a clear topic ahead of time and tee the sessions up to be both informative and interactive. Whether you’re discussing team goals and performance, holding a “show and tell” with a partner or a particular team, or bringing in a guest speaker or outside resource, getting everyone together in one room can shed light on new ways of doing things and make the lunch hour energizing and engaging.
6. Don’t forget to say thank you. We all appreciate being thanked, but taking the extra step to use a hand-written note, a gift card, or other gestures to recognize achievement can make a big difference in making employees feel appreciated.
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America's Seed Fund – The Small Business Innovation Research/Small Business Technology Transfer Program (SBIR/STTR)-A Year in Review
This year was a flagship year for the SBIR and STTR programs, with equal parts achievement, exhilaration and groundbreaking. None of this would be possible without the amazing work of the eleven agencies: Environmental Protection Agency, National Aeronautics and Space Administration, National Science Foundation and the U.S. Departments of Agriculture, Commerce, Defense, Education, Energy, Health and Human Services, Home Land Security and Transportation. These agencies, including the SBA, put billions of dollars to work across America supporting 150,000 awards - and counting, and totaling over $42 billion since the programs’ inception.
Helping high growth entrepreneurship take hold here in the U.S. has been a focus of mine, my staff’s and the SBA as a whole. Ensuring engagement and access to non-dilutive capital for STEM-driven small businesses is key. Here are three cross-agency multi-constituent items of note for this year:
SBIR ROAD TOUR
Over the past year my office, in partnership with all the participating agencies, embarked on the ambitious SBIR Road Tour. We traveled across the United States by bus to engage communities all around this great land. It was like a rock band tour except it was geeks on the bus. We stopped in 20 states to host presentations and meet one-on-one with early stage entrepreneurs and local innovation organizations. We ultimately met with thousands of people and held an equal number of high- touch one-on-one meetings.
Additionally, in partnership with a number of federal agencies, we helped coordinate two larger multi-day events in Austin, Texas and Washington, D.C. which collectively were attended by over 3,000 people. For 2016, we are in the planning stage for next year’s SBIR Tour, which will start with the first of two events in Seattle and Honolulu and in early December in Austin; check out sbir.gov and sbirroadtour.com for details. More Road Tours as well as regional and national conferences are in store with the goal of hosting a meeting within 250 miles of every single one of the 50 states in our union.
We unveiled a newly revamped gateway web portal (www.sbir.gov) that operates on a two-click GUI and makes it easier for high tech entrepreneurs to locate viable funding opportunities from agencies as big as DOD and as small as EPA. Since our official launch of the new site in May, we have already attracted 1,375,746 page views and 305,270 unique visitors. We are also now more effectively linking the SBIR.gov platform with USAID’s Global Innovation Exchange, among others, to enhance channels of opportunities for small business firms to act locally, but think globally from day one.
The 11 agencies, 12 counting SBA, took input from the entire innovation ecosystem and community across the United States and a lot of amazing suggestions have come to life on the website. The site and robust database that powers its gut works using smarter search and computational algorithms, employs a two-click UI/UX interface, and engages with not only federal agencies, but also state and local government support resource networks. The functionality of the multi-agency platform we believe is unique among the "dot govs."
The programs touch, catalyze, and seed the creation of STEM driven innovations in industries critical to the nation’s long-term competitiveness and growth – ranging from nanotech to robotics, mobile communications, genetic therapies, clean energy, advanced weapons and space exploration. Many of today’s technology giants – or their underlying technological components – received seed funding through SBIR or STTR awards via the eleven participating federal agencies.
SBA decided to go straight to the artists, designers, and other creatives to solicit ideas for the new logo via the “America’s Seed Fund” Logo Design Competition, pursuant to the America Competes Act. We received over 200 submissions-- thoughtful and imaginative visual representations attempting to capture the spirit of SBIR: the government’s largest innovation effort focused on research-driven, innovative, and cutting-edge small businesses.
Our new logo matches the new website and with its improved user interface construction, it provides a platform for these two programs –supported by the eleven federal agencies with the largest R&D budgets in the U.S. government.
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Innovation and Technology | Drivers of Growth and Capital in the Aloha State
Half a day of travel at 450mph makes me ponder the vast expanse of land and ocean our country spans. It also reminds me of how technology has changed our lives for the better in almost every respect. The University of Hawaii in partnership with the Hawaii Business Roundtable and the Governor's Office hosted an amazing two days in Honolulu. Governor Ige opened up the day in President Barack Obama's home town, followed by interesting remarks on research and innovation from University of Hawaii Regents Chairman.
SBA's dedicated District Director, Jane Sawyer, who spoke on our agency's local efforts and services, introduced me for my keynote speech. My keynote speech addressed several hundred people about what small businesses will look like in the future and what technology is doing to democratize the entire spectrum of starting and scaling businesses. Raising capital is key, and Small Business Investment Companies are a big part of the principal investing landscape for American small businesses. I talked about our Impact Investment Fund as well which puts a magnifying glass in sectors of national priority and in geographic areas where capital formation gaps are widest.
Bank loans, angel funding, accelerators and crowd sourcing are also critical to the panoply of funding options. I talked about America's Seed Fund, the Small Business Innovation Research and Small Business Technology Transfer Programs and how the Aloha State should be as aggressive as the high-using states in the "Lower 48" in accessing this incredibly powerful source of high-risk and critically valuable early stage financing from STEM-driven, high-growth businesses.
There were TED-style talks, mini case study roundtables, poolside (as opposed to "fireside") chats, workshops and interactive sessions which made the day very dynamic and fast moving. Topics ranged from building innovation ecosystems, to avoiding entrepreneurial pitfalls, to dynamic development of infrastructure for agile technology deployment. Energy, cybersecurity, advanced manufacturing constructs and big data were also front and center topics. I also got to meet folks at our Growth Accelerator Fund Competition winners based in Honolulu, XLR8HU, and I look forward to visiting them in the next few days to meet some of the startups that make up the entrepreneurial community here.
I look forward to tomorrow's equally great day. Let me tell you that the amazing resources, dedication and focus that the people I met possess is enough for me to know that great things will continue to happen! Perseverance and flexibility in equal doses leads to amazing entrepreneurial success. Mahalo.
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10 Quick Tips on Business Plan Summaries
In this instant-update world we live in, life in 140-character bursts, it’s just a fact of modern life: you have to communicate faster. The whole world has attention deficit syndrome. So that’s as true for business planning as for most other things in business. Here are 10 lessons I’ve learned about business plan summaries.
- I’ve never forgotten what they told us decades ago in the resume clinic at business school: “Even the President of the United States can do a one-page resume.” Step back and appreciate the meaning of the word summary.
- There’s way too much vague and fuzzy vocabulary around summarizing business plans. A one-page business plan is a summary, not a plan. So too, an elevator speech, elevator pitch, business pitch, pitch deck, executive summary, and summary memo.
- As we use them these days, you can think of the lean canvas and lean business model as summaries. They focus on strategy and in some cases tactics. But they lack the milestones, tasks, performance measurements, budgets, and forecasts of a real business plan.
- Keep your summary short, cover the highlights, and assume key people will read this summary and nothing else. It’s a front door. Whether it’s an executive summary that comes first in a document, or a summary memo, make that reader want more information.
- A good summary is a collection of tips of icebergs. Each one has enough information to imply its entire iceberg, but it can’t go too deep, and it has to leave the iceberg somewhere. Don’t promise in the summary anything you can’t back up in the document or following discussions.
- Real business plans change often. It’s planning, not just a plan. And as your plan changes, rewrite and revise your summary to keep it fresh and keep it aligned with the plan.
- Different experts have different opinions on the ideal length of a summary. I’ve always recommended a summary of 2-5 pages, which can be used as a stand-alone summary memo where that’s appropriate. For example, in my angel investment group, we don’t read full business plans of all the startups that apply for investment. We eliminate some proposals just from reading the summaries. We read the full business plan only after deciding, from the summary, that we want to know more.
- A generalized summary will include the obvious information such as essential business details, what you sell, what locations, projected sales growth, profitability, and news you don’t want anybody to miss. It’s a good place to put a highlights chart, a bar chart that shows sales, gross margin, and profits before interest and taxes for the next three years. You should also cite and explain those numbers in the text.
- However, generalized summaries are as rare as generalized business plan events. Write a new summary for each time you need one. Tailor it to match the requirements of your specific business need. The summary you show angel investors is different than one you show a bank loan manager, and different again from the one you show a potential partner, employee, or attorney. How? How can you tell? Think what’s most important for each audience, in each context. That changes depending on the occasion.
- What you highlight depends on the context, as in point #8, but also on the specifics of your business. Highlight what serves your purpose best. For example, if you’re looking for investment and have a venture already backed by major brand-name backers, say so early in the summary. If you’ve got a founders team that includes several known entrepreneurs with good track records, then put it up front. If you have a good business track record, like impressive early sales or landmark deals with major channels, corporations or governments, put that first. If you have an amazing new invention or break-through technology, lead with that. Use good judgment. You’re an editor, at this point, looking at things through the audience’s eyes.
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Drones: A Few Things to Think About Before Deploying Them
There’s no doubt about it: drones are trendy today. Consumer enthusiasm is growing, as drone communities such as DIYDrones pop up online. To support the public’s drone interest, there’s a whole ecosystem of drone manufacturers, pilot training programs, conventions and other startup businesses popping up.
Beyond supporting the enthusiast community, businesses are finding other uses for drones. The world sat up and took notice when Amazon announced that it was considering using drones for deliveries (although that plan still seems far away from turning into reality).
Meanwhile, others are plowing ahead. The Federal Aviation Administration (FAA) gave approval and in June of 2015 the first commercial drone delivery in the United States was made of medical supplies to a rural clinic, by a company called Flirtey.
If you’re considering using drones in some fashion in your business, here are three things to take into account:
Drones used for commercial purposes must meet the regulatory requirements set forth by the FAA in the United States. There’s no blanket approval. The FAA approves commercial use of drones on a case-by-case basis -- meaning you effectively need a permit or exemption.
A section on its website outlines the criteria for getting approval for civil operations for any Unmanned Aircraft System or UAS, the FAA’s official name for a drone.
If you don’t follow the requirements, you could get a hefty fine, as one businessman found when he used his drone to shoot a commercial without a permit.
Recently I attended the Independence Day fireworks put on by a local city, as the guest of the mayor and his wife. As we waited, I noticed three drones with colorful sets of lights buzzing overhead. According to the mayor, his city had no ordinances against drone flying and probably wouldn’t legislate any at the city level, unless, he added, “the drones were to start becoming a public safety concern.”
And that raises one of the key issues that small business owners considering using drones need to take into account - public safety.
There’s the matter of potentially crashing into things and people. Drones can cut people (imagine an effect similar to helicopter blades - just smaller scale).
Alarming news reports of near-misses with drones flying too close to airports or into flight paths have brought into sharp focus the potential for causing airline crashes.
The FAA has set up an information website in association with industry groups, called Know Before You Fly. This website has helpful information about responsible and safe use of drones.
Beware the critters!
I write this final pointer only half in jest. As it turns out, there have been news reports of drones being chased down by various creatures. One small Australian map-making company reports that one in five of its drone flights is chased down -- by eagles. According to the owner, they love to attack anything in the sky and that includes drones.
Eagles aren’t the only animals that have downed drones, either out of animal curiosity or in an attack response. There are reports of dogs pulling down a drone with their teeth; a chimp in a zoo using a stick to down a drone; a ram that head-butted a drone; and even a swarm of bees that chased a news station’s drone.
Just one more thing to take into account before you decide to start using drones in your photography business or decide to implement drone deliveries!
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Make the Switch to New Payments Technology
By SBA Administrator Maria Contreras-Sweet and Square CEO Jack Dorsey
This October, America will take a major step to mitigate fraud and improve our financial security by migrating away from outdated credit and debit cards that transmit sensitive customer data using magnetic stripes. In 2015, it should not surprise us that a system using essentially the same technology as cassette tapes is especially vulnerable. That is why major credit card companies, lenders, and businesses are now embracing new, more secure, authenticated payment technologies.
Many consumers already have credit cards embedded with microchips in their wallets, and many more will be receiving these cards in the coming months. This technology – also known as EMV (Europay, Mastercard, Visa) – is a safer form of payment for buyers and sellers alike, as the cards are nearly impossible to counterfeit.
EMV is not the only payment shift on the horizon. Because reading chip cards takes more time than reading magstripe cards, we expect increased adoption of faster, contactless options, such as Apple Pay and Android Pay. This technology allows a consumer to pay with a smartphone by using a phone linked to their credit card. It is fast, safe, and convenient.
The shift to new technologies and authenticated payments is important because we have a sizeable fraud problem in the United States. According to data from The Nilson Report and BI Intelligence, the U.S lost seven billion dollars to credit card fraud in 2013. That is more than the fraud loss sustained by the rest of the world combined.
Credit card fraud losses in the U.S. are disproportionately high because chip cards are already the norm in most nations. Roughly 90 percent of credit card terminals in Europe are now chip-enabled. The United Kingdom has seen nearly a 70 percent decline in counterfeit card transactions since making the transition, according to Barclays.
U.S. credit card companies have set October 1 as the date for the national adoption of chip cards here at home. On this date, there will a “liability shift.” Businesses that have not acquired the technology to process chip cards will become financially responsible for certain fraudulent transactions previously covered by the cardholder’s issuing bank.
We need to make sure that small businesses are not left in the dark or on the hook. The U.S. Small Business Administration (SBA) and Square are working to help small businesses get educated and prepared for the transition to come. We are tapping into our millions-strong combined network of business owners to get the payment security message out at events across the country and online (more information is available at www.sba.gov/emv.
The majority of small businesses will need to upgrade their payment systems, as only about 20 percent of payment terminals are currently equipped to accept chip cards, and most of these are at larger retailers. Accepting contactless payments also requires new technology for most businesses; a recent report shows that 87 percent of small businesses do not currently accept mobile payments.
Advances in technology play a critical role in driving and shaping global commerce -- but the true value can only be realized if everyone has equal opportunity to take advantage. Too often these changes are easily adopted by large companies with deep pockets, but are out of reach for America’s small businesses.
This should not scare anyone – it represents an opportunity. This shift is a chance for small businesses to lead the industry forward, benefiting from the latest enhancements in payment technology while also meeting the needs of customers who want to best protect themselves from fraud.
Many new EMV-enabled and contactless systems are just hitting the market. There are many affordable hardware solutions that will not break the bank of our small businesses. In fact, accessories to complement existing payment terminals are already available, with more coming online every day.
Adopting secure payment technologies is not only an important way for small businesses to distinguish themselves with their customers – it is also critical to our nation’s economy. When we invest in making sure small businesses have access to and use new technology, we all benefit.
To learn more, sign up for the upcoming webinar presentation hosted by SBA and Square, EMV 101: What Small Businesses Need to Know About The Switch to Chip Card Technology, scheduled for October 14th at 2pm ET. Click here to register.
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Starting a Business in the Trucking Industry: Part Two
Earlier this week, we talked about the highly competitive trucking industry, and some guidelines that will hopefully save you time, money, and energy if you’re hoping to start a trucking business. Today, we’re picking up where we left off with some of the specific rules and regulations of this industry.
Starting a trucking business may require locating and purchasing specific equipment to get started. If you choose to operate a private fleet with your own drivers, you’ll need commercial vehicles. Different types of cargo require different equipment – if you’re transporting food, you may need a refrigerated truck. If your cargo is oversized, you might need flatbed trucks.
In addition to specific equipment needs, the trucking industry comes with its own set of tax, license, and permit regulations. Depending on the type of trucking business you’d like to start, important regulations could include:
- Federal DOT Number and Interstate Operating Authority: Understand your requirements and apply for these certifications online on the Federal Motor Carrier Safety Administration’s website
- Heavy Vehicle Highway Use Tax Form (2290)' Comply with tax regulations related to the heavy use of U.S roads with this IRS form, which the IRS updated in July 2015
- International Registration Plan (IRP) Tag: Most states require you to obtain IRP tags. You can learn more by visiting your state’s transportation website and its IRP portal
- International Fuel Tax Agreement (IFTA) Decal: You can obtain your IFTA deals by visiting your state’s transportation website
- BOC-3 Filing: You’ll need to file this form to secure and maintain active operating status – learn more on the Federal Motor Carrier Safety Administration’s website
Beyond operational requirements, if you choose to employ private drivers, those drivers will need to obtain special driver’s permits or endorsements such as a commercial driver’s license in order to legally operate your vehicles.
The good news is that each state has a portal dedicated to commercial transportation. For example, Idaho’s government site has a trucking portal with detailed information on commercial driver’s license requirements, rules and safety information, permits and licenses, taxes, and other related topics. Before you get started, be sure to visit your state’s transportation portal to ensure that you understand your state’s requirements and available assistance.
As always, the best step you can take to ensure you are meeting all requirements is to consult a compliance professional.
Time to Go Find Those Contracts
The trucking industry is competitive, and tracking down those first contracts can be difficult. As a new business, you won’t have the reputation you need to secure large accounts – but don’t be afraid to start small and utilize local contracts and small business trade shows to build up your client base. As you successfully complete your first jobs, you’ll be able to grow your business and contract larger jobs each year.
If you own a trucking business, what best practices would you share with someone who wants to get started in this industry?
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Starting a Business in the Trucking Industry: Part One
Commercial goods and products will always require transportation to new locations. In a growing marketplace, this need presents a great opportunity for new transportation businesses – but the transportation industry in the United States is also highly competitive – particularly in the trucking industry.
The American Trucking Associations reports that in 2012, trucks moved 9.4 billion tons of freight, or about 68.5 percent of all freight tonnage transported domestically. Motor carriers collected $642 billion in revenues, or about 81 percent of total revenue earned by all domestic transport modes.
If you’re looking to throw your hat into the highly competitive trucking business, are some guidelines that will hopefully save you time, money, and energy.
Put simply, trucking companies operate by bidding on, winning, and fulfilling transportation accounts and contracts. Most trucking businesses operate in one of two forms, depending on how they acquire drivers to fulfill contracts:
Sub-contracted drivers: With this option, business owners use sub-contractors as drivers. While the business owner runs the business and receives the contracts, the drivers are not actually employed by the company. The up side? This option can cut down on start-up costs, insurance costs, and required equipment. The down side is that it also gives you less control over your drivers and can cut into your profits.
Privately-owned drivers: With this option, the business owner privately runs his or her business and all operations, using their own equipment, paying higher insurance prices, and hiring a fleet of private drivers who are employed by the company. This option gives you total control over your business and its employees, and promises the most return on profits. The down side for this option is more obvious, as it requires significantly more start-up capital and has higher operating costs.
As with any other business, it’s important to understand the basics of starting a business before researching the additional steps specific to your field of interest. Once you’ve determined which type of trucking business you’d like to start, you can follow these 10 Steps to Starting a Business for great tips on how to finance your business, hire employees, and ensure that you are complying with tax obligations.
You’ll also need to consider insurance requirements. The very nature of the trucking industry creates strict insurance requirements on businesses because you own and oversee the operation of commercial vehicles.
In addition to your insurance responsibilities, your employer responsibilities require you to comply with health and safety standards and regulations. The U.S. Department of Labor's Occupational Safety and Health Administration provides compliance assistance for the trucking industry to meet these expectations.
That’s all for today – tune in later this week for part two of this blog post, where we’ll outline the specific rules and regulations of the trucking industry.