Guide

Going IntoBUSINESS

| Customers Going Into Business For the First Time

Map your route to success with this quick guide for new truckers.

Aside from purchasing a truck, there are several decisions to make when going into business. At Arrow, we understand how important it is for our customers to have reliable information to make those decisions. At Arrow, our customer’s success is our success, so we wanted to help. The topics listed below are common questions most customers have when purchasing a truck. We hope you find this information helpful!

Things You Need to Consider

There’s plenty to think about when getting into trucking for the first time. We know it can be tough to keep track of everything you need to do to be successful, so we put together this quick list to help.

1

Consult an Accountant

Keeping track of expenses can be more difficult than you think. There are several firms designed specifically for truckers. ATBS is just one of these businesses that we recommend. Click here to visit ATBS online.

  • Purchases: How to account for purchases both large and small.

  • Revenue versus expense tracking.

  • Tax Responsibilities: Sales, use, property tax

  • How to handle billing and collection

  • Do I need an accounting program/application like QuickBooks?

  • How do I set up the financial management, accounting, and cash management part of the company?

2

Insurance

What type of insurance do I need and where do I get them? Insurance is important, whether you pay for your own or get it from a haul source. Unlike regular auto insurance, several types of insurance are needed to cover a semi-truck. What Type of Insurance Do I Need for Trucking?

Insurance Types Include

  • Business Interruption

  • Physical Damage

  • Liability

  • Cargo

  • Non Trucking Liability

  • Bobtail

  • Debt Waiver

  • Gap Protection

3

Joining an Association

The benefits and network connections of joining a driver’s association like the Owner-Operator Driver’s Association (OOIDA) are far reaching. They can offer you a reliable resource for answering your questions, factoring tools, and haul & fleet source contacts. Click here to learn more about OOIDA.

4

Roadside Assistance

Accidents happen, the best thing you can do is make sure you’re prepared if and when you encounter one. You can be ready for emergencies on the road with Roadside Assistance. Arrow offers 24/7 roadside assistance through RoadsideMASTERS.com. Click here to learn more about Arrow’s roadside assistance offerings.

5

Extended Warranty Coverage

Do I need to get extended warranty coverage on my truck to cover unforeseen circumstances? Arrow offers vehicle service contracts through National Truck Protection, NTP. Click here to learn more.

6

Breakdowns and Mechanical Failures

How do I plan for and execute a preventative maintenance program? How often do I perform preventative maintenance and on what parts – engines, tires, aftertreatment, etcetera. Understanding Owner-Operator Expenses and Costs.

7

Authority

Should I get my own authority and how do I get it? Owner-Operator vs. Own Authority: What You Need to Know.

8

Consult A Lawyer

Protect your future and your family’s future with planning, estate planning, and legal advice. Click here to learn more: Do I Need an Attorney to Incorporate?