With a CAGR of 10% from 2020 to 2030, the global moving truck rental industry is expected to reach $204.2 billion by the end of 2030. It has been estimated that the trucking business in Canada brings in over CAD 39 billion and transports over 66 million packages annually.
The data demonstrate how fruitful operating a truck rental business in Canada can be. So you shouldn’t think twice about getting into the industry alone.
Moreover, there are a plethora of substantial advantages to operating a trucking company. This includes the potential to earn a high income, gain more free time, and expand to newer heights.
If you’re interested in starting your own trucking company in Canada and need some guidance, keep reading. Everything you need to know to launch your own trucking company is included in this blog.
How To Get Started In The Moving Truck Rental Industry
Investing in hefty equipment like moving trucks or leasing storage space to launch a moving truck rental firm is unnecessary. Eighty percent of relocations in significant cities are local transfers. And they do not necessitate long-distance moving companies or large trucks. The demand for workers to relocate just one bedroom’s worth of furniture within a home is high.
As a result, you won’t need much more than a small vehicle to kick off your new moving business. Smaller moving companies typically offer better service at lower prices, which is why many clients opt to hire them today. While this is true, it does not preclude the possibility of a profit. Moreover, relocating is a time-consuming and expensive chore.
Different kinds of movers operate in the market, so you have options when it comes to rental trucks for moving near me. For eg: u-haul truck rental company, headquartered in Phoenix, Arizona, has been providing rental services for moving trucks, trailers, and storage units since 1945.
When it comes to renting a moving truck, many people first think of U-Haul, and for good reason. One of the leading truck rental companies in the country, thanks to affordable rates, a wide range of truck sizes, and unparalleled accessibility.
However, when compared to the Penske moving truck service, one of its main rivals, U-Haul falls short in several key areas, including customer satisfaction, reservation dependability, and costs for large trucks and cross-country moves.
You must choose between offering simple moving labor services and becoming a full-service, coast-to-coast relocation company. To start a moving truck rental company, you must take some standard and necessary measures.
Types Of Online Truck Rental Businesses
If you run a truck rental service online, creating a truck rental business model will help you streamline your operations. It helps pinpoint crucial customer encounters and create a more compelling value offer to clients. There are, however, two distinct kinds of truck rental companies, namely:
- Truck Rental Marketplace – Uber for Trucks is a category of online marketplaces where truck owners and rental agencies can list their vehicles for rent. Websites like these rely on an asset-light business model. And no expensive machinery or storage facilities are needed to run the operation.
- Standalone Truck Rental Website – The second sort of truck rental website is a “standalone” service. Where the owner leases out their own vehicles instead of allowing other cheap moving truck rentals to sign up and enlist their trucks. The owner manages the fleet alongside handling all maintenance and rental inquiries.
Creating A Business Plan For A Truck Rental Business
The absence of a business strategy is fatal to every entrepreneurial endeavor. Your new moving truck rental company, no matter how large or small, requires a strategy. Starting a moving firm requires a well-thought-out plan like any other type of business. The question of “how to start a trucking business” can be answered with the help of a business plan.
Having a well-thought-out business strategy is essential to reaching your business goals. You can use it to plan for potential challenges and opportunities, anticipate how your firm will grow, and more. You’ll want to ensure the site has the basics but also considers anything unique to your moving company.
In addition, if you’ve always thought about starting a dump truck business, now can be the perfect time to make a fresh start and establish yourself in a competitive market.
A box truck rental for a business plan will also get you thinking about how to differentiate your company from the competition because there are many movers to choose from today. Lastly, thinking about expanding your service offerings or coming up with something entirely new is essential.
How To Setup A Truck Rental Website?
Building a website for renting commercial trucks can be done in many ways. The conventional method employs a group of programmers capable of creating a rental moving truck business website from scratch. However, this method is extremely inflexible and expensive, which makes it less appealing to today’s business owners. On the other hand, the following two methods have recently come to light and have been helpful for ambitious truck rental company owners.
1. SaaS Software Solutions
SaaS means “software as a service” in this context. These services, which are monthly subscriptions in nature, are accurately named. The business owner must pay the solution provider periodically, such as monthly, quarterly, semiannually, or annually.
2. Readymade Truck Rental Software
Pre-built software for the truck rental sector was intended to streamline processes. It applies to scheduling transportation activities and optimizing internal corporate procedures. But it may also be applied in other situations. Some readily available enterprise truck rental solutions are adaptable, while others have one-time expenses.
You may also like: 7 Best trucker apps you should know
Truck Rental Business Software – Key Features & Integrations
Every commercial truck rental software must employ user-friendly features. And they will swiftly streamline your business’s online operations. Thanks to these additions, users will have an easier time navigating the site and settling on a course of action. All of your customers will be happy with your service when they hire a truck from you if you have a wide variety of options available.
The cost estimator gives the renter a rough estimate of the total rental cost based on the rental period and the truck type. Applying it to particular algorithms makes hand-written price tags obsolete.
Bookings may be made more effectively because of real-time availability, which is a feature that benefits both the landlord and the tenant. It not only lets the admin know which trucks are available right now. But also gives them a head start on scheduling inspections, cleaning, and preparation time.
Multi-Functional Search Criteria End-users will appreciate the ability to narrow their truck rental software search using various search filters. Distance, number of seats, weight limit, luggage space, preferred driving surface, vehicle age, insurance coverage, fuel type, truck type, and gearbox are just a few of the standard criteria.
Secure and Fast Payment Methods:
Payments made through a secure online platform can go a long way toward gaining customers’ trust. Especially in nations where people are still wary about using cashless payment methods. In addition to the importance of ensuring the safety of online transactions. The speed with which a payment is sent is also a factor in the consumer’s satisfaction.
Truck rental websites need booking management tools to help customers make changes to their reservations or cancel existing ones. On a stand-alone website or marketplace, these functions are equally crucial for both the owner and the tenants.
An integral part of running a successful enterprise business truck rental service is being able to create and manage several user profiles to simplify otherwise convoluted renting processes. Truck rental company owners can easily manage their drivers’ profiles and invoicing information. Thanks to user management tools integrated into their website.
Supportive Mobile Apps:
Apps that work with your truck rental firm are a huge plus. Maintaining timetables, submitting fuel logs, streamlining roadside assistance, and locating warehouses are some of the many uses of a specialized mobile app.
Most internet businesses use a frequently asked questions (FAQ) section to answer their customers’ basic questions and concerns. It helps customers save money, make things easier, and gain their trust.
Efficiently Promote Your New Moving Truck Rental Company
Create a name for yourself that people will remember. The more effectively you can brand your new moving truck rental company, the more business you will generate.
- Consider some creative moving truck company names.
- You should invest wisely in a professional logo.
- Mark your moving truck with your company’s name and contact information so that passers-by in the city will recognize you—company-branded T-shirts.
- Make corporate folders and relocation packets. They might come in handy most while surveying people’s homes and estimating.
- Connect with online brokers and lead suppliers to help launch your new cheapest moving truck rental company. Once you’ve set up shop, you’ll need a way to start bringing in employees.
How Much Does It Cost To Establish A Transport Company?
Creating any form of start-up helps to have a fundamental understanding of finances. To begin, you must choose the initial funding for your transportation company. Financial institutions, investors, and self-funding are just some of your choices.
Next, consider the fees unique to the logistics business, like licensing and toll charges, and the usual operating expenses like repairs and fuel. And the cost of sending employees to institutions to improve their driving abilities.
You must factor in operational expenditures and maintenance charges in your budget truck rental even though you haven’t started running your transport and logistics company yet. The latter is vital for dependable service to clients because you have to provide the excellence you sell to them. Even though marketing seems frivolous now, it will become an essential investment as your truck rental company expands.
Keep in mind that you will need additional funds to ensure the security of your vehicles both when they are parked and when they are in use. Put money into a safe area and additional security measures, such as trackers.
Finally, while planning a financial strategy for your transport and logistics company. You need to account for the monthly salary payments that will be due to your drivers and other employees.
Final Thoughts on Moving Truck Business in USA & Canada
The rapidly growing moving truck rental market is creating opportunities for new companies to interact with customers quickly. And also offer them more efficient services. Your company will be able to catch up with the competition. And possibly become the face of the industry in specific locations because of the value and USPs it offers. However, this will only be possible with substantial investment in branding and excellent customer service.
Hence, aPurple offers reliable mobile app development services that you can opt for if you want to design a trucking app or launch a trucker app in the near future.
Frequently Asked Questions
1. How do I start my own trucking company?
Truck renting is a great business opportunity for anyone with expertise in driving and logistics who wants to be their boss. Trucks transport almost 70% of all U.S. freight; trucking companies are consistently in demand. Follow these five essential guidelines to achieve this goal:
- 1. Create a business strategy
- 2. Register your organization
- 3. Obtain licenses, permits, and insurance for your business
- 4. Select the appropriate truck
- 5. Acquire adequate startup funding
2. Can I rent a truck to make money?
Yes, you can. Pickup trucks and cargo vans are efficient vehicles. There are several scenarios in which a truck rental service is required, including moving to a new house or apartment, buying/selling furniture, transporting an appliance, etc.
There is also the frequent requirement for a truck among many small firms. Hence, renting your truck might be a great way to bring in some extra cash quickly and easily.
3. What business can I start with a pickup truck?
Consumers are opting for more fuel-efficient vehicles due to rising petrol prices. Today, fewer people have access to personal vehicles capable of transporting objects of significant size and weight.
Hence, trucks are a valuable asset for independent businesses. Pickup trucks are ideal for the following businesses:
- Restaurant Meal Delivery Services
- Construction Supplies
- Local Business Delivery
- Moving and Waste Management Services
4. Is there an app like Uber for trucks?
Yes, there are several apps like Uber for trucks. Trucking is a highly lucrative sector, but it is also far more cutthroat than it formerly was. The lives of truck drivers are getting more challenging due to stricter restrictions and more demanding consumers. Hence, we’ve compiled a list of the best trucking applications, both free and paid, for drivers and trucking company owners Learn more.
5. How much does building an app for renting trucks cost?
The cost of launching a truck renting app might range from $70,000 to $80,000. These costs might fluctuate per the app’s features, specifications, and level of customization.