How Much Does it Cost to Start a Freight Broker Business?
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- เผยแพร่เมื่อ 30 ก.ค. 2024
- In this video is we're going to discuss how much it costs to start a Freight Brokerage. Along with many of the hidden costs most aren't aware of until it's too late.
We cover topics such as turnover costs, startup costs, back-office tasks, risk and industry requirements.
2:30- Turnover:
4:18- Startup Costs-
4:30
DOT Authority: $300 application fee
Bond: $1,800 - $10,000 annually (depending on credit)
Insurance: $1,500 - $3,000 annually
5:12- Transportation Management Systems (TMS)
5:36- Load Boards (DAT, Truckstop, Etc.)
5:52- Cash Flow
6:31- Wages
7:28- Back-Office Tasks:
9:13- Risk:
9:53- The Bottom Line:
Whichever option you choose. We'll be here for all of your training and educational needs. If there's topic you'd like us to cover on our podcast or in an upcoming video. Please share it in the comments.
And remember. Whether you believe you can, or believe you can't. You're right..
freight360.net/
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As usual, great stuff! Keep it coming because there are some really helpful tips!
Glad it's been helpful.
Disappointment is the difference between expectations and reality and you do an excellent job setting the expectations of everything that is included in the process. Great work saving brokers from disappointment and failure.
That was the goal! Appreciate the feedback
Enjoyed the vid. Iam a new truck driver and Iam interested in this field as well. Iam actually being unloaded in Cinncy when I came across you channel. Your presentation was clear and concise and look forward into learning more. I've left a like and Subbed. Thank you for your time
Thanks Rick. Appreciate the support. Please check out our website Freight360.net for more free content.
Super helpful, especially breakdowns on expenses.
Expenses are such an important focus for new business owners
Thank you very much for video.
Really helpful information and insights.
Thanks for feedback
great video and great information!
Glad you liked it!
Awesome stuff here!
Thx for the feedback!
HI
THANKS FOR YOUR VIDEO AND DETAIL EXPLANATION.
PLEASE CAN YOU PROVIDE SOME INSURANCE COMPANY MONEYWISE ANS SOME SURETY COMPANY FOR NEW START UP BROKER COMPANIES
THANKS
Sure. Melt Godwin
Senior Executive Sales Insurance Agent - TI Advisors
melt.godwin@tiadvisors.net
can i get the list and cost of the documents and licenses required to start a 3pl brokerage company.?
They're listed in the comments section. For more information you can go to Freight360.net or DAT Freight & Analytics for more on this topic.
I am in business and act as a sales person and now from 1 year ago I become to sales Manager, this job is awesome if you like to achieve your goals
From the region that I act in where is middle east and Persian goals you will take a lot of experience
I am thinking to immigrate, it has been started for a while
But my major expertise is on Ocean shipping and second is air
Is there any suggestion in this regard?
I would love to hear it if there is any
Find a good broker to work with or get mentored by as you learn the ropes of US freight brokerage. It's good to have someone in your corner as you get started.
I am not a US resident and not staying in United States as well, I have a company registered in United states under my name I checked its possible for me to obtain a DOT and MC number but What I am not sure of is how to get a BMC 84 Surety Bond without being in USA, Can you help me with that ?
You don't need to be in the US, but you will need to be a resident to get your authority.
Would it make sense to start as a freight broker agent to learn the ropes before starting a freight broker business?
Either of those option give you a high risk, high reward scenario since you are ultimately on your own for education and training. Just a preference.
@@Freight360 Thank you for your response. The more I read/watch, the deeper I get - now I've been turned on to Freight Dispatching (didn't know that existed) - do you have any training for that? It would seem to be low risk and an even better introduction into brokering. Also, I've been contacted by a brokerage firm to train with them as a broker agent, but they have a 2 year non-compete clause - this seems extreme - is there an industry standard?
i was told that in order get my 3pl brokerage license i also need to get a surity bond or insurance bond for $75000.
That is correct.
Correct
But that bond does not cost 75k. It’s like car insurance and being covered up to $100-300k…it’s coverage, you don’t pay that amount . Like your car insurance is $1600 a year. It’s kind of the same. Most of the time it goes by your credit and other things involving income, assets etc
👍
Thx
Impressive
🚀👍🚛
Do independent dispatchers need authority?
Depends on how you're setup. It's a much discussed topic in the industry though. It's best to consult an attorney to ensure you are operating legally.
No
😊
Thanks for the support!
Where are u guys located I am interested in ur classes
All of our training and coaching are done virtually. We have group classes twice a month and private coaching options available.
www.freight360.net/freight-broker-training-coaching/business-coaching-services
I need to do free-internship as freight agent without any financial expectation can you kindly help me please ? Thank you
I would get in touch with some licensed brokers and ask them if they would be open to it 🚀👍🚛
For additional info please check our www.freight360.net