Trucking to Freight Brokering
Trucking can be a rewarding career, but it may not be right for every life situation. If you’re a trucker who wants to stay in the industry but not drive, freight brokering might be the answer.
Job Licensed freight brokers may be companies or individuals, some of whom work out of their homes, which match up carriers with shippers for a fee. According to Transportation Training Solutions, a Texas-based freight brokerage training institution, there are 4,000 licensed transportation brokers in the US. Only 50 percent of them work full-time. Moving on from Trucking With billions of tons of cargo moving through the nation every day, the trucking industry is growing. But trucking is a tough business, particularly if you’re an independent owner/operator. And with new hours-of-service rules, road congestion and increasing tolls, it’s only getting tougher.
List three major initial investments you need to make:
- You will need to obtain a broker’s authority from a financial institution. The fee is $300.
- You must obtain a surety bond or trust fund from a local bank or bonding company. Depending on your personal credit history, costs range from as little as $550 per year to a one-time fee of $10,000. This basically acts as your insurance policy for the loads you broker.
- You should pay a processing agent fee of $50. If a lawsuit is filed against you, a lawyer from the state you’re being sued in will inform you of the claim.
Required Training Training typically takes two months, the length of training depends on your time commitment. Then you get set up, have a business plan ready and start contacting shippers who use freight brokers.
At five times a week, you can make $700 per week; at 25 times a week, $3,500. That gets easier to do if you build a regular client base.
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