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Tow Trucks business are not something that easy to do. Let’s say you have made a decision: you want to start a tow company. There’s definitely freedom being a boss, and knowing you’ve built something is satisfying. But towing is not for everyone and you may work in rainy or sunny, day or night.
But you have the satisfaction of knowing that you’ve done in an honest work and helped people. With all that said, you need some tips on how to launch a tow truck business.
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Before Starting Business Tow Trucks for Sale
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#1. Make Your Company Is Official
When starting a tow business, you need to convert your company into a legal entity, an individual to the company. Basically, don’t trade under your own name. There are several reasons for this. First, it gives you financial protection if the insurance company doesn’t pay a claim. Second, it’s good marketing. People like doing business with companies. It looks more professional with a legal entity.
#2. Get Tow Truck Insurance
Insurance is a complex part of your business and it is the second most expensive piece after the tow trucks for sale equipment. It’s very important to be aligned with the right insurance company that knows what you need. You don’t need all the insurance type unless you are doing various towing operations (rotary, road, private, auction, etc.).
There are many types of tow truck insurance and you need to protect yourself against various risks. For instance, Motor Vehicle Liability. When you involved in an accident, motor vehicle liability coverage can help cover the legal costs and your legal obligations to the other driver.
A bodily injury liability can help pay the other driver’s medical bills, while a property damage liability can help cover the cost of repairing the other driver’s car (or property damaged regarding the accident). A garage liability protects you by covering your responsibility if the services has caused a physical injury or property damage.
#3. Check on Department of Transportation Regarding Licenses and Permits
Each state has its own regulations for tow trucks for sale business. You will need to check your state’s Department of Transportation to see what licenses and permits are needed to legally start the tow truck business. Providing the required licenses and permits is essential for a proper towing business. Your DOT can assist you complete the filing process for documents, licenses, and permits.
#4. Taxes Projection
You can’t avoid taxes. Calculate the taxes before opening a tow truck business and hit the road. Make sure you have all the tax information in order. You may work with an accounting firm or a professional. That way you won’t accidentally leave your hard-earned money on the table or misunderstand the rules.
#5. Think About the Business You Want
There are many ways you can make a living from tow trucks for sale business. You can tow broken cars, confiscated vehicles, etc. So take some time to consider what kind of work you want to do and who your ideal target is. The number of possibilities is endless.
You need to look for contracts and if so by whom. Then you have to think the costs that come with your business. How much will the overheads be? What about licenses and permits? What kind of tow do you need for the job? How much does it cost? How much is your tow truck insurance? When do you make a profit? And how will you price your services?
Not all companies are the same, and neither is the towing company. Work with professionals who know your industry like dealer tow trucks for sale, financial companies, accounting firms, an insurance agency and even a garage if you don’t have one. Work with people who know the business. They may be able to give you tips that can save your money.
Source:
https://www. entrepreneur.com/businessideas/auto-towing
