Are you ready to hit the gas and start your own business or, say, be your own boss? If yes, then Hot Shot Trucking offers attractive opportunities for entrepreneurs seeking independence. However, this leads to a very common question: “Is Hot Shot Trucking Profitable 2024?” and “How much can a Hot Shot Trucker make?”
Well, there’s no denying that a Hot Shot trucking business is a tempting opportunity to be independent, but the above-mentioned questions are equally important.
Moreover, it is also vital to know that the lifestyle of hot truckers is not for everyone. If you are thinking about why and how it is different, then keep reading this article.
This article will give you all the information from what is hot shot trucking to how much you can make as a hot shot trucker.
What Is Hot Shot Trucking?
Hotshot trucking is when you use a smaller truck and trailer to move the goods of the company. Hot shot trucking typically involves using small trucks only instead of using larger semi-trucks.
So, the smaller loads are assigned to the truck drivers to deliver the cargo to the destination. These hot shot trucks travel from state to state and sometimes even from one country to another to transport the cargo.
In addition to the distance, time also matters in this business. The trucker that is first available gets the job as the products are time-sensitive.
How Do Hot Shot Truckers Work?
Hot Shot Truckers are in high demand. It is like freelance work where several truckers use their utility trailers to deliver the goods on a request basis. They also have to find opportunities on their own.
However, some hotshot truckers work for a particular contractor or trucking corporation and get the job on the basis of whoever is available.
Nowadays, many hot-shot truckers are working as sole proprietors and maintain the records of business by themselves. These records include monitoring the timeframes between consignments, recording the distance traveled for the shipment, and assessing the accurate weight of their loads.
What Are The Benefits And Drawbacks Of Hot Shot Trucking?
There’s no doubt that the Hot Shot trucking business is a high-demand business, but like every other business in the trucking industry, this business also has its flaws and benefits.
Benefits Of Hot Shot Trucking Business
1. Low Maintenance
Hot Shot trucks have low maintenance, and they probably know how to fix any problem in their trucks.
Also, the equipment used in the hot shot trucks demands less company-mandated services as they use their trucks and transit hauls with utility trailers.
2. High Wages
As in Hot Shot Trucking, the goods are of an urgent and time-sensitive nature. This leads to the hot shot truckers making more money as compared to the normal truckers.
Also, if you are living in a suitable area and managing your deadlines well, then you may get more profit as compared to others.
3. Work-Life Balance
Many hotshot truckers are limited to specific areas or regions, and as a result, they don’t have to travel from state to state or country to country. This offers them the opportunity to spend time with their family and friends.
This business also gives them the freedom to decide when they want to work and when they don’t.
Drawbacks Of Hot Shot Trucking Business
A hot shot trucking business also comes with competition. As many truckers fill on an early bird basis, this increases the competition among truckers.
This job also attracts truckers whose place of residence is near the job location, making it more competitive.
2. Less Benefits
As we discussed many hotshot truckers operate as sole proprietors and sometimes as a freelancer. This means that they don’t have any connection with the employee benefit like other truckers do.
3. Irregular Work
Hot Shot trucks operate on a need basis, which makes it unpredictable. A hot shot trucking business can also be cyclical, which means that there will be more open jobs at certain times of the season or year.
What Hot Shot Loads Pay The Most?
The typical hot shot loads that pay the most are either time-sensitive or require specialized equipment. Some of the hot shot loads that pay the most are as under:
- Large Loads: Oversized loads are a good option for hot shot truckers to earn some profit. These loads require specialized equipment and training, which in turn raises the pay.
- Construction Equipment: Transporting construction equipment such as bulldozers, excavators, and backhoes also raises the pay as these are time-sensitive deliveries.
- Dangerous Materials: These loads also require special training and special permits as they are very dangerous to carry. Therefore, a hot-shot trucker can make a lot of money by delivering dangerous materials.
How To Buy The Right Hot Shot Trailer?
How Much Does It Cost To Get Into A Hot Shot Trucking?
|Vehicle Purchase/ Lease
|Licensing & permits
|Initial Office Supplies
|Banner, signage and hoardings
|Website, logo, etc
|Marketing & Advertising
Recurring Expense (Per Month)
|Total Recurring Expense
How Much Is The Average Salary Of A Hot Shot Trucker?
First things first, the lifestyle of hotshot truck drivers is not for everyone. You will have no place to sleep, cook, or take a bath.
You’ll have to rely on the truck stops to shower and wash your clothes. So the saying that hot shot truckers are high in demand is true, but there is a price for it, and you’ll feel it.
Now moving onto the crucial part, that is the money. So, we have divided the average salary of a hot shot trucker on the basis of per mile, week, and annual.
However, the salary of a hot shot trucker might differ depending on the number of loads hauled, the size of the loads, and the distance traveled by the truck.
How Much Do Hot Shot Truckers Earn Per Mile?
On average, a hotshot trucker can make anywhere from $1.50 to $2.50 per mile. However, this amount depends on a number of factors, including load size, urgency, and destination.
Moreover, an experienced hot-shot trucker with a well-established reputation might command higher per-mile rates.
How Much Do Hot Shot Truckers Earn In A Week?
The hotshot hauling business can have its ups and downs, so you always have to be prepared. However, if you are maintaining a steady stream of clients and consistently hauling the loads, then you can expect to earn somewhere between $1,000 and $2,500 per week.
How Much Do Hot Shot Truckers Earn Annually?
If you are willing to put in all your effort, then a hotshot trucking business is very lucrative. On average, hotshot truckers in the United States can expect to earn anywhere between $46,000 and $100,000 annually, depending on the different factors.
However, you should keep in mind that starting a hotshot trucking business will also include fuel, insurance, maintenance, and taxes which can also impact your overall earnings.
Is Hot Shot Trucking Profitable 2024?
Yes, a Hot Shot Trucking business is an extremely lucrative business. It also offers the freedom to operate the business whenever you want.
According to our research, a hot-shot trucking business makes an annual revenue of $181,000 and $97,000 in profit annually.
However, if you take the loan to buy the hotshot truck, then this is not your take-home amount. For instance, if you borrowed $70,000 for 7 years at 8% interest, then your monthly pay will be under $1,100 or $13,200 per year.
Therefore, this will leave you with $97,000-$13,200= $83,800 per year. Now, this is your take-home pay.
How To Start A Hot Shot Trucking Business?
How Much Does A Hot Shot Trucking Insurance Cost?
Typically, the insurance policy for a hot shot truck ranges between $7,000 and $12,000 on an annual basis. On average, the insurance costs around $10,284.
However, it is recommended to visit as many shops or agents as you can to lower the cost of the premium and the insurance. This is because different shops or agents have different quotes, and visiting as many as you can will provide you with the best lowest cost available.
These costs of insurance can also be affected by the following factors:
- The CDL experience
- Your truck and trailer’s value
- Limits and deductibles
- The coverage you require
Tips To Grow The Profitability Of Hot Shot Truck Business
The answer to “Is Hot Shot Trucking business profitable 2024?” depends on a number of factors, such as the size of the load, the region you are working in, the goods you are delivering, and many other factors.
However, you can expect to earn a good amount of money if you are willing to put all your work into the business. So whether it is the business of reselling sneakers or growing profitable trees, you’ll only get successful results if you put your efforts into it. And also keep in mind all the factors that affect the profitability of the business and work accordingly.
Is hotshot trucking a good business to start?
Yes, a hot shot trucking business can be a very profitable business if you are willing to put all your efforts into the business. This business requires low maintenance and, most importantly, offers you the freedom to operate the business whenever you want.
What is the profit margin of Hot Shot trucking business?
The hot shot trucking has an impressive gross profit margin that ranges from 30% to 60% on average.
Are hot shot truckers in demand?
Yes, hotshot trucking has picked up its pace in popularity in recent years. As it involves the urgent delivery of goods and expedited shipments that require quick response time and make it a high-demand business.