Starting a trucking business in Washington state has many benefits. Forbes Magazine placed Seattle, Washington in the top spot for 2019 for best places for business and careers. Additionally, Olympia holds the number 9 spot. Among the reasons to consider starting a trucking business in Washington State are their favorable business conditions, infrastructure and location as well as access to capital.
Upon researching what Washington state offers businesses, it is easy to see why they rank highly on several lists that factor in their many favorable business conditions. Many states don’t compare when you consider that Washington state offers no personal or corporate income tax. Additionally, Washington state offers many tax breaks and a tax structure that is favorable to businesses, including those in the trucking industry.
Infrastructure and location
Infrastructure and location are important factors for the success of any trucking business. Washington state seems to have both covered and even ranked 3rd for infrastructure in the U.S. News and World Report in 2021. Washington boasts a robust transportation network with 75 ports, 139 airports, and 3,3000 miles of roadways. Not to mention that it is uniquely located equidistant to the European and Asian markets. Washington state seems to see the value in a robust transportation system. Moreover, it has even undertaken a $16 billion upgrade improving its ports and making improvements to relieve congestion and bottlenecks. The ports in Seattle and Tacoma are part of the Northwest Seaport Alliance. They handled more than 3.6 million TEU in 2018, and more than 80% of the total Alaskan trade volume moves through these ports. All this seems to add up to good business for those in the trucking industry. Not to mention when you add in all the aerospace businesses in Washington that manufacture parts and other materials that need to be delivered.
Access to capital in Washington state
What good are favorable business conditions and infrastructure if trucking businesses can’t get access to the financing they need to keep moving? Luckily for trucking businesses in Washington the state ranks highly in that area as well with CNBC giving them an A- in 2018 for access to capital. If it were up to us, we would give access to capital an A+ because Tetra Capital has a long track record of helping trucking owner-operators and small fleets get the financing they need. Most recently we were able to provide $25,000 in financing to a flatbed company and $50,000 in financing to a refrigerated freight hauler in Washington.
Hopefully, this information has helped you to decide if Washington state is the place for your trucking business. If it has, please let us help you get the financing you need to move forward and be successful in Washington. Give us a call at (801) 676-0182 and put our experience of working with trucking business in Washington to work for you.
This article was originally published in July 2019 and was updated in August 2021.
