Freight Broker Training for Residents of Minnesota
The U.S. shipping industry depends on a range of professionals to move valuable goods to market. Most people are familiar with two key players in the industry, shipping and transportation companies. However, successful goods transportation also relies on another key group: freight brokers. These professionals help make sure that freight shippers find the right carriers for their needs.
Freight brokering is a growing, lucrative employment option for people throughout the country. That includes people in the state of Minnesota. Every year, Minnesota firms export more than $20 million in manufactured products. These products are made by more than 8,000 small, medium-sized and large companies.
As a freight broker, you’ll find ample opportunity to create a successful business in this kind of thriving environment. That opportunity includes plenty of annual income. It also includes the chance to work for yourself from the comfort of home.
Requirements for Becoming a Freight Broker in Minnesota
In Minnesota and across the country, the federal government sets the requirements for becoming a freight broker. To meet those requirements, you must graduate from high school or obtain a GED. In addition, you must go through the federal licensing process.
Licenses for freight brokers are issued by the FMCSA, or Federal Motor Carrier Safety Authority. This agency, a branch of the U.S. Department of Transportation (US DOT), requires you to do two things. First, you must register your brokering business. After you complete this step, you’ll receive a US DOT operating number.
Next, you must apply for an MC Authority (i.e., Broker Authority) license. The current fee for filing for your license is $300. Your application must include proof of sufficient insurance for your business. The standard of proof set by the FMCSA is $75,000 in the form of a surety bond or trust fund agreement.
The FMCSA also requires you to designate a process agent as part of your license application. A process agent is basically an individual who will represent your business in any court proceedings. Within the state of Minnesota, you can act as your own representative. If you ever set up offices in other states, you must also designate an agent for each state in which you operate.
If you meet all of the filing requirements, you can expect to wait four to six weeks for your application to clear the licensing process.
Minnesota Freight Broker Training Programs
You can seek out Minnesota-based freight broker training in a range of programs. Some of the best available options come from a partnership between Brooke Transportation Training Solutions and ed2go. Programs offered by these two organizations feature real-life brokering experts as instructors. They also feature a full 180 hours of detailed, professional training.
Minnesota outlets for Brooke Transportation/ed2go courses include Normandale Community College in Bloomington and Minnesota State College Southeast in Red Wing. They also include:
- Century College Continuing Education (White Bear Lake)
- Anoka Technical College and Anoka-Ramsey Community College (Coon Rapids)
- Fond du Lac Tribal & Community College (Cloquet)
- Foley Community Education (Foley)
To find one of these programs near you, enter your zip code in the box below.
While enrolled in training, you’ll pick up important skills that greatly improve your chances for success. For starters, you’ll learn the laws that you must follow as a freight broker. You’ll also learn how experienced brokers operate from day to day. In addition, you’ll learn the marketing skills required to help your business stand out from the crowd.
To supplement their training, many new brokers seek out certification from the Transportation Intermediaries Association (TIA). This organization maintains the industry’s most stringent qualification standards. You don’t need a TIA certificate to operate in Minnesota. But brokers who hold certification often enjoy higher standing among those seeking broker services.
Projected Income for Minnesota Freight Brokers
Freight brokers operating in Minnesota make an average of almost $64,000 a year. This is substantially above the norm for the country as a whole. In addition to this baseline income, the average broker in the state takes in more than $28,000 a year in commissions. When you first start your business, your baseline income will probably fall somewhere in the mid-$20,000s. However, in the long run, you may find yourself making as much as $100,000 annually, or even more.
Best Business Locations for Minnesota Freight Brokers
As a rule, large metropolitan areas are the best locations for setting up freight brokering businesses. That’s true because these areas also typically serve as manufacturing centers. In Minnesota, Minneapolis-St. Paul ranks far above any other urban center in size and population. Other relatively large cities include Rochester, Bloomington and Duluth.