how much to start

Discussion in 'Ask An Owner Operator' started by paulpost, Feb 27, 2015.

  1. paulpost

    paulpost Light Load Member

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    Jan 25, 2015
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    Hi everyone
    My question is regarding of how much do I have to start minimum considering that I'm by myself I can say I'm homless I live in the truck and when I go back to Florida I rent stay in a motel for the time they do the maintenance
    So I have no personal expenses like mortgage or car payment
    Considering all this all the money I will make as o/o will be available for maintaining the truck and insurance and taxes and fees
    Thank you
     
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  3. Chinatown

    Chinatown Road Train Member

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    Study the OOIDA.com website, plus there's several 0/0's on here that will probably post some good advice, such as "double yellow" & skate-board" & "Hurst" & "RedForeman" & "blairandgretchen" & several others.

    Read this thread:

    [h=3]Double Yellow's Company Driver to Independent Thread[/h]
     
    Last edited: Feb 27, 2015
    double yellow Thanks this.
  4. thelushlarry

    thelushlarry Road Train Member

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    If you have nothing you should not need much at all. Heck, I figure if I would stop drinking, smoking, and chasing women I would not need a job.:biggrin_25520:
     
  5. Gentlemanfarmer

    Gentlemanfarmer Medium Load Member

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    As stated above and in other threads, you will need to know your operating expenses. Chinatown mentioned taking OOIDA courses, but you can also learn small business trucking from Writeuptheroad.com. I would suggest taking some small business courses and business management courses online. Your operation will depend on how much you spend on a truck, your insurance, base plate, maintenance, fuel, and paying yourself. Are you going to operate on your own authority or lease to a company? Operating under your own authority will require you to have someone to run a "back office" which keeps all your compliance paperwork up to date. Leasing to a company may require less operating capital because you will use their base plate, insurance and fuel card.
     
  6. paulpost

    paulpost Light Load Member

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    Jan 25, 2015
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    Thanks for the input and if I'll lease to a company I'll be covered by their insurance I'll go this way and I'll have a smaller startup funds
     
  7. Allow Me.

    Allow Me. Trucker Forum STAFF Staff Member

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    OK, first things first…….you purchase the truck, your first payment is 30 days later. Then you need insurance, registration, 2290 etc. Then a contract with the carrier you sign on with. Once everything's in place and you can load up and go, you need fuel almost on a daily basis. It will be a few weeks before you see your first paycheck. Now, you can credit card a lot of things if you don't have the $$$$ available. Good luck.
     
  8. tommymonza

    tommymonza Road Train Member

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    Hell I blew most of my money on Boats , Broads and Booze and the rest I Wasted
     
  9. paulpost

    paulpost Light Load Member

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    Jan 25, 2015
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    What kind of insurance do you have to have when leased to a company
     
  10. kemosabi49

    kemosabi49 Trucker Forum STAFF Staff Member

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    Consider that you will need to establish a legal address (Your tax home) in order to qualify for your per diem deduction ( a big one if you stay out a lot).
     
  11. Freddy57

    Freddy57 Road Train Member

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    Usually all you will need is bobtail insurance, pretty cheap to get. I would recommend non trucking liability as well in case something happens while you are not under dispatch. Most companies that you lease to can help you with this.
     
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