Taking the leap...

That is a great example, TripleSix, of what my major problems were as a company driver. Even though I have a couple of college degrees, I was just a no body that knew nothing.

I do my own pm's as well, OldWrench. I have never trusted the quick lube guys to really take a solid look at everything underneath. Besides, they see so many trucks, they tend to overlook the details. Plus I save a grip of money doing it myself. I can get my bulk oil from a distributor for w..a..y less than any quick lube place. Same for the filters. Plus it is better, per the Technology and Maintenance Council, to use a hand grease gun on the fittings than the normal air pressure grease gun. The grease tends to flow into the parts better than being pressure pushed and the things, like the king pins, get lubed better. Unless it is a real major problem, I would rather turn a wrench than have someone else do it. I am not a mechanical genius, so even I have my limits and need to take it to a shop once in a while. Fortunately, I am home every weekend and can do a lot of stuff on my own in a nice setting to work on the truck.

 

As long as these shippers can give you freight at decent rates then you should be able to make this work. Your best scenario would be to develop a line haul going from your domicile to an area and back to service your client. However unless you have a direct customer at each end you will have to use a broker as your ad hoc sales person to find your return freight. Often many begining MCs utilize load boards to keep busy until they can secure direct customers. If you have already been running their freight as a company man then you'll have an understanding of their lanes. Have you discussed a rate tariff yet? I think that would be vital to determine if you should take on this endeavour at this time.
Without going into an in depth analysis, I would try to develop a cpm of 1.25 to 1.35 for your operation. If you can keep your costs around there you should be able to glean some profit from a retail account. Working with wholesale rates you would have to be careful of what lanes you run.
I forget some of your costs inquiries but always consider this, keep your overhead as low as possible in the begining. Do not buy a "show" truck. If you have these direct accounts, hopefully they will give you more freight than you can handle and you can expand and learn to broker out your excess. Try to keep your fixed costs around .30/ mile. Should be possible based on 10k miles a month. Of course the better fuel economy the less your variable expenses will be.
Regarding getting your authority, I would suggest you do it yourself. There are many companies that will do it for you, but I believe that if you can't handle figuring out this simple step on your own, then you probably shouldn't be in this business. I know that may sound harsh but if you intend to build a big business (I would hope you would) you need to understand the FMCSA regs, IFTA, etc. You can apply online with the FMCSA for $300. There is a list of process agents on the site and if you don't already have one in mind don't worry. As soon as you hit submit on the app. they'll start calling you soliciting your business. BOC3 will cost you 40-60 dollars. Of course the biggest cost of obtaining authority is the insurance. Shop around on that. New business will typically be around 8-10k depending on experience, region, etc. Most plans require a down payment and the remainder over 8 months. Maybe figure $2500 for that.
Depending on what truck and trailer you are buying figure anywhere from 20 to 40% down for those items. Plan on 2k for plates (don't know what your state charges). Look at registering your trailer in Maine as it is the cheapest state to do so. Figure 200-300 to letter your truck and possibly trailer. I am sure I am forgetting a few other small itmes.
Make sure you have enough funds to cover fuel for two months. If your customers pay in 30 days then you might get payment 40 calendar days after you complete the haul if you invoice fast.
Most of all DO NOT FACTOR! Contrary to all the advertisments, this will not allow you to grow your business, it will force you to. It provides a one time benefit only (brings everything forward 30 days). Most all factoring agreements are designed to penalize you if you decide to withdraw from their program. I could talk for an hour regarding all the dangers in factoring. If you have to use factoring, do not start out on your own. The margins in trucking are too small already to be giving 5-7% or more to someone for a "payday" loan.
Hope some of this helps.

 

I'm still learning all the info I can myself to go in to a lease buy out. However one thing I would look at differently is not going dry van unless you are compsny. If going O/O I would get a reefer that way you can have the best of worlds and have more options to getting loads.

 

There are some folks that seem to be pretty negative about one thing or another. My opinion is that this has been the best thing for me. I'm responsible for my success or failure. I steer my own ship. I don't listen to the naysayers and negative people. I'm working my plan and so far so good. Can't say it will always be that way, but for the most part, I wouldn't trade it for anything. You got to have the drive, the motivation and the passion. Stay positive and stay on track and love what you're doing!

 

I love it. I pretty much make my own schedule. But what I love the most is that I can help other truckers with my business and they appreciate it. Planning is vital to your operation and your succeuss. I have worked the office and hated every minute of it. Give me the open road and I am good.

 

This is like the guy I married. No savings, no maintenance acct, barely pays bills and has nothing to show for 20 years. His family blames his ex-wife for spending all his money. I don't think so. I have to beat him to the checking acct. to pay the truck payment and the bills. First time in his life, all the bills are paid in advance and he has a savings account. I just move all the money out of the account, on which he has a card. He has spending money. I've also had to outwit his banker, who locks our accts to send him money. I have to outwit two men, to pay our household bills, every month.

The truck payment is made a month in advance, we have a savings account and I have a stash account for maintenance and bills.

How many drivers are their own worst enemies?

 

We just sold our hopper trailer(my husband used for harvest, twice). We rent trailers, just now. He also rented a trailer to haul cattle, last year, while we made payments on the hopper trailer(which sat, unused).

He got two tickets on a leased trailer. CSA 2010 is coming up and the two tickets are on him, for a leased trailer. I'm about to do pre-trips and we don't take trailers with issues. He's a good guy for a company, but it cost too much for him to haul a faulty trailer. Drivers will get stuck with tickets for 36 months. I inspect everything and we don't move, if it doesn't work. I encourage all drivers to do the same.