So you want to "own " your own company

Uhhh wrong business to get away from that, as this is all we deal with 100%. We are a cutthroat work force. Your bottom line will disappear to some one whom feels they are paying you too much. You will have to find a broker that will get you loads. Just remember that broker works to make you broker! LOL sorry bad pun.

The glamour of driving gets quickly lost when you try to make a delivery to someplace you have never been. Just wait till you have to turn that truck around 5 miles away because you missed a turn.

Your desire to become O/O is comendable.

 

Welcome! I have to ask this: you have enough cash to buy a Pete 389?

Although I commend anyone who has the drive and desire to become an owner operator, whether it be as an independent or contracted to a carrier, I'm not sure this is a good idea for you right now. You've never been OTR, but this is what you're going to do. How do you know you'd even like it?

Back to the truck... if I were looking into becoming an independent, or contracting to a company, I would avoid any truck with an engine newer than 2007, just due to the goofy emissions control technology. If you really like Petes that much (and who doesn't?) I would honestly look into something pre-2003. I for one would choose a pre-2003 Pete 379 with a 12.7 liter Detroit engine. Keep in mind that the largest sleeper you're going to find on a Pete 379 or 389 is the 70 inch Ultra.

If you're talking about a BIG bunk, like one of those custom ICT or American Eagle jobs, expect to pay a much higher price than for a factory setup. Don't forget, those big bunks with the equivalent of an apartment on board carry a significant weight penalty, which will ultimately limit the weight you can haul.

Still, I would recommend that you get some OTR experience under your belt before you think of going and doing it on your own.

 

You're going about this all the wrong way.

First of all, you should not even consider the 389. That's an emissions truck. Unless you have a LOT of money you should get a pre-2007. Besides that, why on earth would you want to spend tens of thousands of dollars more than you have to? You might not be able to make money as an owner/op depending on the way you choose to do it.

And a big sleeper? And you want a 389? You're better off with a Freightliner Classic XL if you want more room. Most non-truckers cant distinguish it from a peterbilt, and they look very nice if they have the right options.

Insurance? That's going to be crazy no matter what. IIRC, plan on about $1000 a month. And you probably won't make a profit in your first month.

Don't forget about plates. In michigan, $1200 a year, etc

How much money do you have saved up? I just bought a $2000 sport bike. I could have bought a big truck for that price. But I didn't, and there's reasons for that. (However, there is no reason for buying the bike LOL).

 

It sounds to me like these are things that should have been researched before buying a truck not after..

Getting your own authority and running your own show, finding loads, billing, insurance, filing taxes, all the "fun" business stuff that goes on behind the sceans at a trucking co. isn't for the just starting out. You have to have some sort of busines plan and some general customers lined up to haul for.. Brokers and load boards will not keep you alive. All you get is the scraps that fall through the cracks that no-one else wants. Sure every once in a while you might get a good load but generaly... your getting taken advantage of..

If you go to a O/O company, they're more forgiving.. They don't hold your hand either. Your going to be offered good and bad freight. Are you going to be able to tell the difference? Sure they will have you up and running fast.. Insurance is usually cheaper (they're getting a fleet discount), Base plates are available and you don't have to have to pay in full when you get them.. (as a O/O on your own.. You sure can't make payments).. Discounts on fuel, Advances on loads, discounts on tires (national account prices.. save me a bundle of $$ on tires)..

A lot has already been said about this subject before... do some digging and your going to see a whole wealth of info. on the subject... Be prepared to get your feelings hurt. This is a rough business. It will chew you up and spit you out and not think twice about doing it. A lot of dreamers come and go, but to survive, you have to treat this as a business, make smart decisions. Just because a load isn't going to the nicest place.. All the #'s say it's your best option.. but, you want to go to LasVegas or somthing... (just because)... these kind of irrational decisions will cost you.. Sure a couple of times is okay I'm not saying you can never stray.. If you've worked hard, have the $$ need some vacation time and owe it to yourself.. fine.. but guys do stuff for dumb reasons. I had a O/O buddy that failed quick... right off the bat.. he started saying he wouldn't go to NYC.. wouldn't go to OH, TX, all of New England, Chicago, CA, to name a few.. Oh, and he HAD to be home EVERY weekend... I told him to go pull containers then... He went broke...

Get the picture?? I hope you ask away with questions and don't be discouraged.. If you want to PM me and I'll try and answer any questions directly if you would like??

 

With paid for truck I figure I could make decent money. Alot of guys are in worse shape! As far as the money it's inherited. I could buy land but I can't get much as I didn't get a million dollars lol.

If I invested it I would either make very little or nothing. I have always wanted to go over the road, I know how hard it is to find whre you have never been but my current job is based off of that. Also with my own truck my wife and I could be together whenver we wanted. Another large concern is if we had a kid I doubt I would want to be gone and may end up trucking for just a few years, and I sort of want this as a full blown carrier.

What do you mean by a 389 being an emmisions truck?

PS. having my own big Pete has been my dream since I was 6

 

What about buying a fedex route? Can that be profitable with one rig? I know alot of those guys own a few trucks and hire drivers

 

Oh OK, I get it now!! You really aren't looking for advice but more or less want validation for your choice and have us pat you on the back and say "great plan-go driver go!" After being a company driver of OTR and LTL then buying my own truck 6 months ago I have learned ALOT and still am learning things about being an O/O leased on to a carrier and I sure aint ready to go Independent LMAO!! As far as never being OTR, how would you know what"freight lanes" are good or bad?? I mean you MAY find someone to tell you but probly not because this is A CUT THROAT business. You know at age 6 I had dreams of being a cop, but then I realized people SHOOT at you and the pay aint that great LMAO

 

If a young ambitious couple like my wife and I with a potentially paid for truck can't make it who can? I know trucking required alot of experience, I know a owner operator that has his own buissness for 25 years+ and he says I don't want to become a owner op either but it's my dream that's well within reason

 

Some sobering facts-

Here is what's posted on the FMCSA Register just for one day (Apr. 14, 2010)

New applications for MC Authority: 185

MC Authority dismissals for non-compliance: 71

MC Authorities PENDING REVOCATION: 992

In a nutshell, for every new application for MC authority, there are 5 that have been dismissed or are in the process of being revoked.

Pretty tough odds to overcome...


http://li-public.fmcsa.dot.gov/LIVIEW/pkg_html.prc_limain

 

How much do you have to spend? If you get your own authority you will have to buy a trailer. If you have at least $50,000 then you may have enough to get into the game.

truck $25,000
trailer $10,000
insurance $7,000
plates $1,500

That's $43,500 so far plus another $7,500 for 8 weeks of fuel money until the checks start coming in.