So you want to "own " your own company

Well..I hope you succeed....be prepared to spend large volumes of money...
and save quite a bit for maint./repairs....

crusin...

 

Congratulations. I made the plunge into owner-op in December (began the process) and started out on my own the first week of February (a bad time for freight).

It seems daunting. But, really, it isn't. Just follow the process as outlined in the first post here. Some things can be cinched up to speed up the process. But, it is what it is.

Figure 2 months from the day you apply for your authority to the day you pull out to pick up your first load. It can be done faster (I was still driving for another company while I was doing the paperwork so it took me a little longer).

And don't be afraid to think "I have no idea what I'm doing". It's easy to feel like you've gotten in over your head. Especially the first day you're ready to roll and now comes figuring out exactly what your load will be.

It's exciting, nervous, fun, and very rewarding. And the money's pretty good, too.

 

I have just been given the opportunity to purchase a truck and become an O/O. My father's old truck company from the 70's and 80's still exists with everything except the operating authority. The question is, should I take the leap. Here's the facts:
1996 FL 3406e cat 10sp ratio?? claims 6.5-6.8mpg, wants $12.5k
up to $35000 cash to start up.

What would you do?

 

He wants 12k for a 96 FL???? How many miles? 10k? And no, that Cat doesn't normally get upper 6's for mpg.

And what, You have the $35k to start up? Or you have the 35k before you pay for this truck ? Or he wants 35k for everything left?

Need more info bud.....

 

96 FL with 1.6m miles.... Cat 3406e with 300K miles.

I have 35k to buy the truck and run the business.

Threw this out there to get more questions than anything... Thanks.

 

You will need a lot more than 35k. By the time you buy the truck, reinstate the authority and get rolling you won't have much. Not to mention maintanance on the truck. If it was me I would say no go; just my two pennies.

 

I've been crunching numbers over buying a truck from Werner and it just doesn't add up for me. On a good week I clear 1k running the Dollar General account out of Ardmore. The real money is specializing such as flatbed or oversized loads. My brother gets upwards of 1.70 per mile with his flatbed. He uses one of the on-line load boards and does pretty well.

I guess I'll just wait for a while. Getting a good truck for the right price will be the first step.

 

There are those who have started with much less and become successful. I am not sure that I would pay so much for the truck you are considering buying, but it costs $80 to reinstate your authority once you have your insurance in place. I don't know what you will pay for insurance since it can be different for everyone. If you watch your spending you should be good to go with $35,000 to start. It should only take 2 or 3 days for your authority to show active again. By the time you get confirmation from the feds, it may take a week or so. However, if you have a copy of your original authority you should not have a problem booking loads as long as your authority shows active.

If you are ready to go then it should not take long for you to get rolling and start making money. Finding brokers who do "quick pay" can help your cash flow or you could find a factor to send your receivables if you need the cash flow. I would hold money back in case you have a major expense or breakdown.

 

$1.70/m...keep moving these loads and you be broke before you know it..

 

If thats before a 50 cent f/s thats ok not great. 2.00 a mile for regular flat is minimal in most eyes to make a good profit. Specialized OD stuff is 3+ a mile depending on added expenses for permits and possible escorts. Buck 70 no thanks.