So you want to "own " your own company

Thanks for the reply. I dont have any experience. I have never driven a truck before. My dad has an auction license i can get the trucks at a good price. I plan on hiring qualified drivers. I also plan on hiring someone with experience that knows the ins and outs so i can learn as i go along. I got a lot of contacts that are interested these are warehouses in my neighbourhood that transport anything from paint to clothing on pallets. My goal is to beat the prices they are getting until i am able to expand my fleet from the three 24 feet trucks i am getting and getting into long hauls. My grandfather use to be a trucking and i kind of want to carry on his legacy even though i don't plan on doing any driving myself just running the company successfully.

 

You will have a very hard time beating them on prices dude. The companies that are currently hauling for them, if they are big like say day & ross, are getting huge discounts on tires, fuel, they may even be self insured, and even when they buy a new truck it would shock you what they pay for it versus others. If you want to beat them on price AND expand at the same time ... it will be very difficult. I understand you want to carry on your grandfather's legacy, but you really need to be able to crawl before you can walk before you can run. I would be willing to bet that if your grandfather knew how far reaching the regulations and how litigious it has gotten out here, he may well also advise you along a different path. If you do start this though, please keep us informed here of how it is going.

 

If the only thing you have to sell is a cheap rate, you have nothing to sell. When you get business based upon a cheap rate, you will only have the business until someone comes along who is a penny cheaper or you cannot afford to service the account due to not making a profit.

 

Quinn, listen to the people in the industry that have already given you advice. Thinking your going to beat a big company on price is foolish. They can literally price their services under their cost, which is less than your cost, and make it up somewhere else. When you go belly up, they can raise their rates to what your cost would have been and start making a profit. Successful small companies either have a niche, or provide service well beyond the big guys. Focusing on price will merely send your trucks back to the auction.

 

If you are serious about building a successful business, try selling a quality service rather than a cheap price. I have been in business for many years and have NEVER sold my services based upon price....EVER!!

 

Awesome message. I've been researching all the requirements for truck ownership. Im 55, want to work awhile. Tired of working for someone else. A question or 2. Going to register under my own operating authority. " For Hire" I might contract with a business to haul for them. I dont know. Should I register Common Carrier or Contract Carrier or both? Wont both be more expensive. (fees)Im going to own and drive 1 truck. Load boards... which is the best? Looked at 123, Dat, Getloaded. All seem the same and fees are different. Ill be running dry van. Place I can go to look up fair market value on tractor and trailer for purchase. Everything seems over priced. Know of a good place to purchase? Based outside of Buffalo NY. I will not lease. thanks, I appreciate the help.

 

You will want to register as a "common carrier" the cost for your authority is the same.

As far as load boards, that is like asking which brand of truck for the most part, you will get many different answers. Try looking around in Ask An Owner Operator and the Freight Broker forums, this has been covered in both multiple times.

Everything is over priced, www.truckpaper.com is what most look at to determine values.

 

Thanks for the advice. Ive viewed the truckpaper.com. Some prices did seem better than other places Ive been.

 

I would advise if you are not already a member is to join OOIDA. They have a department devoted to helping O/O's to getting their own authority. NASTC also provides that service as well. There is a lot of requirements but they are not insurmountable.

 

Thanks for the advice. Ill give them a try.