Two types of owner-ops

Why is it you wish to become an O/O?

 

Once you get the truck paid off, it will be about time for a newer truck.

If you go out and buy a brand new truck right off the bat, I'd give you less than 1% chance of making it.

If you don't know very much about trucks, you might want to take a step into a group of guys where you can learn and earn, gaining on their expertise and experience.

Do you have any idea the amount of effort it takes to do this?

There's no middle ground. It's all consuming. It takes your best effort every moment. And as soon as you don't put that in, you will hate life.

That being said, don't you think it would be prudent to lease onto a company for several years to learn the ropes?

Let the company handle most of the paperwork while you learn the rest.

It's a lot of paperwork.

There's guys here that are second or third generation truckers. They've given their pov, and it's certainly not the same for them as someone starting with nothing.

It takes awhile to develop.

Lease onto someone where you can pick your own freight and learn the ropes. Build up a substantial amount of money.

Then if you think you can pull it off, get your own authority.

 

Well, I’m not an owner/op, and don’t plan to be. I’ve thought about it. My Dad was an o/o, both my older brothers were at one time o/o’s. I’ve been around trucks off and on since I was 5 years old riding in the jump seat of a 1962 IH with my Dad. My oldest brother (now deceased) built his W-9a from two that were wrecked plus some other parts, and I helped him put it together. I’ve driven as a company driver now right at 1.3 million miles. (Still a rookie, I know). In this life I worked many years in middle management, and was successful at it. During the Great Recession I said the he11 with adult day care and went trucking.

I said all that to say this. If the OP HAS a job driving a truck, he ought to keep it, in my humble opinion. If I were the OP there would have been many more pertinent questions I would have asked. I think we’ve been trolled. (IMHO).

 

Not true at all. I have been in several trucks as a company driver with a CB and I have never drilled any holes. You just have to get creative. I have used this for years since the traditional method (small metal hook with the two holes) typically requires drilling. The item I suggested doesn't have anything to drill thru. You could use anything from an extra small bungee cord to a paper clip to one of those Scotch 3M hooks. Lots of ways to attach it. I personally used the netting that is in some semis above...but you could even attach it to the antenna cable if you really wanted to.

 

I don’t mean this in any disrespect but if the ability to change the configuration on how the truck interior is set up or cb aerial is mounted is in the top of your concerns, you may be setting yourself up for failure. Now wanting to learn more about trucks and taking care of them truly interests you then you may be into something.

That being said I’d look for a company driver position to work that will afford you the ability to make those modifications that you see fit. Run that company truck as if you’re making the note on it. Track all of the numbers. Those companies are out there just have to look a little harder.
Again not trying to discourage you, just hate to see someone being set up for failure. P.s company man here for the last 15 years, 3rd generation driver, by no means do I know it all just relaying what I’ve seen from my experiences. Results may vary

 

In essence there are two types as you guessed.
1. Leased on - You buy a truck and , by legal terms, you lease your truck to a company (a carrier) that will utilize it per contract terms that you will sign with them.

a) most of the time, you will be paid by weekly settlements
-either by fixed rate per mile (there are some variations here: with small carriers you can get higher rate such as $1.50 - 1.75 per mile without fuel surcharge or as it is often the case with a mega carrier you will get smaller base rate 1.15-.1.35 per mile and then Fuel Surcharge which fluctuates based on the fuel price

-or per share of the what load pays (ranges from 65-85%)

b) you will be dispatched by the carrier - supposedly with more freedom than company drivers, however, your scope of decision as to where will be limited by their pool of freight.

Here are some exceptions: such as @rollin coal where owners are allowed to pick their freight from General Public Loadboards
- some megas: Landstar, Mercer, Schneider will allow you to pick your freight too but limited to their own proprietary loadboards

c) You are subjected to the carrier's safety and administrative requirements including hiring practices and ethical standards.

d)The carrier may provide some perks and incentives (but does not have to) such as paying for your plate registration, bobtail insurance, occupational insurance, tolls, drug tests, IFTA, free parking on their lot. More importantly even, I think: provide you with fuel advances, truck break down advances. Generally speaking, they will give you a better sense of security.

2. Independent Owner Operator. Essentially a carrier with one truck and trailer with ability to expand into a fleet by either adding more equipment and hiring drivers or leasing owners operators with their equipment.

a) you get paid irregularly per invoices sent to your customers or brokers - standard is 30 days after the invoice is received by them

b) you find your own freight - the sky is the limit

c) all the back office stuff: accounting, safety and DOT compliance is on you

d) all the business costs are on you too. There is no safety net. For instance: If you break down, you have to call the road service and pay for it, then call the broker and make excuses that you will be late.

The natural path of progression is
1. Company Driver - getting to know the trucking profession as such

2. Leased on owner operator: - getting to know what a mere ownership of a wear and tear prone equipment involves and what it costs.

3.Independent owner operator - learning the business aspects of the trucking: from an administrative and DOT compliance angle as well as developing skills of finding freight and generating revenue.

4.Expending into a fleet (here my limited experience ends)

Skipping from 0 to 2 or 3 is unthinkable for me or too risky.

Skipping from 1 to 3 was done often but with mixed results...Main reason for failure was being underfunded.

You can't jump from 2 to 3 with little money reserve either.

Well...I could type some more but my wife scrambled some eggs with onions and sausage for breakfast and the smell is too overwhelming. I gotto go. Good Luck!