So you want to "own " your own company

KOI1927 no offense taken!!!!!!

 

I used a service i found locally. they incl. auth. IRP,boc,ifta non ifta states, all that is needed.

also OOIDA, provides a service as well.

 

well now you can always order them yourself and save a couple of bucks or i think the best way is join O.O.I.D.A. and have them do it all for you they do good work with no mistakes and you get a lot of bennifits to and there good people to work with , it wil save you time and money.

southerenpride

 

I have my own authority and have been approached by at least 20 people in the last few years asking for help in getting going. NOT a single one has followed through for one reason or another.

Here are the Cliff Notes on your main issues.

Inquire about liability and cargo insurance and if someone will insure you. If you can't get that. Stop there, YOUR DONE.

Buy a truck and trailer.

Have an extra $30,000 in cash. It's going to cost you at least $10,000 to pay for the insurance up front, plates, authority, 2290 and the million other things you need to get going. Chances are the truck and trailer you buy will need some work done right away.

On top of that $10,000 you need money to run with and pay your personal bills before checks start coming in. From the time you leave home on a 5 day trip to the time you receive the check for delivering it will be about 5 to 7 weeks.

So, that's my starting advise for anyone wanting to get their own authority. YOU NEED FREAKING CASH CASH CASH CASH.

 

In a business like trucking, it's absolutely imperative that you keep your overhead as low as possible. Big fancy newer truck = unnecessary overhead. Instead of paying someone to do all your authority paperwork, do it yourself. You should know every detail of your business. The only I had done was the BOC-3. Everything else, I did myself.
Meathead is right, check insurance first and foremost. If you can't get coverage, game over. Shop around for your insurance, truck and any parts or service you need and have some $$ in reserve. I had a few bucks saved up and started with no truck or trailer payment. Both my truck and trailer were under $10,000 each (not the equipment you see in the photo below).
Surround yourself with positive people and don't let the negative folks get to you. If you're motivated and make smart business decisions, you're heading in the right direction.

 

The thing I MUST stress is to have cash on hand. I started with enough for a downpayment and that was it. $30,000 has been suggested and I think that's good for a start.

Any truck you're interested in, take it for an extended drive. If you're not familiar with what to check take it to someone you trust and have it checked. If you're buying from a dealer, on the test drive, take it to a dealer of another brand. Have everything on it checked paying special attention to the engine, trans and both drives. See what's on the oil fill plugs for each. Checking these can save ya a ton of money. [about $5,000 each drive] If there's what looks like brearing cage or excess metal on one of the drive fill plugs, avoid the truck or make the dealer replace it and the hub bearings. The trans fill plug should also be free of metal shavings. There will be some usuallly grayish color stuff attatched to any of these. The engine should be checked on a diagnostic computer both before and after your test drive. Also use the onboard diagnostic while driving.

 

Dear Mr MeatHead oh by the way interesting name i'm all ears when it comes to listening to advice about starting your own company i drove rigs over there back in 05/06 as a company driver am still interested in starting my own comany up seeing how i have the $ to do that so any (good) advice would be appreciated.

 

I take it your from Australia. I have no idea how things operate over there with regards to trucking. Sorry.

 

Being an O/O is similar to running and operating another business not related to OTR Trucking.
Meathead and Gears called it right,
mainly I have seen company drivers asking me "how to be an O/O, and to get your own authority?",
I ask them, "have you ever owned or managed a Business?",
Almost every person( some gals too ), have said no.
I don't discourage them in any way, but explain to whom ever asks me, that good business sense is defiantly needed ,prior experience running/operating some other business helps, as well as to know how to drive a truck, know the lanes, etc..

Just my opinion, but maybe the reason some don't succeed as an O/O is lack of business experience, business sense.

If your dedicated on being an O/O, don't listen to the negativity for a second,
catch up w/ others that have struggled and fought to be the O/O's that they are today, get advice from them.

crusin

 

Well, it's not really rocket science. Ya know, I was in a cab the other day when my truck was in the shop having the exhaust manifold and turbo replaced. I realized that this guy driving me around is no different then me.

. He works by the mile
. He has to charge more when going to a dead freight area
. He charges less when it's a light load like delivering Chinese food.
. He gets paid detention time
. He gets more for oversized loads when he picks up Sumo wrestlers
. He has maintenance costs
. He has licensing, permits, plates, insurance, inspection, hack license etc.....
. He does LTL and full loads

He's the same as me, just on a smaller scale but it's all relative.