So you want to "own " your own company

Before you get going, go to legalzoom.com and start an LLC or Corporation to protect your personal assets. Otherwise, a turn in the industry and you could loose a lot more than your shirt.

 

I don't know anything about the type of work you're going to do or the compensation for it. So, assuming the rates are decent for the time and expense of doing this work, and the company pays on time, I'll say this.

The key to making it will be your truck, driver, and you. Your driver will need to have practical experience in operating a business and have working knowledge of a truck, and have a good work ethic, and most importantly be completely honest. A bad driver in any context of the word bad can break a single O/O quickly. The driver needs to be able to recognize a potenial problem and fix it himself, or see the problem is fixed as cheaply as possible. If they are in the habit of running the truck until it stops or is shut down by the DOT, and then call out a service truck, you will fail. A driver can sell your fuel off slowly and you never know it. A bad driver can keep things constantly breaking on the truck, and at around $100.00 per hour plus parts, any profit is gone quickly. Many drivers will start out OK, then see the gross settlements you are getting, not realizing how little of that you get to keep, and think they are getting shafted. At this point is when a change of drivers is quickly needed before a driver like that breaks you, and they will.

The next big thing is the truck. You can buy a truck that is excellent, but all trucks need tires, brakes, and misc work and things replaced all the time. A bad truck stays in the shop several days a month, or week. The repairs are only part of the expense, the downtime hurts as bad as the repair. If you happen to have a truck that is constantly breaking down, and it is not driver related, get rid of it. Some trucks are a money pit and will always stay torn up.

If you're not worried enough by now, let me add this. When money does start coming in, do not go buying things you don't need. The truck will need that money soon enough, and you don't want a breakdown and no money to fund it.

Trucking is not easy. It's almost impossible if you hire a driver, and worse if neither of you know how to repair a truck or anything about the business end of it. There is precious little money in it if you drive yourself. Most o/os end up with less money to themselves than being a company driver, and paying someone else to drive would be impossible.

I know this sounds gloomy. You need to hear the truth. You can make it, but it won't be easy. You need a working knowledge of trucks, drivers, and the business you're doing. You need a truck that won't eat you alive in repairs, you need a driver that is very good and knowledgable at what he does, and is honest, and you also need a company that pays a fair rate for your work, and you need to know what a fair rate is.

Good luck, do your homework, and stay involved in the whole operation. You can not depend on the driver to handle your operation for you. That's not their job.

 

Thank you for the advice Stranger on..

 

Thank you as well Rattle bunny.......

 

Thank you for taking the time to answere my question

 

Just finished filling out everything on legal zoom.....Thank you for the advise I would have never known. I guess I jumped into this to soon before doing some research. Once again Thank you

 

First time owner operator here....What credit card does anybody recommened for purchasing fuel only?

 

Did you know you could do all yourself without paying a company like Legal Zoom? Most States even have sample documents online for you to use as well. Of course you'll still have the State fees that apply, but no Legal Zoom fees.

Keep your overhead down driver!!!!

 

Join OOIDA.

You'll save money on Trucker's Edge loadboard (Member's Edge), Prepass and more.

Regarding the fuel card, I got the FleetOne card when I started and continue to use it today. It's basically a debit card with additional benefits.

 

I have used Fleetone and TCH mostly. I prefer TCH. I have had a problem getting some records from Fleetone so I would not recommend them. In fact, I may have to get a lawyer to get the records that I need. According to some people at OODIA, there have been others who have also had problems with them. You might want to also check out T-Check or Comdata, too. I think for the small operator the TCH would be your best bet.