So you want to "own " your own company

If you are going for your own authority and going to be driving one of your trucks you'll need at least one year of experience to get a reasonable insurance rate, two years is better. Anything less will put you at a disadvantage. I have seen insurance rates doubled for someone with less than two years experience trying to get their own authority.

I also recommend you develop a business plan and a freight lane with multiple customers (combination of shippers and specific brokers) load boards should be your last resort for freight.

Your business plan needs to include your break-even point per week, what your start up capital will need to be, the markets you'll serve and your hauling rate range. I also suggest it include your carrier's Rules Circular.

I would not recommend taking all your cash and tying it up in your equipment. You will need, after equipment purchase or lease, close to $20,000 to get you up and running and cash flowing.

Getting your hauling authority is the easy part, setting it up to make money is the real challenge.

 

Most carriers require that you have at least 6 months to 1 year of driving experience before they will lease you on with your own truck. You could get your own authority, but insurance will be challenging to find and rates will be high without experience. It will also cost much more to start with your own authority. I would suggest that you find a good carrier where you can build some solid work experience. Put your money in a money market account where it will grow until you can get at least 1-2 years experience. After a year or so you should have an idea if this is something that you really want to do for a living. Some who come to this business decide that it isn't really for them. Others find that it is exactly what they want.

While you drive a company truck, get a composition book and keep track of all of the truck expenses. It will give you a good idea of what it will cost you to operate once you buy your own truck. As you drive you can continue to put money back to operate your trucking business.

You could start with a training carrier and stay for about a year then then find an owner operator. There are those who lease more than one truck to a carrier and they are always in need of drivers.

 

The Tool man called today and started of with his sales speech and how he could equip up my shop with everything I need. I finally told him that he need to call the shop and talk to my shop foreman Hop Sing that he did all the purchasing then gave him the number to the local convenience store that is run by a Chinese dude with bad English.

Then had another call from some company that does safety BS. I couldn't hardly get a word in she talked so dang fast. She told me that she was calling because she was assigned to my upcoming safety audit and that she would need some information to get started. I said wait a minute who assigned you to me because I never hired any person, company etc.... to do anything pertaining to a safety audit. She said that the FMCSA will be contacting me to set up a audit of my records. Which I new this but I like messing with these goof balls so I said isn't the first one just a friendly visit to make sure your doing things correctly and if not they show you what needs to be done. She then told me no that I could be fine if my files, logs, drug testing etc.... were not in order. I just laughed and said I have one thing to say about this and when she said yes go ahead, I put the phone down and flushed the toilet then said I feel better how about you and she hung up. I know it wasn't very professional but after all these calls the last three days I just felt like I had to. Also my mail box had a bunch of crap in it today from factoring, safety, insurance companies what a waste of paper.

 

I LIKED how you handled the tool guy!
Yeah, you'll have an audit, but not right away. It'll be down the road a few months.

 

Thanks G/man and Truckersyou... About the most senseible thing I have heard all day... You know how it is though newbie mid life driver see a big beautiful truck man I wanna drive... Just dont have a 50 yrs for a that oak tree to grow Im afraid... I'm thinking a year myself I'd do it now if I could though but the insurance is the big one... Thanks guys good to know Tuckers are as good of people as they ever have. have a good weekend

 

well this is not true I have successfully started a freight brokerage and you need a blanket coverage with the agents for all states it runs about 65 dollars one time fee

 

As a motor carrier, you are required to have a registered agent in every state in which you do business. It isn't just those states in which a load originates or ends, but those states that you drive through. A registered agent accepts service for you or your company in case you are sued. If you have an accident they need someone in that state who can accept service in case of a lawsuit. OOIDA will act as your registered agent in all states at no charge if you are a member.

 

That's called the BOC-3 I believe.

 

That is correct.

 

HAAAAAAAAAAAAAAA YOU SELL ME TOOL