Information on what I need to do to start my own trucking company

http://www.thetruckersreport.com/tr...-operator/13608-so-you-want-own-your-own.html

Read That

 

Working for another company is not really being an owner operator. I know that advertisements on the back of big fleet trainers encourage "owner operators" to apply, but in reality as soon as this is don't the miserable carrier is a lease operator, not an independent owner operator. Now, some guys do have exclusive arrangements with a broker or shipper, but this relationship is not truly independent.

Now, to get you own company, you do indeed need your own trailer. Drag around someone else's trailer, and you'll find yourself stranded without a trailer or at the mercy of the dispatcher giving order. With your own trailer, you have the option to thumb your nose at the dispatcher and get a load somewhere else.

You definitely need your own DOT Authority, which costs $300- in filing fees, and an easy to complete on-line application. To get your own MC and DOT numbers, you need to demonstrate capability to keep yourself insured and networked legally in a way that anyone can sue you from any state where you have operational jurisdiction. You also have to demonstrate an ability to keep trip and maintenance records, maintain a silly "drug program", and so on, all of which is actually not to difficult because the first appointment with the DOT officer will make sure you understand the DOT rules correctly. The probationary period of 18 months is designed to allow the DOT to make sure you are trained to do this work right, but obviously, it helps to be proactive and avoid annoying the DOT officer's with too many issues, given that he probably has a backlog of carriers to visit.

Driving safely seems dicey, but this and truck maintenance are relatively simple compared to simply finding a load. Dealing with brokers is a complex marketplace game that takes more years of experience than it takes to learn to slip shift a gearbox. But, with Internet Truckstop and CHRobinson, you really can't go completely broke in the early going. The broker's lowest prices seem heartbreaking, but they are computer generated, and you will soon learn the dynamics of where to place to truck for optimal freight prices. The thrill of posting the truck and then having hundreds of brokers desperate for your equipment is an experience unique to the owner-operator who has a tractor-trailer combo. Don't be afraid to throw big figures in this situation. Sooner or later in the day, especially on a Friday, some broker will break down and accept your inflated price for fear of not having a truck. At this point you are probably making at least double what the lease operator gets per mile.

 

Experience and Money!!!

 

Starting a trucking company is exactly like starting any other company. It takes total dedication. You must start with a business plan. Something that is based on 5 years, 10 years, 20 years and retirement. You will not be a success if you plan day to day. You need to read all you can. You need to join a professional organization (OOIDA, Rotary, Chamber of Commerce.) And I can't stress this one enough, GET TO KNOW YOUR BANKER.

The threads here deal with trucking in general. My answers are more business in general.

You are going to miss things in your life that are important to you. Birthdays, funerals, television shows. That is why long term thinking is so important. When you buy your first truck, start thinking of a driver to team with. He or she is going to be your first solo driver when you get a second truck. When you get a broker load, introduce yourself to the shipper department of the company you are pulling for. Maybe you can get yourself a contract with them to pull the freight. You cannot make a living working for others and still be your own boss. You have to find your own customers. Sales. Read everything on sales. Buy, "The Art of the Deal" by Donald Trump. Buy, "What color is my Parachute?"

Find a MENTOR. There are mentors available in every town in the US. An old person who has succeeded in any business can offer advice. Usually they are free and they have contacts. If you want to haul steel, get to know someone who ran a steel mill. The more you know, the better chance you have at success.

And finally, vote Republican.

 

Emt892 all you need is faith that helps I've been an O/O since 1999 and i started with a lease purchase but there are down falls to watch like I had I had 2 payments left to the guy and he filed bankrupt and I lost my truck but I didn't stop there I found a truck and trailer and bought that one an old 92 freightliner and a 85 dry 48van but I also went and got my own Authority so I'm not leased to no one I had 5 trucks I sold all then bought a new one I have a 2007 379 Pete and I hall Refrigeration but look into getting your own Autrority its not that costly got to Insurance on your truck in your name and probably set you back maybe 3000 to get started not counting truck and trailer. Oh yea vote Republican

 

I would think a bank robber would have a better chance of surviving but if everyone thought like me there wouldn't be any trucking outfits. It can be done and has been done by many. Our company started out with one man and a truck. He stayed debt free and showed little profit and paid his drivers well. Today our company operates at 96% (meaning, 4% is profit after expenses) A company like Yrc (yellow) operates at 103% That's right, they spend more than they profit. Everything needs to be broken down and loans should be avoided or paid off quickly.

 

Go lease on to a moving company. Hard work but I made a .... load doing it. Only lasted a year. It is pretty stressful, a lot of things to worry about. If you can make it through that then try starting your own company. I was on the purchase program at north american van lines. Got a 1994 Freightliner FLD with a Detroit 60 and 13 speed. After a few months I paid cash for a brand new trailer. Yes, that's how much I was making. This was in 1998-1999 though, don't know how it is now.

 

Join OOIDA, and also look into their webinars to help you make some basic decisions, as well as learning some of the fundamentals. https://www.ooida.com/OOIDA Foundation/Webinar/enroll-current.shtml