Becoming an O/O

Heck yea! The biggest question is, just how bad do you want it?

 

Go for it, I would. A paid for truck, money in the bank, sounds like a reciepe for success to me. Find a good company that pays on percentage, lease on, learn and make money. Then someday if you feel the need go out on your own.

 

Sounds good

 

uh.....

Howz youz gunna pay fer dat dang trailer you gonna need....

 

Age of equipment is less the issue. Most companies that have those issues you will make less than a company driver. Bigger issue is lack of current driving experience. Did you keep your CDL the whole time? Also, where do you live?

You said 5,000 miles a week?!? Unless team you should focus on 2-2.2k a week.

 

Wow! How rare is this.. Someone with money to start out and a paid for truck.. I say go for it if it's your true calling.. Trailer should not be a problem, you could finance a nice, clean used one and not have much of a payment at all to hamper you. As you get comfortable in the o/o thing write a check and pay it off. I would not use that $30k to pay for a trailer in full. You will likely need that as an emergency stash or operating fund (depending on what you do lease on or own authority) so hang onto as much of that as you can after buying plates, insurance, etc.. Like I said, once you get comfortable as an o/o and what you're doing you can always write a check and pay that trailer off in one fell swoop a year or so down the road.. And some companies will even provide a trailer but I think it's best for any o/o to have their own, just my O..

 

Im in a similar spot. I drove regionally, flatbeds, a long time ago and then worked locally for Roadway Express and also a Florida based department store driving 28, 48, and 53 ft vans. It has been about 10 yrs since my last driving job and Ive been in the fire service as a driver on a pumper and a tanker. Ive been reading up on becoming an O/O at some point myself. Obviously the fact that you havent had any recent experience will weigh on your decision I think it is the best way to go. That being said it is also the riskiest way to go as well. You have to do it all right and keep all you records straight and make sure you are on top of all expenses. Ive read the success stories but Im sure there are 100 failures for every success. If you feel like you have the ability to run a business, be the boss and the employee and manage the money too, then go for it. The older truck might be a hurdle but I just recently read Mercer has no restriction on age, the truck just has to pass inspection and meet some company set standards. If flatbeds are your thing maybe Mercer would work for you. Im sure they are not the only company out there that would take you on.

Id like to get my own authority and go all in but Im still a few years away from that right now but Im planning on using that time to get a solid business plan together and utilize my past experience and work on getting a refresher or find somewhere to do some driving and get back into the swing of things. Ill use my pension as my back up to hold me over during the early phases and do my best to establish a nice business for myself. Good Luck to you!