Should I buy a truck to start my own trucking company?

Discussion in 'Ask An Owner Operator' started by 908AudiTT, Aug 4, 2013.

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  1. Aug 4, 2013 #1
    908AudiTT

    908AudiTT Bobtail Member

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    I currently work for Schneider Bulk Carriers (tough division in Schneider National...) and I have been searching through their inventory of tractors they sell. I've come across 2007 Freightliner C120's for sale that are the same as the one I currently drive. They range from $17k to about $23k and I know these trucks very well and they are taken care of, I can tell you from experience.

    When I went through training, I was with a training engineer who is a 23 year veteran of SNBC and told me that if he was my age, he would buy a truck ASAP and start a trucking business, not only owner operator. I am only 22 and I am thinking of going back to college. This guy read my mind and I told him that's what I want, to start my own business (which I've been trying to for the past 6 months just never happened due to legal issues). He told me "you should quit SNBC you're wasting your time".

    I have a co-worker from SNBC and my best friend of 8 years who want to start a business with me. My co-worker wants to drive all the time, I would drive maybe 10% of the time (or whenever I'm needed), and my best friend would also help me with the paperwork, finances, and legal documentation. Here's the best part, my best friend's future brother-in-law is a broker (I've known him about 7 years, so he's definitely someone I can trust). My broker can get me local and regional loads out of NJ, we live in the Newark area and we are all familiar with the ports and a lot of the roads around here.

    I also fully understand ALL costs, I've gotten enough experience from working at SNBC and also I've taken business and accounting classes to know how to handle finances and all documentation.

    So do you think my plan of being pretty much an investor/driver would work out for me and my partners? :biggrin_255:
     
    908AudiTT, Aug 4, 2013
    908AudiTT, Aug 4, 2013
    #1
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  3. Aug 4, 2013 #2
    Pound Puppy

    Pound Puppy Heavy Load Member

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    I can tell you from experience that going in too business with friends more often than not will lead to you not being freinds for long. Its also a small amount of profit to distribute on just one truck. While I will not discourage you, I just warn you to make a defined contract with everyone involved and stick to it. Good luck.
     
    Pound Puppy, Aug 4, 2013
    Pound Puppy, Aug 4, 2013
    #2
    warrior81, Lilbit, cetanediesel and 2 others Thank this.
  4. Aug 4, 2013 #3
    fr8te_sh8ker

    fr8te_sh8ker Medium Load Member

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    Do you and your friend meet requirements for having your authority?

    And those Schneider National trucks in that price range have 600,000 to 800,000 miles on them already with no warranty, as is and you can't purchase any warranty or coverage from Schneider National, that's what I was told at the maintenance counter. I looked at several units while I was in Charlotte on Saturday. I hope you have cash in the bank for repairs and PM?

    And have you gotten a quote on insurance yet? I'm quite older, more experienced than you, cash in the bank, with excellent credit and the cheapest quote I got for regional operation (500 mile radius) is $15,000 up front or $18,000 installment for 1,000,000 liability, 250,000 cargo, with 5000 deductible, no medical.

    I would love to see you pull it off at 22. I'd be so jealous :)
     
    fr8te_sh8ker, Aug 4, 2013
    fr8te_sh8ker, Aug 4, 2013
    #3
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  5. Aug 4, 2013 #4
    908AudiTT

    908AudiTT Bobtail Member

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    You are absolutely right! But, we have also talked about this stuff and yes we do understand because we did have a business adviser who did tell us to make contracts and also not expect to make much money. I do understand, which is why I want to start with one truck and expand then make money, I just want to plant the seeds right now at the young age I'm at so in a few years (or before) I can grow a tree because I have ambition.
     
    908AudiTT, Aug 4, 2013
    908AudiTT, Aug 4, 2013
    #4
  7. Aug 4, 2013 #5
    TruckerPete1990

    TruckerPete1990 Road Train Member

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    Not being rude but get some driving exp first.. no one likes working for people that don't got driving exp. Says u got less then a year and you wanna jump head first into a brick wall. With as many miles on them trucks you have no clue how long into you can go without an inframe. Check out fuel gauges too track your mpg get the feel for stuff.
     
    TruckerPete1990, Aug 4, 2013
    TruckerPete1990, Aug 4, 2013
    #5
  8. Aug 4, 2013 #6
    rodknocker

    rodknocker Road Train Member

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    Got to trust the chute will open. Can't really go with what someone else says.
     
    rodknocker, Aug 4, 2013
    rodknocker, Aug 4, 2013
    #6
  9. Aug 4, 2013 #7
    jbatmick

    jbatmick Road Train Member

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    No,:biggrin_25513: you need more experience before you jump into something like you envision. All that glitters is not gold.:biggrin_25510:.Also, friends and business do not mix:biggrin_25511:.
     
    jbatmick, Aug 4, 2013
    jbatmick, Aug 4, 2013
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  10. Aug 4, 2013 #8
    MNdriver

    MNdriver Road Train Member

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    I have a good friend from here who I would never get into a business together with him. we have worked together, but I will not even lease him on with me now that I have my own authority.

    Can you do it? Sure. Should you do it?

    have you written a business plan for it yet? Start there and then see how you feel about it.....
     
    MNdriver, Aug 4, 2013
    MNdriver, Aug 4, 2013
    #8
  11. Aug 4, 2013 #9
    truckon

    truckon Swamp Thing

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    i did it at 22, in fact at 22 I had my truck, 4 trailers and 2 leases. ..never again lol
     
    truckon, Aug 4, 2013
    truckon, Aug 4, 2013
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  12. Aug 5, 2013 #10
    Allaby

    Allaby Light Load Member

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    Dude just go for it i did. Hell i put everything i had in on a gamble and played my cards right and i live very well not rich but comfortably. Get yours ducks in line and DON'T SPEND YOUR MONEY! You will never no until you try it.
     
    Allaby, Aug 5, 2013
    Allaby, Aug 5, 2013
    #10
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