Leasing at Prime

My recommendation is to have at least $3,000 in the bank for the trucks expenses- and you need to separate his business expenses from the family's finances. Separate bank accounts. It works like this... you need that much to start in order to cover the costs of equipment needed to run the truck- this can be carried over from a company truck. That money is there in case he's stuck on the road with a breakdown that takes a couple of weeks to fix. He'll need that for a motel room, food, etc. He also has to pay for expendable items on the truck like wiper blades, coolant, oil, preventative maintenance. So a cash account around that amount must be maintained... plus contributions to an emergency fund.

4 out of 5 new lease operators fail... mostly within the first year. Those failures can be attributed mostly to not enough cash set aside when starting their new business, inexperience, and lack of knowledge in how to run a business.

 

Do more than that... if you want to be successful you need to get enough experience in the business to know what you're doing. New drivers don't need a lease tied around their neck; run on the company side for a couple of years before you jump.

 

While I will agree with running a shadow business using the revenue numbers from one's company side loads, please restrict your comments to that which pertains to a lease at Prime. Clearly your knowledge of the financial aspects is limited.