To be or not to be

The only reason to buy your own truck (take on more risk) is if you figure you can have a bigger reward (more money). You would be hard pressed to make significantly more than what you are now, taking into account what your hours and hometime is like. Unless you are just plain bored and want a change from your current situation, I would say to just keep doing what you are doing ... What would the point be of paying all the oil changes, fuel expenses, repairs, possible major engine malfunction, insurance, permits, etc., when at the end of the year, all you have done is MAYBE made the same $90k you are making now, but also spent more time and had more headaches and grey hair to get that 90?

 

#1 problem is money management ... and keeping costs down and gross revenue up while operating as efficiently as possible ... that's about all there is to it. Would you be thinking of running your own truck in the same sector you are in now? Are you doing oilfield work or otr or ?

 

The first thing you have to figure out is if you are able to get direct contract work. If you are leasing on with anyone I don't think you will be able to match what you are making now and you will have more headaches. If you are able to work direct then you could do it but at the same time I would expect you will see more volatility in your work and pay.

The other issue is equipment cost. There is more money in specialized work but there is less of it and the equipment is more expensive.

In todays trucking world you need to be a businessman first. I know the industry hates steering wheel holders but being a super truck now isn't going to be your key success factor anymore. I see guys that have great work, work hard but because they don't understand/refuese to look at the business/financial side of the business and they are barely making ends meet. It is the costs and trends that they don't see that is killing them. Their revenue is great they just have no idea what everything is costing them.

 

Hey Tug nice name Are you an aussie mate? Not that it matters but in Australia i think it is much harder for owner operators heres why i make that statement 1. alot of companies pay only after the 5th week can you carry the costs for 5 weeks. 2. There are some dodgy companies out there when you get to your 5th week when you due your pay they don't pay. 3. If you try taking them to court they will laugh in your face cause they know it can take years to get your money in the mean time there getting interest on the money that should be yours. 4 Research the company very thoroughly make sure they have a good or squeaky clean record of paying on time.5 Stay with the bigger companies like Linfox or Tolls who do have a good record of paying and are liquid with cash reserves. 6 Sometimes the biggest enemies are the owner operators themselves they choose to do a load for cost only e.g. Brisbane to Sydney for only $500 under cutting everyone only damages the trucking industry.