Finances to start a company

jd39b im in the same boat. been driving for 5 years, and im tired of getting screwed; so im buying. im figuring on 1.40 per mile to keep the truck running with out paying myself. im taking a loan out of my house to buy a truck cash. taking 45000 out of my house, it will raise my mortgage by around 150 monthly. financing a truck will set you any where from 1500 to 3000 monthly. if #### goes down and your not running its only costing you the extra mortgage and a few other things to keep the truck legal. if you own a home that's the best way to go. im also thinking of going in partners with my buddy, and having him work for me and eventually have him pay for the 45% OF THE TRUCK, then that way there is still a boss but he is making partner wages. just keep the 5% to keep things in check and have the final word..... this is what ive come up with thus far

 

i also may be way wrong, i jumped in this forum to learn, but if any o/o have any advice i will gladly take any criticism. thanks

 

I'm sure we can find something to criticize about

 

See.....I don't like that

"I plan on running flatbed and work from the loadboard" Is just what the Brokers want. You guys that go out and buy trucks and trailers with no business plan or marketing yourself are hurting others around you by working off of load boards exclusively.

Please, If youre going to do this, Get yourself a business plan (outside the money) And Line up your customers....because If you think picking up a telephone and Calling Vulchers on Freight is the answer, Your in a world of hurting, Plus your hurting OTHERS in the industry trying to keep rates above par.

 

So there's the problem. You need a dependable truck to do the work to make the money to get a dependable truck. If you're not starting out with a pile of cash you have two options:

A) wait until you have a pile of cash from some other source (working, a friend, a scratch ticket)
B) risk.


risk means you dump what you have, all your time, effort, hopes for the future into a crap truck and then go for it. If it doesn't work out you're twice as screwed because you're broke, without a job AND you think it can't be done cuz you couldn't do it and you'll never try it again. Or maybe it works out. How hard you work and how clever you are figures in but it'll still be down to some luck. That's just the way it goes.

I'm also against partnerships. You each put in 75% of the work and each only get 25% of the profit. They're inherently unfair. It almost never works out.

And the prerequisite for posting this sort of question is reading the DY company driver to independent thread from start to finish. There are other threads that are like that one and good too but his really puts the numbers out there, it's a pretty clear roadmap.

 

Stay is right. Just running off load board is very tough. I'm sure some do it.