Just a little background info - mid 40's married dual income household with 2 college students making a combined $90k per year.
I have a family member that lives in the New Orleans area that was forced to leave the oilfield last year and resorted to running Hot Shots with a Ram 3500 and a 40ft trailer. He says he is making as much or more money than he made offshore and is home every night with weekends off. This has more than peaked my interest as I started laying the groundwork to do the same having filed my LLC with LegalZoom and am slated to take my written CDL exam next week. I am looking for a carrier to work with to book my loads before I go out and finance a truck and trailer. I am currently 6 years into my employment as a project manger and estimator in a construction related business and make a decent living @ $60k but am at the top of the food chain and will never realize my financial dreams staying with the status quo.
Question for all of you Hot Shot O/O along the gulf coast that are in touch with the state of the business - *Would you recommend leaving my current career with its illusion of stability and security to go immediately $60k into debt on a truck, trailer, insurance, licenses, and fuel? Can I as newbie, with a reasonable amount of work and effort; make enough $$ to cover my overhead and still make more than I am in my current career?
Thanks in advance for your replies.
Career Change
Discussion in 'Questions From New Drivers' started by chainchaser, Jun 3, 2016.
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how much money do you have saved up for operating costs and the inevitable break down?
don't forget about learning curve and slow weeks.
do you have a tolerance for risk or do you need a guarantee of $$ every week?
I am not in Hot Shot. I currently have a 3500 truck and a trailer and I wouldn't put my eggs in a basket for that business myself, but that is me.
Personally I am thinking of going co driver. I work in a somewhat similar business as you right now. For me I am just bored/burnt out/ whatever here and looking to do something else.
my better half runs her own business. now days it is great for her. however starting out. there was equip to purchase, more than we thought. advertising $$ slow days, slow weeks, customers who cancel customers who demand more than normal services.....
self employment has it's perks for sure but it comes with some downsides as well. -
Ask your self do I see a lot of hot shot operators in your area. Is it to good to be true. There is a lot to say about a stable income. I worked the road for 30 years had lots of good weeks and just as many bad. I have been off the road for 8 years as a shipping manager/dispatcher for a company in my town with a consistent paycheck and it is the best decision I ever made. I do get bored and think I want to get back in a truck but with today's rules and regulations no ##!!!#! way. Good luck in what ever you decide to do.
Brettj3876 Thanks this. -
Has the family member backed up his statements of income with proof? Sometimes the grass isn't always greener is all I can say. Some days I really question why I'm driving a truck. I don't think your going to find a carrier to book loads without a truck and no exp.
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Thanks for your responses guys. I actually bumped into a local guy working for Acme running the same setup I was anticipating getting. When I told him I was thinking of hot shoting he laughed and said to stay where I'm at until the price of oil gets above $60 a barrel. He said he goes several days between loads. I think I have the information I need to make a wise decision.
Thanks again.tucker and bigmotor1212 Thank this. -
I would've asked him if he goes several days between loads, then why is he still in it?
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@Gunner75 - I actually went to a locksmith to have a key made and saw the truck parked around back. As the guy was cutting my new key I asked who owned the rig in the back and a guy working on a safe - the business owner - perked up and said it was his. I gathered from our lengthy discussion that he has several sources of income and isn't fully dependent on the hotshot gig.
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That's called hustling. Some people got it some people don't and are better off as employees.
Find yourself a young gun to hustle and split some profit. $200 over the weekend for a 21 year old can be a sweet deal.chainchaser Thanks this. -
chainchaser, alghazi and Gunner75 Thank this.
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chainchaser Thanks this.
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