Success or failure

I know a "mechanic" that had that same theory as the OP. He bought a truck with a blown motor, rebuild it and the truck sat park for 2 years and finally sold it. He couldn't find a driver for starters, then he realized how much the insurance was gonna cost him, strike 2, and since he is in Cali, he need to install the Diesel Particulate Filter. He finally threw in the towel.

 

Finding a driver with some mechanical aptitude and competence to do some work on truck while on the road to avoid overpriced shops would help a lot. However finding that will be difficult.

 

Difficult doesn't mean you quit. Finding a good driver will be one of your biggest challenges. Since you work in the industry, I assume you have connections with brokers and others in the business. This business structure can most certainly work. My cousin drives for a company who's owner has never driven a tractor in his life. Has no idea how to drive one. They own 8 trucks (I do believe they started with two) and his brother does the servicing and small repairs. They pay their drivers by percentage. 30% to be exact. They started the company 8 months ago. There will be no shortage of drivers, finding a good one will be key. As was stated, you "may" have a high turnover rate, or you may not. If you come to depend on that trucks income for your daily living, you'll need a rainy week fund. Knowledge and understanding of the industry is key.

You'll find a lot of naysayers on the forums. If it is unconventional, it is doomed to failure, is the mentality. You'll also find great advice and help. Give it a go and keep the overhead as low as you can in the beginning. Startup capital is key. My cousin will be starting his own company soon, his boss really likes him. Told him his company makes very good money, and he will show him how to succeed in the trucking industry.

This is but one success story. I'm sure there are plenty others. Regardless of what people think of Trump, he is a huge shot in the arm to this industry. It may very well be a great time to buy that truck. Some act like every new truck that comes into the game will take money directly out of their pocket. Were that true, the industry might have crashed a long time ago.

Good luck. Dream big!!!!!

 

I'm exploring the same idea although not with mechanical skills. We have plenty of freight loads but in a very difficult lane, New Orleans area to Florida. I've thought about buying 2-3 truck/trailers but hiring drivers is definitely by far the biggest obstacle. It's a tough lane to broker and I'm struggling with reliable service to the customer. Not enough trucks in the area

Has anyone come across a driver placement service or driver training school that would be a good source?

 

What cities in Florida do you usually send loads to?

Steve

 

We know Florida is tough because of the DH out but we have customers that receive steel all over the State. I don't want to get too detailed here because this is for discussions not soliciting business.

 

I think if your strength here is the truck repair, maybe just push deeper into a truck repair angle for working weekends. Everytime I try and expand my business into some tertiary pursuit, I realize I would have been better off doubling down on what I'm good at. Maybe instead of fixing your own trucks on weekends, get some business cards and do roadside/in-your-driveway service for local O/O. That would allow you to leverage your skills, connections and parts suppliers without opening yourself up to all risk involved in running a trucking operation. You also don't want to spend all of your day at your day job answering your phone with issues from your own drivers and customers.

Remember, if you don't have trucks out you're losing money at a rapid rate. If you do have trucks out, anything can happen. Sometimes that means making money, sometimes that means (insert worst nightmare here). And if it's a 1000 miles away that makes it hard. I think if you're going to do it you'd be better off in some sort of regional day-cab sort of situation. Older trucks running locally will help you leverage your skills more effectively and also keep the cost and complexities of disasters a bit lower.

 

'dh' - dead head, the miles empty to and from pickup/delivery.

'lane' - an area to area movement of freight - @CaseFreight mentioned New Orleans to Florida as a 'lane'. Freight into Florida typically needs to be at a higher rate because freight generally doesn't pay as well coming out - or may result in a 'dh' to Georgia to find better paying or any freight.

Probably not the best explanation, but rough idea.

 

To the op, this is what I do, I own a fleet and it is my retirement that I am building. It all sounds great but reality suck if it bits you in the ***.

The two hardest things that you will have to do is to manage the company enough to make money to put away but finding good drivers (as mentioned) is the hardest.

Buying the truck take money too but that's another story.

Managing it takes a lot of time, it isn't as simple as many make it out to be, especially on the financial end of it. I won't give details but if you have not run a business, don't consider this one yet.

The finding driver's part is the biggest PIA I've ever had to do and with the amount of crap drivers out there who can't drive, let alone take care of a truck, it is really important that you do your due diligence with each one who applies. The worst ones are the ones with steering wheel holder mentalities - it ain't my truck so who the **** cares what happens - can't even tell you how many times I run across them. You put a lot of time and money (yes money because of background checks and other things) into weeding out crap and getting the right person who will work for you.

So all that other advice is meaningless if you don't get it right from the start, and those two things are what you need to worry about first.

AND by the way, one rule I have is to tell newbie owners that you are really not going to be successful unless you get out and drive. Being a mechanic means nothing, there are a lot of parts changers out there so it is like owners, they are owners in name only but only see the $$ and nothing else.