Hello everyone I have a relatively simple question that presumably most of you may be able to share your opinions on. So I'm a 21 year old University Business Student looking to start my own business, I have a considerable amount of knowledge in the automotive industry but a logistics company "seems" like a relatively easy company to run; But I'm certain as are most business it isn't. I've done my research but I'd figured I'd ask real O/O for your guys advice; Note I will not be operating and would only be able to purchase one truck and van. So my question to you guys is how much capital will I need to get the company running, what challenges will I face, and why shouldn't I get into freight transportation? All The Best.
O/O Advice Needed
Discussion in 'Canadian Truckers Forum' started by MBA2021, Nov 17, 2017.
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www.OOIDA.com can probably answer your questions.
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I'll shoot it straight......you can have all the money in the world, but if you have zero trucking experience, 99 times out of 100, you will fail. Just search this forum a little bit and you'll see all the exact same discussions that other people just like you have started. This isn't a Pampered Chef or Avon party.
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And you can go to all the schools you want, nothing will be like the real world.
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Going fully independent or under another authority?
Hauling what trailer?
Based out of what province?
New equipment or used?
About $100,000 to possibly flush down the toilet if it doesn't work. -
This advice doesn't just apply to logistics.
You're about to get out of school and get offered management jobs. You should take one. Not so that you can slowly work your way up at that company, but so that someone can teach you an industry and pay you at the same time.
Your chances of failure as an entrepreneur are exponentially greater if you aren't native to that business. Trucking is actually a brutally difficult business. So is the 3PL side. Not knowing what you're doing in either is a great way to lose massive amounts of money. Probably not as dumb as opening a restaurant... But pretty ####ing dumb. -
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Fully independent, 48-53 dry van, Ontario, Used Equipment and for your last statement I wasn't anticipating that I'd require that much capital but from the current funds I do have liquidated. If things went south persay, It would not effect my personal situation ie school, rent, automobile etc. -
Thank you for the response, I appreciate it. The reasoning behind my creation of this thread was to get real advice from those whom have actually done the "work" persay. So your opinions and thoughts are welcomed and appreciated, now if you don't mind me asking again for your opinion. What would you say causes most trucking companies or Owner/Operator's to fail?
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