Ok so if my truck cost 35,000 and I want to get a loan from the back for 45k will 10k be enough to start up everything
Average startup cost?
Discussion in 'Ask An Owner Operator' started by cvnorton, Feb 20, 2018.
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So if my bank will finance and everything goes through will 10k be enough to start up everything
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Truck (2002 KW w/ fresh 6NZ) - $40000
Flight to get truck - $500
Diesel to get truck home - $600
Local sales tax on truck - $1300
Repairs / Upgrades to truck - $28000
Authority One-Stop Shopping (thru OOIDA) - $900
Drug consortium registration - $200
IRP / IFTA - $300 (and plate renews in April)
Insurance - $24120 (payable 50% dn / balance due in 30 days)
Elog & Back office software - $800 (including y-harness & self-installation)
DAT MembersEdge Loadboard membership - $90 / mo
Incorporation Expenses - $1000
Then......
Misc. Truck Stuff: $10000
(computer, gps, printer, scanner, new seats, new inverter, new batteries, dash cam, headache rack, chains, straps, corner protection, tarps, cooler, new mattress, hotspot thru AT&T, new antennas, DOT inspection, logo design & vinyl lettering for name / logo / #'s, etc......)
Home Office Stuff: $2500
(computer, two folding tables, filing cabinets, printer, paper & other misc. office supplies)
AND to top it all off.....
1) have to keep 60 days of operating capital liquid - until the checks start coming in
2) still have not bought a trailer - gonna have to rent for now to keep cash reserves for operating costs
3) STRESS. Butthole puckers a lil tighter every time I write a check or sign my name
I say all this not to create fear or make it seem overwhelming.... but there's DEFINITLY more to it than "Buy a truck - Collect a check". Each hurdle leads to the next. I CHOSE to not hedge my bets on newer EGR/DEF outfitted equipment so I am basically rebuilding an older truck to "new" BEFORE I hit the road. I want to know what I have and who I can count on BEFORE I go into revenue service.
All the planning in the world is not going to account for every possible scenario, and the above list is abbreviated and in no way meant to be complete.
There will be SOMETHING that pops up. That something could be a business-killer before you even get started. Don't be the guy that is one $15000 major repair bill from being bankrupt.
I've invested over a YEAR into research, talking to brokers / drivers / owner ops / banks / mechanics / etc. Shoot, just the record-keeping mandates can make your head swim. My advice is to give yourself the BEST possible foundation that you can build on. Be sure-footed, be stable, make informed decisions, ask other people how / why - then VERIFY that information independently, talk to a good accountant AND a good attorney and keep their numbers handy, and for the love of all that is holy - DONT HAUL CHEAP FREIGHT JUST BECAUSE YOURE ITCHING TO RECOUP SOME QUICK CASH.
My two cents (for what they are worth).....SL3406, Slim51, Brickwall and 1 other person Thank this. -
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Ok what if I get a truck and pull for a company? Or pull under someone that’s already have authority
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Brickwall Thanks this.
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