Bare minimum amount of capital needed to get your own authority?

tcrgconsulting.com

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How much money do you need? All of it!
I wish I was kidding.

 

Why would you want to start a business on "the bare minimum"?

 

When you guys talk of getting your own 'authority', what does that entail exactly? Does it refer to insurance for truck, tax stamps, etc?

 

Obtaining authority would essentially mean starting a new, separate trucking company. Whereas a leased-on owner operator is working under the operating authority of another carrier, obtaining their own authority would entail being an independent motor carrier.

 

Do you lease a truck?

 

Gotchya. So I can go out and buy a tractor and lease it out to a company, and wouldnt need my own authority? Would I still need to have insirance on truck and insurance to cover any damage to the loads?

 

Yes, that is correct. As per truck insurance, you would still need the amount of insurance your carrier requires you to have. Most of the time you will insure your rig through the carrier's insurance company and then they would deduct the total cost of the insurance from your statement.

 

Awesome, thanks for the info. I still am kicking around the idea of buying a rig after a get some good experience under my belt. I'd probably start of leasing my truck out then go out on my own.

I see uber now offers broker services the same way it offers car rides. Have you used their app at all or know anybody who has? I cant stand the idea of uber wedging its way into trucking, but having an app where drivers can pick up loads instead of going through a broker seems really convenient.