So you want to "own " your own company

I Really hope people here who are considering obtaining their own Authority,,, to NOT Lease on with A Company!

You're defeating the purpose! If you lease on with a Company, you'll only get paid about 10% more than what you're already making.
Having your own Insurance under your Authority will be considerably higher, than the Insurance you carry now.
You're defeating the purpose. You won't get ahead that way.
The purpose of getting Authority is getting your own customers! You'll make double , triple than what you're making now as a contractor leased on to a Carrier. But there's Many Responsibilites that go along with it. And that's alot of paper work. You don't want to pay someone to do that. If that's the case you shouldn't get into it. You have to know what is going on with your company in every aspect.
You become you're own Carrier. Later, I'll post something on how to go abouts doing that. Finding your own customers.

Nightwind gave much valuable information posted earlier, for the steps to take in becoming a "Carrier" , having your own Authority.
Though it's not as hard as he made it sound.
We took it step by step , rather than jumping into it all at once. We still worked our normal runs, while the process took place. It took months.

And we finally got to where we wanted to be after several years.
Our highest paying customer paid us 30,000 for 1 load for 4 trucks across country.
I had two sometimes three other trucks running less than a
200 mile round trip, as a dedicated run for Motts (applesauce). That there I was receiving an average of 5,000 to 7,000 a week. One driver got paid between 600-900 a week take home depending on how many runs he did that week. And he was home everynight., working part time hours., up to 8 hours a day is considered part time for a truck driver. Right?

I wrote about how we started up , in the welcome wagon under my name.
I also explained how we developed into a company by taking one step at a time.


WildBill> You're right about how different commodities vary. One freight may pay better than another.
You're best interest should be,,,, WHAT"S MOVING, and what's not moving.
Food Grade Tanker is Really Great! So is Reefer!
Supply and Demand...
The economy is slow ,, but that is mainly "Retail" stores. closing it's doors because of the credit crunch.
But the demand for this country is " FOOD"
Another demand will be infastructure. It's going to happen.
There will be more work for flats and step decks.

But you NEED to get Your Own Trailer if you want it to work out.
It's the Best way to do it.

I really wish for Truck Drivers wanting to be Owner Operators , or who's already an Owner Operator to step up on the Plate, and really be somebody. Owner Operators should have their own Business.

Just like a Barber, an Auctioneer, an Electrician, etc.

 

Thank you for laying it out in plain english! I have a friend who wants to start a dump truck business and I told him I would get all the information for him and costs to start the business and this was extremely helpful. Its been a few years for me since I was o/o. Dont use you lose!

 

Thank you so much, Nightwind! I've been seriously thinking about obtaining my own authority and getting back out on the road(after being laid off from my local gig). This thread has been a huge help!

 

Its usually better to have your own authority but leasing on to a company can have some advantages. Most companys will pay for major repairs and take the payments out of your check. This can be very helpfull if you're low on cash. Make sure the company you lease to has this program. Watch out though, if you buy/lease the truck from that company you cant take it with you if you quit and guys quit all the time for lots of reasons and the company has got them tied up in a contract and they usually end up loosing money. Best to buy/lease from a dealer or finance through your bank and then lease on to a company. That way if you quit you take your truck and lease on to another company. Thats a hassle because you're driving under their plates and permits but at least you keep your truck and you're free to go as you please. After your truck is paid for then go get your own authority.....Just a sugestion.

 

Yes your neighbor is full of BS. 550 is all.

 

Wings2Wheels, this sounds like what I was thinking of doing. Except that I was planning on doing it full time, after I drove for a company for a while. I have a warm place in my heart for the K100 Aerodyne, but I've noticed most companies don't want O/O's with a truck more than five years old. Surely there are some that make an exception for condition (I also like the International 9800 Hi-Rise cabovers. Not as good-looking as a K100, but you can walk around in them and they have bunk beds for the whole family.).

So did any of this pan out for ya?

 

well you did say we could think it about you but not write it.

 

Wow - talk about resurrecting a thread from the dead.

Over the past year, I have made a lot of friends and picked up a mentor or two in the industry.

I am slowly working my way towards testing the waters. Obviously, the understatement of the year is the economy is horrible and freight is way down. One of the guys who is mentoring me has been driving for 30+ years and he says he has never seen it this bad, EVER.

In August of last year, I did buy a 1984 Kenworth K100 Aerodyne, and have been working on it to make sure it's ready when I'm ready. Got the commercial driving medical card, and have taken the CDL written tests and have the learner's permit. Been driving it and practicing hauling an empty trailer and backing with the folks who have taken me under their wing, so to speak. If anything, it has given me a new found appreciation and insight into the industry and what y'all do every day.

My business plan is coming together, and I'm still torn between launching with my own authority, or leasing on with a friend. I think leasing on will probably be wisest to start off with. The cost-benefit analysis I ran is pointing in that direction, so that is most likely what will happen to start off.

So that's it for right now. I guess if there is anyone I can compare myself with on this board, it would be Pharm Phail, as he and I seem to be tackling this in a very similar manner, though I am quite a few months behind him right now.

Thanks again to those of you who have sent messages via PM...I'll try and remember to keep y'all up to date on this board, though I have been extremely busy and not frequenting The Truckers Report too much.

Oh, and MedicineMan...cleared hot. Say what you want!

 

lmao, I didn't even notice how old it was. I thought it sounded awfully familiar though

 

i love the enthusiasm from this guy! I have been studying o/o for 6 yrs now, been a company driver for 10 and i just cant take the plunge cause seems like in the end if you lease on with a carrier you make what im getting paid now. But now im wanting more out of life, a challenge, im tired of driving for a steady paycheck and want to take a risk. I guess there will always be guys like the original poster who want a challenge. but driving a truck part time i had to laugh at that one!
Driving has to be in your blood, you have to have that loose screw inyour head that keeps you sane when your away from your family for weeks at a time. But he wont realize that till he is out here. But i will be following your journey as i gather more and more knowledge on the world of being an o/o