Advice for Someone New?

Discussion in 'Ask An Owner Operator' started by Karma212, Feb 23, 2021 at 5:19 PM.

  1. Karma212

    Karma212 Bobtail Member

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    I've been driving for about 10 months and once I save some money and get some more experience I think I'll be buying a truck however I want to make sure I know everything I need to before I get in to this.

    Can someone tell me everything I will need to pursue a career as an owner operator or direct me some where I can learn? Also any other suggestions or advice is welcome.
     
    Chinatown Thanks this.
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  3. kemosabi49

    kemosabi49 Trucker Forum STAFF Staff Member

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    Keep driving for a company and learn the business aspect of trucking. Save money and then save some more. You should have enough to get the business going and keep it running for up to 90+ days before you get paid. And enough to pay all of your personal, at home expenses for the first 6 months or so.
     
  4. Chinatown

    Chinatown Road Train Member

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    www.OOIDA.com - is a business website for the owner-operator.
     
  5. Bigwin123

    Bigwin123 Medium Load Member

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  6. Vampire

    Vampire Light Load Member

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    That is probably the worst thing one could do. Insurance, taxes, housing and living expenses will eat up a large portion of one's income.
     
  7. Vampire

    Vampire Light Load Member

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    Evening Karma 212,

    I'm going to re-post what I had previously posted as it is relevant. If you are looking to go wholly independent, do some research here and you will find your answers regarding load boards, rates and basically everything else you need to know. There are so many awesome people here with truckloads of experience.

    Amazon's rates are in the gutter. Join OOIDA, as they too offer help regarding starting your own authority.

    The other option is to lease on to a carrier. Which can be a good start before going out on your own Authority.

    Have you written a business plan? Do you have at least 60K - 70K saved up?

    • What are your financials like? How much do you have saved up in order to start your business? Will you have truck payments, or will you be going in with no overhead?
    • What freight are you planning on hauling? Which will lead to the next question
    • How are you going to spec your rig? Remember, versatility helps when rates change between different freight.
    • How much will your insurance be? Have you gotten any quotes?
    • Retirement account, health benefits/insurance? Ensure you have coverage if you are out of work
    • Maintenance account
    • Budget for an Accountant and Attorney for taxes and legal work
    • Will you factor your loads?
    • Where are you looking to travel? You can have a fuel efficient truck, but that goes out the window when you are pulling hills with an under-powered rig.
    • Do you have any potential accounts lined up for work? Most people will promise you the world. Read everything, don't count on anything and believe it only when a contract is signed.
    Do you own a home that is paid off? Being debt free or close to it will help tremendously regarding your quality of life, stress levels and home time if you have a family. Especially if you are laid up for any period of time or there is downtime due to rates that are in the gutter. If you are going to jump into this with major overhead and no savings, you are more prone to failure in this business. You should never run a business with mismatched assets and liabilities.

    Good luck.
     
  8. Bigwin123

    Bigwin123 Medium Load Member

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    I did say near. I was thinking about a hours drive. Easy to get loaded easy to get empty. Easy to get home. It's near a 2 to 6 hour dead head for me when the boss sends me home
     
  9. Karma212

    Karma212 Bobtail Member

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    Wow thanks for the responses. All seem to be very helpful. Currently I only have a few thousand saved however I am still saving. I dont plan on jumping in to buying a truck yet but just looking for some insight and trying to do some home work. I will definitely look in to those OOIDA classes as soon as I get a chance.

    I was considering doing flatbed freight however I heard the trailers are more expensive and don't last as long. I also understand van trailers don't make as much so I guess some insight on that would be good.

    Currently I'm debt free and basically living out of a company truck doing OTR national and only going home once roughly every 4-6 months. I feel like this is giving me a good opportunity to save and research before starting a company. Where I call home actually is about 45 minutes outside a city. I am from the south east and I imagine that's where I would be operating out of but I had envisioned going across all 48 like I am now. Is that unreasonable/unprofitable? Would staying within a few different states be better or worse?
     
  10. Oakland Raiders Forever

    Oakland Raiders Forever Medium Load Member

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    If your a truck driver , stay a truck driver.
    If your a business person you would not be driving a truck.
     
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