Business Plan/ Mentor Needed

Hey Guys,

I hope to get good discussion in this thread so that it's helpful to fellow newbies who want to start out a trucking business.

About myself:
I am a 25 year old part-time accountant and a student. I am very passionate about businesses and have been around my fathers trucks for past 7-8 years. I am getting my training for a semi-truck license here in Toronto, Canada. I have been on this forum and read many posts for past few years and also made some of my own threads.

My father has been in this business for around 10 years... as of now we have 5 tractors with sleepers leased on to carriers. Currently, we are getting an average of CAD$1.35 cpm from which we have to pay 4% insurance, fuel, drivers pay (average $0.44cpm). Trucks are paid off and they run to Montreal and U.S dedicated, average 3000 Miles per week. Two of the trucks are parked due to shortage of drivers willing to run the route.

Now, my father has been out of service due to health and I want to restructure this business and get some more money out of it. Because I believe its the time to take a big step.

Here is my plan:

1. I want to renew our authority.
2. Get a trailer or maybe rent once I get some loads
3. Contact loadboard brokers ( I believe a good Canadian one is Transcore LoadLink)
4. Use the 2 trucks that are parked and get load from the brokers using loadboard.
5. One of the trucks can start the running and the other could be a backup if the running one breaks down.
6. I would want to run mainly within Ontario/Quebec and plan ahead. For example, book a road to Montreal and return from Montreal for next week so that the driver does not have to wait much. Also, do some local runs.
7. I would pay the driver a Hourly (if local) or cpm plus a percentage based on after fuel income. Pay to Incorporation.
8. Somewhere down the road, make a list of shippers in my area, and visit/contact them for some contracts.

Now my questions are:

1. What are some good loadboards for Canadians?
2. Now with carriers, we are getting average of $1.35cpm from which we have to pay for insurance at 4%, fuel, drivers pay, maintenance. With loadboards would I make more on average even after the extra costs of being independent?
3. What would be the best approach to getting and retaining drivers?
4. Are return loads a big problem and involve a lot of waiting?
5. What are some good lanes to run that will get me returns load without a problem?
6. Do same loads show up on loads boards like say every week, so that the driver can go the same route everyday/week or are they just one time loads?
- is the possible to get the same load going to same place (dedicated) and FTL?
7. Once with brokers and loadboards, how likely is it for someone to get contracted to the shipper with broker getting a commission?

Any other advice or something I should really consider will be greatly appreciated. Please guys I desperately need a mentor/ connections from someone who would get me started at this venture. A lot of hard work, tears, sweat and blood has been went into these trucks and I really need to see some good return. I would really appreciate if anyone can lead me and we make this happen. Maybe if there are brokers on this forum who need their loads moved, that can help me out.

Thanks everyone... lets get the discussion started.

 

Thanks for the reply: $1.35 -$1.40average (depending on fuel cost) is the rate we are getting for U.S runs. Montreal runs is even lower.
Carriers in Canada do not pay anything more than this.... $1.37 is somewhat of any attractive rate here.

 

Thats right, good to know.

 

Your carrier is in Canada?