How long before jumping to Owner Operator

When you can take a cat treat away from the truck cat, you will have learned.

 

25 years

 

People on here have said insurance was like $20,000 a year for a new O/O without any history. So it's possible but very expensive. You can't afford to pay high price for everything and still make a profit. Their are some trucking companies that will lease you a truck but they charge like $1,100 a week payment. They just come get their truck back when most drivers fail at the lease and get another driver to sell them the dream of runny their own truck at $1,100 a week payment. Lease deals are usually set up to fail the driver.

 

While you decide how to become an O/O think first what type of work you want to do.
A lot of the hazmat stuff and LTL pay as much or more than a O/O doing say, port work.
And if O/O is still for you you'll want training in your chosen area before becoming an O/O.

I have some interest in O/O but I also remember that they need to do all the office work as well as drive. If the engine blows on my company truck my only concern is to get another one to get the job done. The owner needs to fix or replace it, or shut down. A 4 wheeler hits me, as long as I'm not hurt or at fault I don't worry. The owner still has the payment running truck or not. Before becoming an O/O look at the tradeoffs to see if it's worth it or going after a better paying segment of trucking is better.
I've never been a O/O so that's just my thoughts on it.

 

There are four things that you need to be successful.

First is actually having your license and experience driving.

Second is understanding the industry of trucking. What is standard practices and accepted, what are outrageous things that can happen and are exceptions to the rule, and how the day-to-day operation basically works and functions.

Three is understanding the business side of things. Handling money paperwork customers Brokers Etc

The last is making sure that you have plenty of money and you don't go broke. There plenty of guys that bought a truck and drove down the street that the truck blew up and they didn't have enough money to repair it. Or they work for a while then a repair happens are down for awhile then they work for a while then a big repair happens if they can't fix that or some scenario like that... you have to be able to survive and it cost a lot of money in this business.

Also remember that you need like two or three years to get any semblance of a reasonable insurance rate. I don't think even another company will sign you on if you have less than 2 years. So that would be my advice as the absolute at least bare minimum

 

This job take its toll on the body and soul so once you know you can commit to it for a long term, then the amount money determines the readiness.
Most owner operators fail in their initial few years because they are underfunded. They buy a truck with all the money they have and then they can't afford inevitable repairs or even fuel.
They are dishearten and surprised that at some periods they will make less money than company drivers when the rates are low and the maintenance cost is high, even though they have to work just as hard.

 

Don’t take all the comments as doom and gloom
Take the advice and use it to dig deeper and figure out what applies to your personal situation

No one knows your bank account or abilities etc

Many fail at this simply because they don’t do as you’re doing and that’s research
But many succeed and do very well, just walk through a TS and look at what everyone is driving and who their leased to if an O/O

Ones who fail don’t have any $ or a back up plan, there’s a thread on here that the guy was almost bankrupt and he just got his truck. Used and it basically went straight to the shop.
I think he had insurance for the repairs??? But wasn’t prepared to make a payment without income

As others have said. Getting on with a good carrier if you lease on. Not a truck lease thing but as an O/O with your own gear might be hard before the 2 year mark but if you can find a good lease on situation then they take a % and do all the paperwork as well as offer a fuel card etc

It can be easy to make it if you follow a strict or direct well planned path but it can be equally as easy to fail if you think you figured it all out

 

Thanks for all of the advice guys, it seems this topic is a pretty divided subject and I am a long way away from deciding on it so for now I will just continue to learn.

 

Lease Purchase Program | United States | Greatwide Truckload
https://www.greatwideotr.com/lease-purchase
At Greatwide We Turn Drivers Into Owner Operators With Our Lease Purchase Program! Good Credit Bad Credit No Problem! Apply Online To Get The Process Started. Visit One Of The Dealers Below In Person Or Online And Pick Your Truck.

 

A couple of questions I asked myself were:

How long before I transferred from driver to owner operator.

How long before I transferred from owner operator to jumping off this bridge.

It's really a life long battle.