How much do I need to start as an owner operator?
Discussion in 'Questions From New Drivers' started by Jbrow327, Nov 26, 2021.
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Would a hotshot setup work better with 20k starting? I guess I would put the truck on a business loan.
Or just getting a big class b box truck and running hotshot with that. I'd probably never be over on the scales. -
Pamela1990 and F4T6UY Thank this.
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Truthfully, what ever number you come up with, try to double it.
I started with $25k cash a year and half ago. Bought a preemission truck for about half of that. I was green as green can be. Needed things right off the bat and chewed through the remainder of my funds before I even got started.
On top of the 25k i saved, I made sure I secured access to nearly $60k of readily available, very low interest, unsecured loans. The plan was to be able to quickly purchase equipment as it became available and realized exactly what I needed. But, an inframe, rebuilt diffs. and a slew of other things ripped into that pretty quick.
Luckily, I made sure I was atleast twice as prepared as I thought I needed to be, because after all that, everything that could go wrong did.
Through my preparedness…and luck (mostly the fact that rates have been great), 10 months in and I owed absolutely no one absolutely no money and have been stacking coin and taking many days off to be with my family.
When I started last June, I kept in touch with 4 others that I met in orientation, and 2 drivers I met that were already here. 2 from orientation sold their trucks and went back company, and one of the drivers I talked to fell off the face of the earth, but he was well on his way to failure at a time when rates are as good as they’ve ever been.
You can never over prepare. Be ready.Siinman, RunningAces, dwells40 and 2 others Thank this. -
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I have a question: How much money do you expect to make in your first year as an owner op?
Lonesome Thanks this. -
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“Only while I’m learning the ropes, Six. Once I figure out what I’m doing, I would make more.”
Right. It would pay you $20k more MINIMUM, to learn in someone else’s truck. That would go a long way in startup money. But, you do you. I don’t have a dog in this fight.
Luck in battle. -
Has anyone financed a brand new truck here as a first time oo through a dealership?
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