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I didn't make it, but I want other startups to learn from my mistakes.

Discussion in 'Ask An Owner Operator' started by Michael H, Feb 2, 2017.

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dptrucker Road Train Member

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bigguns said: ↑

It takes a man to admit his mistakes and then to post the same. Awesome. Thank you for what you just did. Maybe it will help someone else. Sorry you experienced that. Never give up trying.
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Ditto.

dptrucker, Feb 2, 2017

#11

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rank Road Train Member

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Thanks for posting.
1. What year and model truck?
2. How much money did you have to start out?
3. How much should you have had?

rank, Feb 2, 2017

#12

Crusader66, G13Tomcat and swaggerjacker Thank this.
Loose Leaf Medium Load Member

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TallJoe said: ↑

I hope you'll recover and try again and then write another happy end story.
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No trying to it, he will do it.

Loose Leaf, Feb 2, 2017

#13

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Bad Monkey Medium Load Member

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I agree with everybody else in that it takes a big man to admit you made mistakes. But don't beat yourself up too bad and learn from it. It will make stronger. Good luck.

Bad Monkey, Feb 2, 2017

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Loose Leaf Medium Load Member

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Loose Leaf said: ↑

I got a 1995 International with a 3406e CAT 1.4 MILL. has so much work done to it it'sinot funny. It runs great, only problem is most companies will not touch it or me. My experience is from the past, I won't let that stop me.

I wish the driver a speedy recovery.
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It's a little to late to stop me.
Do to a accident I been out of the work field for years.
Like schnider, I traded the family car andwhat cash I had for a chance to chase a dream.

Now like the other driver I feel like I know nothing and can only hope for others to help teach me as I go.

Lol No recruiter info needed at this time.

Loose Leaf, Feb 2, 2017

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Loose Leaf Medium Load Member

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Loose Leaf said: ↑

It's a little to late to stop me.
Do to a accident I been out of the work field for years.
Like schnider, I traded the family car andwhat cash I had for a chance to chase a dream.

Now like the other driver I feel like I know nothing and can only hope for others to help teach me as I go.

Lol No recruiter info needed at this time.
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Over 5 years experience and my last job was hauling pigs.

Loose leaf, they use to let me roll as I wanted.

Loose Leaf, Feb 2, 2017

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ncdriver1 Road Train Member

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I'm at a similar point, bought a lemon and its absolutely destroyed me financially. Right now I'm stuck in Gary trying to get the truck fixed again, second time this week its been in the shop...and this after it was just in the shop for 2.5 weeks...all for unrelated issues. Currently filling out apps with some local companies as a company driver because it looks like I'll be starting over from square 1 after this debacle. Hopefully the economy will improve enough that people like me and Michael H get a second chance at our dream.

ncdriver1, Feb 2, 2017

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Loose Leaf Medium Load Member

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Loose Leaf said: ↑

Over 5 years experience and my last job was hauling pigs.

Loose leaf, they use to let me roll as I wanted.
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Lmao I miss sliding in pig #### to get you all your bacon.

Loose Leaf, Feb 2, 2017

#18

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swaggerjacker Medium Load Member

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"I'm at a similar point, bought a lemon and its absolutely destroyed me financially. Right now I'm stuck in Gary trying to get the truck fixed again, second time this week its been in the shop...and this after it was just in the shop for 2.5 weeks...all for unrelated issues. Currently filling out apps with some local companies as a company driver because it looks like I'll be starting over from square 1 after this debacle. Hopefully the economy will improve enough that people like me and Michael H get a second chance at our dream."

Please, give us info on the truck and your problems with it. Make, model, age, problems with the truck, starting capital, region....this would be really helpful. Thanks for sharing Sir.

swaggerjacker, Feb 2, 2017

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Loose Leaf Medium Load Member

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Michael H said: ↑

After making it past the dreaded first year, I am now giving up my authority. Just as rates were going up and I was starting to get a handle on the business.

I thought I knew something about trucks and trucking when I started my company. I did my research, talked to people, had OTR and local driving experience, etc. In this past year, I have come to the realization I didn't know anything. What I've learned over the past year is amazing. The knowledge I have gained would have kept me from making my fatal error if I knew it beforehand.

Learning to deal with brokers, shippers, receivers and other drivers is not too bad. Basic people skills take you a long ways. Negotiating rates is fun. Having the ability to turn down a crap load is more fun. Keeping up with the paperwork is challenging, but kinda fun. Paying the bills and dealing with the government? Not fun. Never will be.

Here's where I screwed up. If you are thinking about becoming an o/o, this is free advice.

-I was underfunded going into this. I knew it, so no excuses. I had been working for a company, socking away startup funds. The company went out of business 6 months before I was ready to head out on my own. I rushed into my authority with no reserve funds. Had I not made mistake number 2, I could have sucked it up and recovered. However, I made my fatal mistake...

- I invested in a "lemon" truck. Plain and simple. I bought a truck I couldn't afford. The payments were killing me, but not as much as the maintenance. The added stress of the monthly payment caused me too many problems and led to robbing Peter to pay Paul. I was just talking to a friend who owns another trucking company. He complained about spending $5k on repairs over the course of last year on one of his trucks. I laughed and told him I spend a minimum of $5k a MONTH for repairs to mine! This is true. I had a lousy dealership mechanic pull one over on me last summer, which resulted in my truck sitting for three months while they did nothing with it. It took some strong arming from my financier to get them to finish the job. That resulted in at least $43k in lost revenue alone. But the payments and insurance were still due...
I couldn't dig out from under that when I finally got back on the road. I just spent 3 months out trying to play catch-up, to no avail. I was still constantly facing downtime due to repairs. That truck was as unreliable as the day is long.

I realize now, I could have taken the hefty down payment I had and bought a better truck with cash. No stress over monthly payments. No getting behind on two months of payments, no repos. I could have owned the truck outright, probably had a more reliable truck, and still be in business. Taking the knowledge I've gained, I'd have bought a much cheaper truck from Iron Planet auctions, or something similar. Owning the truck is the key to success, in my opinion. Having monthly payments, on top of all the rest of the learning curve and troubles you will face, is not a way to start on the right foot in trucking.

I offer this story of my failure not for pity, I don't deserve it. I offer it as an object lesson to those of you doing research on starting your own company. Don't over purchase. Stay with what you can afford to own outright and upgrade down the road after you've become a successful o/o. I hope this serves as a cautionary tale for someone else. Now, it's time to go store all my trucking gear, tarps, chains, binders, etc., sell the house and plot my return to trucking.
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Maybe you can use your authority and put others like me to work?

Loose Leaf, Feb 2, 2017

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