I want to be an Owner Operator in 5 years.

Discussion in 'Ask An Owner Operator' started by YOUNGSTER, Dec 17, 2014.

  1. thelushlarry

    thelushlarry Road Train Member

    Joined:
    Jan 9, 2012
    Messages:
    3,023
    Thanks Received:
    9,000
    Location:
    glasgow ky
    0
    I heard the same thing on the CB so you know it is true.:biggrin_25520:
     
    blairandgretchen and rogueunh Thank this.
  2. blairandgretchen

    blairandgretchen Road Train Member

    Joined:
    Dec 9, 2011
    Messages:
    13,452
    Thanks Received:
    72,617
    Location:
    South west Missouri
    0
    Absolutely. I've fact checked this with Wikipedia also.

    To the OP - spend some time reading on here, and 5 years is a good goal. Also getting the reserves to go in with cash is a good idea.
     
  3. ineedajob

    ineedajob Light Load Member

    Joined:
    Oct 18, 2014
    Messages:
    232
    Thanks Received:
    191
    0
    The increased insurance limit was a hot topic on road dog a couple months ago then haven't heard anything else about it. It has to be true if it's on road dog
     
  4. scottied67

    scottied67 Road Train Member

    Joined:
    Mar 14, 2010
    Messages:
    10,826
    Thanks Received:
    12,673
    Location:
    california norte
    0
    Pick up your copy of The Trucker at the TA / Petro it is front page news? Wow
     
  5. Big_D409

    Big_D409 Medium Load Member

    Joined:
    Dec 1, 2012
    Messages:
    552
    Thanks Received:
    729
    Location:
    Robertsdale, AL 36567
    0
    Your goal of starting in 5 years is fantastic. This will allow you plenty of time to set yourself up financially, which is crucial in today's world. That to me, and I would think many other owner operators, is the hardest part. Budgeting your expenses will help you reach your goal and carry you on to retirement. Since you are currently a company driver, do your best to monitor every expense you have (fuel, tolls, repairs, miscellaneous amenities, etc...). I allow myself a few minutes at the end of each day to go over any receipts I may have for that day and file them for that current week. Then at the end of the week I take each day and put them onto one sheet, so you can see what your profit and loss for the week is. Obviously you want to have the biggest profit, so seeing the numbers in front of you will help in budgeting your money toward that 5 year goal of owning a truck.
    Startup costs will vary based on your location, area of focus, truck cost, tags, fees, etc... After budgeting your expenses as a company driver for a while, you'll understand what your startup costs will be and what it will take to keep your wheels turning.
    At 22 you CAN have a very successful company, but you just have to do the hard work to get there. Besides doing all the paperwork to familiarize yourself with all the numbers, start now with making relationships. You don't have to come on strong, but be friendly and leave a good impression. It will help you further down the road when it comes time to get your own authority (5, 10, 15 years, etc...). On my end for LTL work (avg 20 stops to furniture stores from Philly to Boston) and if I run behind, I have made enough contacts that some of the stores will come out and meet me so I can get back on schedule. I have stores open early and stay late, allow me to enter after hours, or even a place to stay if I don't feel like sleeping in the truck. So really if you do the hard work now, you will set yourself up for success.
    Also be smart about what you do and your decisions you make. Don't be afraid to ask questions; that's why this forum is here!
     
    91B20H8, icsheeple and YOUNGSTER Thank this.
  6. reefer101

    reefer101 Medium Load Member

    Joined:
    Oct 24, 2014
    Messages:
    444
    Thanks Received:
    246
    0
    yep start saving money now so you can spend it when you become o/o. its like saving for retirement and buying RV and traveling the country.:yes2557:
     
  7. kemosabi49

    kemosabi49 Trucker Forum STAFF Staff Member

    Joined:
    Jan 13, 2013
    Messages:
    10,761
    Thanks Received:
    46,332
    Location:
    SW Arkansas
    0
    It's been on the OOIDA website a lot too. The bottom feeding trial lawyer assn is spending a lot of $$ pushing this agenda with the FMCSA and it seems to be working.
     
  8. DonM

    DonM Light Load Member

    Joined:
    Jun 22, 2012
    Messages:
    148
    Thanks Received:
    78
    Location:
    Southeastern USA
    0
    Save your money!!!! This will involve living like a monk, and working all that you can. I wouldn't attempt going into business without at least 25-30K in reserve after getting a good used truck. Some do it with 10K in reserve and make it. Others fail. The more money you have in reserve the better.

    There was a pretty inspiring thread on here about a guy that started his own business running reefer freight out of south florida in 2010-2012. I wish I could find that thread because he really covered the ins and outs of what he went through starting out. I lost track of the thread in 2013, as my visits to this board diminished at the time. Maybe one of the old timers or moderators could refresh my memory for your sake and others?

    While you are a company driver start learning all you can about minor repairs, and learning where good small truck repair shops are. You will pay $95 and up per hour at the big name shops. And many times they are no better than a small sole proprietor shop.
    This unless we are talking about warranty work. Keep good notes about what the costs are for various repairs and consumables, like PM Services, and Tires. You want to figure out what it is going to cost you per mile to work a truck, without understanding this and the reliability of the carrier you will likely lease on to you will set yourself up for failure. I learned a valuable term from a book about investing, and it holds true on most everything in life. "You get what you inspect"..

    Do your research, read a lot of the owner operator threads on here. There is a lot of good info about Land Star, Mercer, Farm2Fleet and others. It just all depends on what you want to do and how you want to run.

    Good luck..
     
  9. bullhaulerswife

    bullhaulerswife Forum Leader/Admin Staff Member Administrator

    Joined:
    Jul 23, 2007
    Messages:
    28,354
    Thanks Received:
    44,768
    Location:
    Midwest
    0
  10. DonM

    DonM Light Load Member

    Joined:
    Jun 22, 2012
    Messages:
    148
    Thanks Received:
    78
    Location:
    Southeastern USA
    0
    Thanks Bullhaulerswife; Similar but not the one I was thinking of.

    The guy I mentioned did reefer work. Seems like he hauled plants and flowers out of Florida. He bought one or two trucks but he then started renting or leasing trucks, from Penske. He carefully documented his profit loss and talked about loading direct from shippers and even dropped some names. It was a very detailed and informative thread. I do remember the guy was obsessed with Iced Coffee.
     
    Last edited: Dec 12, 2015