is it worth it to be a true o/o?

be ready to spend lots and lots of money I wouldn't start after company setup truck trailer everything in place have at least an additional $40,000 in your bank account. its very expensive learning as you go. that's how I did it first year you probably wont make any money so make sure you have backup.that is enough money to start with where you can pay for everything and be able to float your self the full 30 days without being paid and cover any maint issues. also you wont need to factor or do quick pay so right there your putting 3%-7% into your pocket trust me its worth it. if you have the right funding after the expensive learning curve you can make really good money but if you don't this business will eat you up and will lose your investment. also if you don't have business sense you wont do well that is the reason most drivers fail is they don't know how to run a business.
also be prepared to spend 3 months at a time out of the road with $800 a month in insurance and cost of everything else costs too much to sit

 

Like others said the risk is much greater for O/O's compared to company drivers but the potential reward is also great. Minority make it big, others completely fail, majority end up in the middle where they make about the same as company drivers but work on their own terms without having a boss and probably work less hard than a company driver.

On what he said about sending monthly checks to brokers to get loads, that is "standard" yet unspoken practice among certain brokers(at big brokerages) and carrier. I know of people who do/did this, where they were paying a broker monthly to get priority well paid loads, perhaps at a smaller brokerage percentage, and in turn paid broker under the table.

 

I bought a truck when I was young and stupid and failed miserably. The only good thing is I was smart enough to get out of it before it completely ruined me financially.

I went to work for a small flatbed carrier running the Northwest. We were home on weekends unless we wanted to run, the pay was good, and the time off policy was writing the dates you were going to be gone on the dispatch board. But the best thing was the owner taught me about money and running a business. I took a lot away from what he talked about. He was like a mentor for me and when I got divorced I knew I was ready to take another swing at it.

The first year my net was about half what I was making as a driver. But, I was making good money and I put a lot of money back into the truck. The second year I netted about the same as when I was a driver. But, I put a fair amount of money back into the truck. Year 3, my net was beyond what I ever thought it would be. But, now I don't have a payment on a very reliable truck that has pretty much been rebuilt front to back.

I'm dedicated to a carrier that I pay 5% to load me. He's been in business since the 80's and has a debt free company. He's a great guy to talk with and on a couple occasions has talked me out of something that seemed like a good idea at the time. I feel fortunate to have two successful people help guide me on my way.

And to touch on what others have said, there's 18 of us all doing the same deal. He's really good about not playing favorites and runs us all the same. We range from guys with older trucks and trailers who are comfortable and don't panic if there's a slow week to guys that have payments on their payments who freak out at the slightest slow down in loads.

 

Yep, desk jockeys.

The same one's you wish would takes the same place of a moose or deer your about to hit with the bars in front of your truck.

And then you giver fuel instead of the brakes... and keep driving as they go under your 18+ wheels.(Evil laughter and smile with a grin)

 

Thanks for some info. I'm looking at a early 70 canover freightliner. Is clean, just had the top end check oit. Was fine. The guy is driving it locally right now is is a food truck. I can buy it with no payments. And just have trl. Payments. And all that fun stuff you have on your own authority.

 

Depends on if you haul cheap freight or high dollar oversize loads or crude oil

 

Where's the high dollar over-sized loads at? That stuff moves as cheap as general freight any more. Lol

 

Some does, some don't, you need to work with the "some don't" crowd.

 

Oh yeah I'm sure of it like everything. A friend of mine shares some rediculousness in that kind of freight every once in a while. Rates chopped in half or worse. It moves too. Desperate times seem to be pushing trucks into segments they don't have a clue about. And brokers too. Broker will look at something paying $15,000 and figure that's an easy $7,500 or more in their pocket. Never mind if nothing is left to the truck after permits, etc. A theory we have is permits are not being bought.

 

An early 70's truck??? That truck is over 40 years old. Go try to get loads (other than very local) with a truck that old, and you're gonna get laughed out of the room. I think you're a TROLL, nobody who's really driving and making $60k in the trucking business, would even consider making a move to O/O. I'm not hearing any realistic plans on your part. There is no free lunch in trucking, not even crackers and water. Sorry to burst your bubble.

 

They aren't on load boards.