Minimum amount of cash in the bank to start O/O

A lot of great info in here.

25 to 30k should be fine but it's not any too much. Draw from Hursts experience because that stuff does and will happen. When is the big question?

The guy that mentioned having 4 months running expenses on top of the 25k would ease any extra risk concerns you may have. That is ideal for sure.

At Old Timer... yes back in the day 30k startup probably was unheard of. However, everything costs SO #### much nowadays. Along with inflation, 30k isn't what it used to be.

Another thing that folks might not take into account is the learning curve and how that will cost you money that wasn't originally thought of. You must have enough buffer starting out to run long enough to realize a course correction must be made. Many guys run outta money and quit before they really even gave themselves a chance. All due to poor planning.

 

I bought a top notch after market warranty and set up a maintenance account to cover most of the unexpected repairs. The company you lease to should spot your fuel and deduct it from your settlement. If not, have a few months of cash flow ready if you're waiting on receivables

 

Thats all I do. I'm not a mechanic per say,.. just a really good wrench.

Once you get some time under your seat, you'll develop a 'tool kit' of tools you need for things you can fix yourself. Then have an assortment of things like Hoses, compression couplings, air line, boost couplers and clamps, fuses, relays, various gauges of wire, a circuit test kit, gorilla tape, hose tape, brake cage tool, brake spring kit and C-clamps. That way your not spending $300 - $400 for something you can fix yourself for $10. I only did that once to learn the value in doing as much as you can yourself. Its why I will go over my truck top to bottom when home and look for things (Preventative maintenance) that might cause a problem out on the road. Sort of a pay now or pay later attitude. Much easier to take care of things at home than waiting till something breaks while under a load.

Mobile mechanics have no mercy either,.. they know when you call them and your on the side of the road,.. you are between a rock and a hard place. Broker/receiver doesnt care or want to hear about your flat tire, or blown boost coupling. Is the load delivered yet? So the quicker you can get back on the road the better.

Large repairs,.. yes,.. its in the shop.

Hurst

 

Warantees are great to cover some stuff but dealers don't move fast when it comes to major work, they don't make their money there and warantees also don't cover the lack of revenue, so they are only as good as the truck, not the work.

Also midnight avoid putting repairs on credit unless you have funds to cover it already there. You want to reduce your debt load as much as possible on the front end of the repair so you don't end up paying more on the back end.

One other thing is be proactive. About 3% of owners out here do not replace things before they break or wear. So if you are having brake work done, take a close look at the hubs and always replace seals - a lot of mechanics will say don't bother.

 

What a joke. $10k and a big line of credit maybe. Learn from Hurst. That truck could be down 3 months. How will he pay his mortgage with $10K?

 

This is a must if you are going to be successful the hardest part for me to start on my own was being in the hole $7500 when I started with my own truck.Butin the first 5 months I paid that back and after a year and a half went and got my own numbers, bought my second truck my own trailer and have been doing very well.

 

Get rid of those ugly black rims and add some chicken lights. It'll sell quick.

 

I started with about $30k (after the truck purchase) and also spoke with my bank about having access to another $30k in a line of credit if I needed it. I feel comfortable with $45-50k, but I don't have any payments on anything.

 

I've seen so.many of you say about covering upto 3 months of downtime.

Have none of you heard of short term leasing? If my trucks back home were going to be down for more than two weeks I leased a truck. Even at $500 a week for the lease. Plus drivers wages and fuel I'd still make plenty of money....

Don't think like a driver. Think like a business owner. Trucks down how can I keep moving while it's being repaired....