Insufficient capitalization.
How do you make a million dollars in the trucking industry?
Start with 2 million.
Number one cause
Discussion in 'Ask An Owner Operator' started by Lightseeker35, Jul 21, 2018.
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underestimating how much money you're going to need vs how much money you think you'll be able to continue to earn
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I’m 22 and I’m an owner operator, I started working with a broker to haul dirt when I was 20. I was driving a 93 kenworth until DOT stopped me, luckily I was able to save some bucks and bought a bobcat and a 2011 super 10 and now I’m doing all kinds of demolition work, failure only happens if you give up.
Tug Toy and Doing_flatbed_nc Thank this. -
This is why you need capital to be liquid when you start the venture, not depend on things like credit cards or your 401k.Tug Toy, shatteredsquare and MBAngel Thank this. -
Tug Toy Thanks this.
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Money, money and more money.
If I wanted to live my life processing 500,000 per year I would be President or something. Not scratching as a O/O. -
That's the day right before you see me on the news.
My engine brake was shorting out, and the dash switches would intermittently stop working, and the dome lights wouldn't come on. A YouTube video led me to unplug the bunk switch input from the hazard dash switch (red and black wires, there's two sets of them). That fixed the short, which led me to look at the bunk switch. The box that holds the individual toggles had arced across one of the MANY EXPOSED traces on the floor light switch section. Got a new box from parts, everything fixed, no issues.
Please explain to me why a 150k piece of equipment has the F!=+=#!@ engine brake toggle on the same circuit as a cab floor mood light. Mexican standard.Brickwall Thanks this. -
A) Working capital.
B) Business Nous... -
Money management or lack thereof.
And I don't agree with the lease bashing statement. While most lp is a bad deal, its not a guarantee failure. I no to many guys who have succeded that way. It all depends on the contract (devil us in the details) and the company. ** I am speaking mostly of moving companies/van lines. Cant speak of freight, reefer, or flatbed companies** -
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