Owner Operator here no debt

Discussion in 'Ask An Owner Operator' started by Transportacion R&R, Apr 10, 2020.

  1. Transportacion R&R

    Transportacion R&R Light Load Member

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    Good morning everyone I have a few questions for you all;

    1. Starting my business with 2015 freighliner 500k miles and hoping to run 3000 miles a week.
    2. What are the chances of me averaging $2.00 a load during this time?
    3. Has anyone seen a decrease in Load boards due to non-essential items?
    4. What are your average plates running? Pros and Cons of owning your own plates?
    5. What is your favorite Business Credit card to use for UN-forseen expenses on the road.
    6. Whats your favorite company to go haul for with experience requirements?
    7. Whats your average maintenance account savings per week? i'm thinking $400 a week
    8. Whats your average insurance costs per week? with your company?
    9. Considering getting my own Authority? Pros and Cons please.

    Please keep in mind I don't have truck payments. Thank you for all your help.
     
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  2. Driver Eight

    Driver Eight Light Load Member

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    In b4 they tell you not to chase miles :D

    FWIW I will be in your shoes soon enough, no debt, money in the bank. God willing the economy permitting. I’d have plunged in already but I was holding back because we were due to have a recession, I was scurred to commit. Then the virus hit. What has kept me in the hunt is the possibility of buying a cheaper truck. But it’ll have to be substantially cheaper to be enough to weather what’s about to happen
     
    Last edited: Apr 10, 2020
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  3. Transportacion R&R

    Transportacion R&R Light Load Member

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    Not understanding your response sir. To which question is your answer for?
     
  4. Driver Eight

    Driver Eight Light Load Member

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    Oh sorry, as you were. Guess I’m rambling.:biggrin_1square4:

    But, you wanted to run 3000miles pw, a touch point for them. Chase the money, not the miles yadayada
     
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  5. Transportacion R&R

    Transportacion R&R Light Load Member

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    Yes off course. My goal is to have 4 trucks running in a years time. I have made some personal numbers and in order to get to that first goal, i would like to average 2.00 a mile before any expenses or percentages are taken out.
     
  6. TallJoe

    TallJoe Road Train Member

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    Good Morning,
    1. Possible and feasible.
    2. At this time difficult for loaded miles, especially on long hauls.
    3. Generally there is nothing else but decrease at present time.
    4. I pay for mine about $2000. You are an owner, you should have your plates. If you use someone else's plates then you are pseudo-owner as someone else has control over your equipment.
    5. Any.... with the least APR and the highest balance. I am using Chase INK and Capital SPARK business.
    6. I don't know...I am independent. Others will tell you.
    7. Build up reserves for at least 15-20K and try not to go below that, especially with the truck of yours. The sooner the better. As matter of fact. I would not want to start without such reserves.
    8. Insurance is different for someone who is leased on to another carrier and for an independent o/o.
    9. too broad ... others will tell you
    10. Even though you have no truck payments, your truck can be liability. Be prepared for many unpleasant break downs. You need that cash reserve for maintenance.
    Good Luck.
     
  7. Transportacion R&R

    Transportacion R&R Light Load Member

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    I appreciate your comments. We do have reserves, and we will continue to save $400 a week for maintenance.

    Thank you once again, I really do appreciate the time you took.
     
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  8. Josh91

    Josh91 Bobtail Member

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    Is it better to start your company are get hired on if you have ur own truck and trailer I’m trying to get started
     
  9. G13Tomcat

    G13Tomcat Road Train Member

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    To 'both' of you... I'm NOT an O/O, but have been in the business of trucking for 20 plus years. Unless I missed it, what freight are you wanting to pull?

    IMHO.. in this economical 'downturn' and 'unrest' ... were I you's guys, I would LEASE on to .. somebody. Not allowed to recommend on here, but do your due diligence, and read.

    Reefer? (<< good money, sporadically right now...) Tanks? (always busy, but..overproduction of milk... cows don't quit...) Flatbed? (Couldn't tell you, wasn't my forte, but I'll get ya somebody that can...@TripleSix ?) Heavy Haul?!? (<< SAME.) Dry vans? (I haul cardboard and paper products, so I'm good ...and should be for a good while.)

    AND .. how much experience do y'all even HAVE driving, at all? Few years in.. .company side?!?

    I almost mortgaged my farm.../home/acreage to buy a Pete ..but my buddy only wanted to sell the 'fleet' ... (of five.) Coulda, woulda, shoulda? I'll never know.

    Think long and hard. Straight up authority will skyrocket your insurance, and the market (boards) are bleak....but for specialties. New numbers... are ... just THAT.

    BEST OF LUCK.... I'll follow this thread, anyway!

    Tomcat

    ps: If my 'tag' didn't work, look up @TripleSix and MANY other great guys/gals on here.

    psps: @Chinatown is a wealth of information; he's our 'TTR guru,' regarding companies.
     
    Last edited: Apr 10, 2020
    Reason for edit: added ps's
    Coffey, 1BluePeter and Rideandrepair Thank this.
  10. JonJon78

    JonJon78 Road Train Member

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    Not a better time then now to start a trucking business!!! Tons of loads available on all load board!!! High paying loads to!!! Success in the making!!! Everyone out here is swimming in $100 bills.
     
    wore out, Deere hunter, Coffey and 9 others Thank this.
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