Question about investors in the trucking business

Discussion in 'Questions From New Drivers' started by Trucker.1986, May 22, 2024.

  1. Trucker.1986

    Trucker.1986 Bobtail Member

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    No but like any business there is risk. Drivers won't happen untill I get some years under my belt running solo.
     
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  3. wifi_guru

    wifi_guru Medium Load Member

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    agree there's a risk starting any business. get some years under your belt learn the business try out different trucks also and see which one you like. learn how to run the truck like a business. being new with no exp you'll have a hard time financing a big shiny toy. build relationships with loan officers also. you might be shocked to find out they drove a truck if they did. with the #### show we have in the white house right now i would not invest in anything!!! get some years under your belt to see even if you like trucking!!!!
     
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  4. NorthEastTrucker

    NorthEastTrucker Medium Load Member

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    Yes, a business is a serious risk. This guarantees failure especially in this current freight market of over capacity. My 1st initial try at being an O/o was similar to what you want to do. My friend had the capital as an investor while I drove. It went south in the 1st month. We didn't speak for 2 years. Friends and businesses rarely work unless the market is at a exceptional surplus. Before 2022 some might say it was when rates were $4 to $5 per mile. We're in the storm and things will probably get a little worse before it gets better. Cash is King, I'd recommend saving up a minimum of $60k of your own capital 1st waiting until mid 2025.
     
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  5. Trucker.1986

    Trucker.1986 Bobtail Member

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    Yea biden needs to go and hopefully not re-elected.
     
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  6. Trucker.1986

    Trucker.1986 Bobtail Member

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    You feel my pain lol. I wish I can recommend him to go find someone ealse more experience to pester with his money. But you know how some of them operate. They only deal with thoes who they believe won't screw him. I won't and thats why he will just need to just sit and see what happens untill then.

    Covid and that edd money screwed up many businesses. Before covid I ran a successful legal pot plantation. Then the influx of poeple with that stupid pandemic money getting in and driving price down. I'm just fortunate I saved alot of money and went in business with my dogs. You really have to stand out in businesd now to Even have a chance and even then it's hard.
     
  7. wifi_guru

    wifi_guru Medium Load Member

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    YEP!!!
     
  8. wifi_guru

    wifi_guru Medium Load Member

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    there's an old saying NEVER do business with friends or family... why because it never ends up well in the end.
     
  9. Trucker.1986

    Trucker.1986 Bobtail Member

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    What's worse then friends? FAMILY!
    I know I got screwed over a house we purchased to run our production. Never again. Should of had a enforceable contract. I swear they are good at screwing blood.
     
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  10. NorthEastTrucker

    NorthEastTrucker Medium Load Member

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    Well thats the thing, you have to weigh out how your friend works too. My former friend hustled in the mid 90's, never worked hard at any job. He knew I was legit and have a few years in as a trucker in '97. Howver, I was in between jobs so since everyone looked as O/o's being rich (igorant perception because it not the Majority) he wanted to go 50/50. I drive and did everything while he collects 1/2 the money because he bought the truck. When business dried up quickly tempers elevated.

    In 2022, I tried it again on my own with more than enough capital in case of a year's worth of down time. This means I can pay for the truck, insurance, parking my personal expenses including home mortgages,, food,, family expenses etc. Fortunately, (keeping my fingers crossed) I'm still rolling as a lease on mainly because of the market. This business takes money quicker than any business I ever ran before. Plus the profit margin vs. Overhead is unfathomable when I explain to freinfs and family that I burn threw $1800 to $2300 Cad fuel some weeks. $500 Usd Oil changes, $450 wheel alignments etc. Trucking is a serious expense because not every week is the same.
     
    Last edited: May 23, 2024
    Reason for edit: Typo
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  11. tscottme

    tscottme Road Train Member

    Since you have time to sit, then put your effort into finding direct freight, not loadboard freight. Everything I have heard forever says direct freight pays better than load boards and is more predictable. IMO, what will decide if your plan works or fails is steady freight which pays. Load board freight is more like throwing one hamburger into a dog pile and seeing which dog can eat it first.
     
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