So you want to "own " your own company

I owned a few trucks and had my authority common and contract. I booked all my own loads threw my authority and used load boards when I first started out, a lot of work but it can be done, and I made pretty good money. I had the inside of my Kenworth studio set up like an office and did most of my work out of it. Later on I landed a sweet contract with a company that kept me busy, I found it by knocking on doors and talking to owners of smaller companies that needed a trust worthy carrier. I no longer own any trucks so I'm not sure how it is these days, I did all that in 2001 when fuel was $1.60 Gal Good Luck

 

I'm still waiting for the name of the place thats sells for $395 a month!

 

I have been trucking locally for over 11yrs and been over the road 2yrs total. I have been playing with the idea of being an O/O for some time. My quesitons is, what is the most first mistake to becoming an O/O? What advice does anyone have for someone like myself who is thinking of being an O/O? Thanks for any advice.

 

The first mistake would be trying it now. Trucking in general is in the toliet, wait till Obama makes it all better.

 

The biggest mistake of any business is to start it under capitalized.

Specific to trucking, I think the biggest mistake people transitioning from being a company driver to owning or leasing is not understanding that you are running a business that happens to operate a truck and not a truck driver that happens to operate a business.

A company driver makes money according to the following formula:

miles driven * CPM = Income

A business owner makes money according to this formula:

Gross Income - Expenses = Net Income

Not understanding this is a recipe for financial disaster.

Good luck,

Jim

 

find the gig first then find the equipment and .95 you will be taking the slow road to nothing

 

they look at income not expenses and many acquire to much debt trying to do it
so go out and look at the truck you really want take a picture of it put it in the corner of the windshield of the cheapest lowest mileage truck you can find buy a couple pallets of mac& cheese and an alarm clock that goes off every 4hrs and and a good picture of yourself to give to your kids and then find the best divorce lawyer and put the number in your phone
then you are ready to get started

 

I was told on another site that starting January 2010 it will take 4 months to get your authority instead of the 20 or 30 days. Anyone heard that yet?

 

New safety and compliance measures are due for roll-out by the Feds in '10. I don't know how that will effect getting your authority though. Many of the new items, as I understand won't be out until late Spring early Summer. If you're thinking of getting your authority however, I'd not wait.

 

I think its probably $395 a week not a month. That seems more realistic.