Some numbers for new O/O

Discussion in 'Ask An Owner Operator' started by DUNE-T, Aug 23, 2018.

  1. Driver Eight

    Driver Eight Light Load Member

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    Yes I agree. It reads like a forever doomed forecast instead of giving the benefit of the doubt to getting to a learning curve. I mean people have to start somewhere. What, they don’t have all the answers on day 1 so forget it?
     
  2. Blackhorse77

    Blackhorse77 Light Load Member

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  3. Driver Eight

    Driver Eight Light Load Member

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    So this means it is reserved and paid whether you use it or not?
     
  4. SteveScott

    SteveScott Road Train Member

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    Report back with us after you've been doing it for a year or two and tell me if my outlook was pessimistic, or realistic.

    If you're going to be an owner operator or start any kind of business for that matter, you don't need all of the answers on day 1. You need all of the answers several weeks or months BEFORE day 1. Around two thirds of new owner operators fail and go out of business within the first 2 years. I ran my own company for 30 years before becoming a truck driver and an owner operator. Without my previous business experience, I would have thrown in the towel by now. It's a tough business.
     
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  5. Driver Eight

    Driver Eight Light Load Member

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    Well I certainly respect your knowledge and experience, and don’t quibble with the numbers. From what I understand, most of the failures have to do with being initially undercapitalized, and also lack of discipline in terms of work days put in along with not putting money away as it comes in. If you cover those bases, the other stuff should be able to be learned with experience imo. But I’ve never done it so maybe I’m wrong.....
     
    Blackhorse77 Thanks this.
  6. Blackhorse77

    Blackhorse77 Light Load Member

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    Yes. You need to pay one month in advance.
     
    Bean Jr. and Driver Eight Thank this.
  7. Blackhorse77

    Blackhorse77 Light Load Member

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    If I would find this thread two months ago, I would never start going on my own. We started with nothing, seriously. I got credit because of my good credit history. I took loans. It is way better than leasing equipment. You need money for two months to get things moving. The registration and insurance will eat most of it. That is why to have a good credit pays off from the start.
     
    Last edited: Apr 10, 2020
    Driver Eight Thanks this.
  8. Blackhorse77

    Blackhorse77 Light Load Member

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    Wrong. It can cost you up to $25K per year depending where you live. We got it for almost $22,000. I am trying to get more discount.
     
    Barrywinter217 Thanks this.
  9. Blackhorse77

    Blackhorse77 Light Load Member

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    Where I am the insurance costs me almost $2200 per month.
     
  10. Blackhorse77

    Blackhorse77 Light Load Member

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    Hi all,

    Now, it is a bad time to start when plants and warehouses close down due to employees who come down with Covid-19. There are limited loads, and brokers cut their rates in half. That is a sorry site to see.
    It is harder to book since some give priority to ones that have MC numbers for a year, others six months.
     
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