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Thinking of expanding my business

Discussion in 'Ask An Owner Operator' started by kameleon, Dec 29, 2019.

  1. Dec 29, 2019 #1
    kameleon

    kameleon Bobtail Member

    40
    19
    Jun 28, 2019
    0
    I live in Colorado and I wanna buy a second truck and hire a driver/drivers. How much would everything cost me, workman's comp, insurance, etc? Is it worth it or only big trucking companies can pull this off? Thanks in advance
     
    kameleon, Dec 29, 2019
    kameleon, Dec 29, 2019
    #1
    Farmerbob1 Thanks this.
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  3. Dec 29, 2019 #2
    Midwest Trucker

    Midwest Trucker Road Train Member

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    Aug 31, 2018
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    Are you successful as a 1 truck outfit? Workman’s comp is around 7% of the gross. Payroll tax match is around 3%. I’d plan a good $75,000 at least for driver pay and that’s if you don’t offer health care and 401k.
     
    Midwest Trucker, Dec 29, 2019
    Midwest Trucker, Dec 29, 2019
    #2
    Farmerbob1 and kameleon Thank this.
  4. Dec 29, 2019 #3
    Ridgeline

    Ridgeline Road Train Member

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    Dec 18, 2011
    Michigan
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    Have at least five months of operating expenses in the bank.

    Then focus on how to hire the right driver. This is the most important thing, without the right driver, you will fail.
     
    Ridgeline, Dec 29, 2019
    Ridgeline, Dec 29, 2019
    #3
    Cabinover101 and Farmerbob1 Thank this.
  5. Dec 29, 2019 #4
    Atlaw4u

    Atlaw4u Heavy Load Member

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    Jun 8, 2018
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    Agree, the choice of driver will make or break you. What part of CO are you in?
     
    Atlaw4u, Dec 29, 2019
    Atlaw4u, Dec 29, 2019
    #4
    Cabinover101 Thanks this.
  7. Dec 29, 2019 #5
    blairandgretchen

    blairandgretchen Road Train Member

    13,379
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    Dec 9, 2011
    South west Missouri
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    Start getting some numbers on paper.
    Put them here, and seek input from folks on the missing variables.
     
    blairandgretchen, Dec 29, 2019
    blairandgretchen, Dec 29, 2019
    #5
    TexasKGB Thanks this.
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