Wanting to Start HotShot Trucking in 9 Months

Discussion in 'Expediter and Hot Shot Trucking Forum' started by ZachL18, Dec 23, 2020.

  1. ZachL18

    ZachL18 Bobtail Member

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    Dec 23, 2020
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    Hey everyone I'm wanting to start hotshot trucking here in the near future. Ill be 21 in 9 months and I live in Minnesota so what would you guys recommend I do. Also where do I need to go to get all of the certificates, licenses, and legality things taken care of?
    Thank you for all info much appreciated.
    P.S. I dont know very much about this and I'm wanting to make this my own business so I know I need a truck and trailer. Other than that I'm pretty lost.
     
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  3. Trucking in Tennessee

    Trucking in Tennessee Road Train Member

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    First put about $25,000 in the bank.
     
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  4. Lite bug

    Lite bug Road Train Member

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    Wow if I had taken your advice I would have never started. If I was 21 how can I accumulate $25,000. I will disagree with you, unless just to discourage someone.
     
  5. 24kHotshot

    24kHotshot Medium Load Member

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    You need some money in the bank to put a down payment on a truck and trailer. Also all the fees for all the legal stuff and a down-payment to progressive and that will be very expensive for a 21 year old no experience hotshot. Let's add the first week or 2 of fuel until some payments come through.
    So yea, 25k in the bank will be good to start off with.

    I started with 60k. Paid cash for the trailer and put a 50% down payment on the truck. 6k down payment for insurance and 3k for the upfit. A few more grand for irp, dot, mc, stickers, alcohol and drug consortium ect.... also sitting for a month and a half till my dot was authorized so almost 2 months of insurance being paid while sitting.
     
  6. Lite bug

    Lite bug Road Train Member

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    I started with nothing. Leased on to a guy starting out to see if I liked doing this. I already had my truck went and leased a trailer. I put everything on a credit card and payed it off every month. I did not make any money the first year but got a lot back after doing taxes. I remember my account saying after 3 years you must show a profit if not you need to claim it as a hobby.
     
  7. Trucking in Tennessee

    Trucking in Tennessee Road Train Member

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    You are more than welcome to ignore advice. It takes money to operate a business. You have to prepare for a worst case scenario, and if you are on the road there can be many. Living on a shoe string is not smart. It could wipe you out. One good wreck and you could be sued heavily. Lawyers don't work for free. There are many reasons for having that money. It's not discouragement, it's reality. At 21 you just have no idea what can happen. There is a reason insurance does not drop until you are 25. Maturity. Speaking of, I hope you have gotten quotes. You can accumulate that money by working hard for a few years for someone else. Stop being in such a rush.
     
    24kHotshot and Lite bug Thank this.
  8. Lite bug

    Lite bug Road Train Member

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    I think you are right as far as sharing your experience. I believe he is way ahead of the game at his age and researching his idea. I would take a different approach and say go for it. Continue to gain knowledge sometimes business owners appreciate a young man starting out and will give them a shot just to see what they can do. The leaders in a marathon race are so far ahead of the rest of the pack most of the competition can not see them.
     
  9. Creswell81

    Creswell81 Bobtail Member

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    I just had my truck work on about 2 months ago and spent $775.00 be4 that i spent about $1500.00. You never know what will happen.
     
  10. Trucking in Tennessee

    Trucking in Tennessee Road Train Member

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    Mar 19, 2018
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    There are some famous lines that usually do not not end well.

    Go for it.
    Hold my beer.
    Hey ya'll, watch this.
    Should be OK
    Worked last time I tried it
     
    Creswell81 Thanks this.
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