xdudebrahx Posted February 28, 2014 Share Posted February 28, 2014 I'm going into my 5th year as a company driver and have made some decent connections. I'm tossing around the idea of buying my own truck and working for myself. Pretty much looking for an all mechanical R model as I've spent all my time behind the wheel of one of those and I'm semi familiar with them. Anyone care to offer up some starter advice for me? I understand the work side of it, but not so much the business side. School me. Quote Link to comment Share on other sites More sharing options...
GreenGiant2 Posted February 28, 2014 Share Posted February 28, 2014 the idea is a good one, but the paper work will kill you. more paper work than you can think of and tax on taxes Quote We the unwilling, Lead by the unqualified, are doing the impossible, for the ungrateful. Link to comment Share on other sites More sharing options...
xdudebrahx Posted February 28, 2014 Author Share Posted February 28, 2014 That's what worries me. I'm extremely ignorant when it comes to the bookkeeping side. Put me behind the wheel of a truck and I'll drive it around the clock. Put me in front of paperwork and I'll scratch my head for a day.I have two friends who are owner operators who have offered their help already, but I'll take all the advice I can get. I figured there's a wealth of knowledge and experience here. Quote Link to comment Share on other sites More sharing options...
85snowdog Posted March 1, 2014 Share Posted March 1, 2014 There is saying by Farrah Gray "Build your own dreams, or someone else will hire you to build theirs." That being said, I agree with GreenGiant. Paperwork and regulations are a big part of the job. Quote Keith Link to comment Share on other sites More sharing options...
Popular Post mack mhe9 Posted March 1, 2014 Popular Post Share Posted March 1, 2014 Yes driving the truck will be the easy part. Insurance, fuel reports, taxes, drug screens, and if something goes wrong what do you mean I can't collect? And if you do everything correct one day you could even get a dot audit. And there's going to people who have more with less work, yet I wouldn't have it any other way. Cause I can hold my head proud cause I did it. 3 Quote Link to comment Share on other sites More sharing options...
hatcity Posted March 1, 2014 Share Posted March 1, 2014 What ^^^^^^^^ saidThe risk and headaches, and worries, and costs are worth it in the endGet a written contract for work. That way, if you need to go to the bank, you have/ they havea commitment on paying the loan.Get an accountant to do your taxes stuff. They will back you up if anything is wrongRegistration-about 1200-1500 dollars. June you have to do the 2290 IRS. about 500 depending on GVWRYou need a paycheck every week-make sure you earn thatHave a back up fund for slow times or long term breakdowns.Breakdowns are a double edge sword. You have no income, and you have additional expense for the repair. I say-TAKE THE RISK 1 Quote Success is only a stones throw away.................................................................for a Palestinian Link to comment Share on other sites More sharing options...
David Posted March 1, 2014 Share Posted March 1, 2014 Where are you and what type of work will you be doing? Quote Link to comment Share on other sites More sharing options...
Jeff M Posted March 1, 2014 Share Posted March 1, 2014 I've been a company driver for over 40 years now but have never been an owner operator, for all the reasons previously listed. I think it's a tough way to make a living. Best of luck which ever way you go. Quote Link to comment Share on other sites More sharing options...
xdudebrahx Posted March 1, 2014 Author Share Posted March 1, 2014 Where are you and what type of work will you be doing?Philadelphia. I'm in Teamsters 107 so I'll be getting on hire lists for union companies. I have a lot of "ins" with a few companies. Milling, paving and hauling. Quote Link to comment Share on other sites More sharing options...
Superdog Posted March 1, 2014 Share Posted March 1, 2014 If you are a teamster now,be prepared for a pay cut. 1 Quote Link to comment Share on other sites More sharing options...
mowerman Posted March 2, 2014 Share Posted March 2, 2014 ya dont do it,,,wrong way to go nowdays......you can make way more doing freight work...but do what you want...good luck...bob Quote Link to comment Share on other sites More sharing options...
wastenafarmtrucking Posted March 2, 2014 Share Posted March 2, 2014 What should you look for?A good head Dr.... because you're nuts! 1 Quote Link to comment Share on other sites More sharing options...
KECorbin22 Posted March 2, 2014 Share Posted March 2, 2014 Change your name to Muhammad Gonzales, get a Canada Passport, go to a VA hospital claim you own weapons, hire two non-English speaking guys whose names are Muhammad Gonzales, tear the VIN decal off the door post, cut a 6 inch hole in your sleeper floorboard, buy a goat, get all the junk tires you can, keep at least two tied on the back of your truck, keep it in the wind and cut the going freight rate in half. Don't forget to change your name every five years.NOT really, I see enough of this already. Experience advice is cheap, being cheap gets expensive. Get people you trust. Stay away from the lottery and casinos. JC Penny made his fortune by writing down every penny he made and spent. Always be prepared. If you want to hear GOD laugh, just have a plan. 2 Quote Link to comment Share on other sites More sharing options...
xdudebrahx Posted March 2, 2014 Author Share Posted March 2, 2014 I'm torn. I've had 3 owner operator buddies tell me it's the way to go. My dad was a company driver for 30 years and it was always on his mind but he said he was afraid to take the financial risk while raising my brother and me.I did some side work for one of those buddies and every time he paid me, he had a stack of hundreds in his pocket. He said with steady work, he's pulling in 3500 a week, per truck, before expenses. Quote Link to comment Share on other sites More sharing options...
Superdog Posted March 3, 2014 Share Posted March 3, 2014 3500 before expenses,2000 for fuel,875 to the driver,250 to truck payment,200 for ins.,license,&permits.,250 for misc maintence exp,tire wear,oil,wear and tear on truck. That comes to $75 in the hole at the end of the week,sounds about right. 1 Quote Link to comment Share on other sites More sharing options...
mack mhe9 Posted March 3, 2014 Share Posted March 3, 2014 And there's a difference between an a stablished business and one starting out. And make sure your wife is on board with this cause because when its time for a inframe or vacation the truck wins. 1 Quote Link to comment Share on other sites More sharing options...
hatcity Posted March 3, 2014 Share Posted March 3, 2014 You are/were a company driver?You will need to buy your own health insurance too.and what other benefits will you lose?Forgot one thing-FUEL. Make sure you find a couple places that have a high turnover of fuel.That way you know it is fresh, not old water filled. I avoid a few convenience stores despite the lower cost. Between the small pump, small/short hose, takes forever to fill both tanks. I use one most of the time because they have two pumps just for large trucks.oh, and good luck Quote Success is only a stones throw away.................................................................for a Palestinian Link to comment Share on other sites More sharing options...
MightyFruit Trucking Posted March 3, 2014 Share Posted March 3, 2014 xdudebrahx there's a lot More to starting a Business than to just Driving a Truck! However if you got the will to help Feed your desire you can make it! May advice is 1st make sure that your Credit in in place! This will help you establish some accounts for: Tires, Parts, a Good mechanic, Fuel! Try to establish at least a net 30 payment plan. This will give you a little room to allow the the Truck to pay for expense that may occur. 2nd you are only as good as your product so you have to make sure that your next move is your best Move! Your Truck has to be SOLID! Don't be scare to pay a little more for a good piece of equipment. The reason I say this because whatever company you will be dealing with you MUST always remember that a good name is better than Gold. So you want everyone to know that you are dependable and won't be breaking down all the Time. As far as paper work and Taxes don't panic intuit offers online Turbo Tax and Payroll for like $500.00 A year. Other than that you call speak with your buddies on how clean up your $$$. Next thing you have to think about is Steady Work. Who do you plan on working with and then try to establish I good relationship with them. But at the end of the day what's going to really help you make this decision is what type of Financial debt you are already in. House note, rent, car note, food, children, wife. Remember it's all about numbers! If it's not adding up then it's subtracting!!! Quote Link to comment Share on other sites More sharing options...
xdudebrahx Posted March 3, 2014 Author Share Posted March 3, 2014 Some good info so far guys, thanks.I'm only 26. No wife or kid to worry about and I'm actually about to move back in with my parents to save money and pay my pickup truck off. The plan was for me to buy the truck and drive it myself. So I'll only have to worry about paying myself. I'll stay in Teamsters 107 so my health coverage will be similar to what I have now I assume, I'd just have to pay into it myself. Quote Link to comment Share on other sites More sharing options...
hatcity Posted March 3, 2014 Share Posted March 3, 2014 Mighty Fruit mentioned one important thing-STEADY WORKWhat is your plan for winter? Maybe a plow and run for City/County?State?One other thing- Keep the truck clean!!!The truck coming down the road is the FIRST impression everyone will have of you. Quote Success is only a stones throw away.................................................................for a Palestinian Link to comment Share on other sites More sharing options...
Marcel67 Posted March 4, 2014 Share Posted March 4, 2014 Try to have at least $10k in your account for fuel, repairs and truck payment. You may get your first invoice paid 60 days from sending the invoice. If you have terms even better try to get payment 10 nett days of invoice . You will need to be sharp on collecting because before you know your to deep in the hole. Quote Link to comment Share on other sites More sharing options...
jakebrake86 Posted March 4, 2014 Share Posted March 4, 2014 Just go for it, man. I was in your exact same spot about 6 years ago when I was 22. I didn't have money or much credit or anybody to back me, so I found a couple old junk R models I bought cheap, and I built one good tandem dump out of the two of them. I worked on them while I worked driving and operating equipment for other people, and I finally quit my day job and went out on my own May 5, 2010 at the age of 24. That was 4 years ago and I don't think I could have made it without going in debt free. If I had had a $1,000 truck payment I probably would have been out as soon as winter hit. Quote Jake Link to comment Share on other sites More sharing options...
xdudebrahx Posted March 5, 2014 Author Share Posted March 5, 2014 There's no way I can go in debt free. I was planning on looking into my loan options to get some start up for the truck and then my overhead expenses until the pay starts rolling in. I'm hoping I can stay busy by leasing myself to my buddies in the industry and my connections at my current job. I'm gonna have to sit down with those friends and have them show me some real world numbers that are relevant to business in this area. It's a lot to think about. Quote Link to comment Share on other sites More sharing options...
fxfymn Posted March 6, 2014 Share Posted March 6, 2014 If you are considering leasing out to a local operator or quarry make sure your intended truck is acceptable to the company. Some folks require all trucks to be less then 10 years old for example. Quote Money, sex, and fire; everybody thinks everyone else is getting more than they are! Link to comment Share on other sites More sharing options...
xdudebrahx Posted March 6, 2014 Author Share Posted March 6, 2014 Noted. That doesn't seem to be an issue around Philadelphia. The top 5 companies in the area are all still running older gear in their fleets. Hell, I'm sitting in an 88 right now. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.