| View previous topic :: View next topic |
| Author |
Message |
englishman
Joined: 04 Nov 2006
Posts: 40
|
| Posted: Sun Nov 05, 2006 11:47 am Post subject: money to start with.... How much? |
|
|
you got your truck, you have signed on to haul for .... "whoever truck lines"..........
Would $3K be enough to run with, until the first check arrives?
Sure, I know if I had 3 tire failures, and a A/C go, it wouldn't be enough.....
But come on guys, realistic answers...
Best guess wins a top prize! :D :lol:
Prizes donate and given at englishmen's discretion!! :sad: |
|
| Back to top |
|
Dejanh
Joined: 04 Nov 2006
Posts: 503
Location: Charlotte, North Carolina
|
| Posted: Sun Nov 05, 2006 11:54 am Post subject: |
|
|
I go by the formula of not running without at least 10K of YOUROWN money lined up in the bank although i know some guys that run FedEX and started out with ABSOLUTELLY nothing to having couple of trucks 3 years down the road. It all depends on you and what kind of a situation are you in, bills and so forth and what kind of a truck do you have(high milage for ex.). I would not wanna work from check to check expecially when first starting out.
good luck.. |
|
| Back to top |
|
Rev.Vassago
Joined: 04 Apr 2006
Posts: 6111
Location: The other side of the coin
|
| Posted: Sun Nov 05, 2006 12:24 pm Post subject: |
|
|
The correct answer is:
It depends upon how long the first settlement is going to take.
What do I win? |
|
| Back to top |
|
englishman
Joined: 04 Nov 2006
Posts: 40
|
| Posted: Sun Nov 05, 2006 1:38 pm Post subject: |
|
|
you win, with that answer........
Two weeks, flights included.....Hotels, meals (do you like sheeps eyes?) spending money to the total of 200 Iraq whatever they are.....Even your very own camel, complete with driver....
No body armour included in this offer....Yep, two whole weeks avioding bombs and bullets in Iraq...... Please beaware, if you loose your head, we do not take any complaints.........
Seriously, figure it does depend on when the first check gets in, I'm guessing it follows the week after you start? |
|
| Back to top |
|
sidman82
Joined: 21 Jun 2006
Posts: 410
Location: Long Island,NY
|
| Posted: Sun Nov 05, 2006 1:43 pm Post subject: |
|
|
| It's usually around 3 weeks. Though they will give you fuel advance most likely. |
|
| Back to top |
|
GMAN
Joined: 13 Feb 2005
Posts: 9864
Location: Tennessee
|
| Posted: Sun Nov 05, 2006 2:43 pm Post subject: |
|
|
| Depending on the number of miles you run and the current price of fuel, you could easily spend that much on fuel in 2 weeks, provided you have no breakdowns or other expenses. If you lease to a carrier, they will usually give you an advance on the loads you carry, but it is always best to run on your own money, when possible. You will realize more profit and feel you are making more money. Most carriers charge a fee for advances. Landstar charges $1.75, I believe. CRST Malone charges $4. It will vary from one carrier to another. These costs sound small, but with one or two advances per week and you will spend a considerable sum by the end of the year. |
|
| Back to top |
|
sup
Joined: 26 Jun 2006
Posts: 37
|
| Posted: Mon Nov 06, 2006 8:23 pm Post subject: |
|
|
| Factor your loads, you'll get your money within days, not weeks :D |
|
| Back to top |
|
Rev.Vassago
Joined: 04 Apr 2006
Posts: 6111
Location: The other side of the coin
|
| Posted: Mon Nov 06, 2006 8:25 pm Post subject: |
|
|
sup wrote: Factor your loads, you'll get your money within days, not weeks :D
Please tell me you are kidding. If not, I bet you like ATM fees as well, because they are "deductible". :lol: |
|
| Back to top |
|
floored
Joined: 03 Nov 2006
Posts: 315
Location: Sacramento, CA
|
| Posted: Mon Nov 06, 2006 9:14 pm Post subject: |
|
|
This is a tough question to answer because you don't give us enough info.
When is your first settlement? I've worked for companies that pay twice a week, to my current company that only pays once a month (I won't see my first "paycheck" for 2 mos because you start out 1 pay period behind)
Your fuel costs? Does your company offer you a fuel card to use or do you pay out of pocket?
Truck payment, do you have one? Again, this depends on how long you have to wait and if it is due before your first settlement. Insurance could fall into this as well.
Personally when I started running I took out a 60k loan, spent 43k on my first truck and put the rest in the bank for expenses/ect.
So 3k until the first settlement? Can't tell ya without more facts. I personally could do it even at my current company with that 2 month wait., but my expenses (living and business) are different than yours. |
|
| Back to top |
|
GMAN
Joined: 13 Feb 2005
Posts: 9864
Location: Tennessee
|
| Posted: Tue Nov 07, 2006 12:54 pm Post subject: Re: money to start with.... How much? |
|
|
englishman wrote: you got your truck, you have signed on to haul for .... "whoever truck lines"..........
Would $3K be enough to run with, until the first check arrives?
Sure, I know if I had 3 tire failures, and a A/C go, it wouldn't be enough.....
But come on guys, realistic answers...
Best guess wins a top prize! :D :lol:
Prizes donate and given at englishmen's discretion!! :sad:
The answer is......maybe. If you lease to a carrier, you can usually get an advance with each load to cover most of your fuel costs. Whether you lease to a carrier or hire on as a company driver, you will likely need to attend orientation. It seems that most of the larger carrier's have an orientation of about 3-4 days. You will probably get your first load on the truck on the last day of orientation. Most companies send their drug tests off and it can take about 2-3 days to get the results back. They will not sign a contract with you until they get the final results of the test. It will take about 1-2 weeks for the first check to get to you once you put the first load on the truck. There are more things that can happen on the road than a blown tire, such as engine problems, rear ends, transmission, etc., Any of those would likely expend the $3,000 and then some. That is the reason we usually recommend having more money in reserve. You never know when a breakdown will occur. I believe I mentioned in a previous post about one of my trucks needing $6,000 of engine work. I have a bad lifter. This on a truck with less than 200M on a rebuild. Buying a new truck is no different. They can all break. If things go smoothly, you will probably be all right. If they don't you could be in trouble.
You also need to know whether the company you lease to furnishes base plates and permits or you do. Some will pay for them and take a percentage out of your weekly settlements. You will need to have comprehensive insurance and either workers comp or an accident policy, with most carriers. These are usually not that expensive, but it is a cost you need to consider. |
|
| Back to top |
|
sup
Joined: 26 Jun 2006
Posts: 37
|
| Posted: Tue Nov 07, 2006 4:34 pm Post subject: |
|
|
Rev.Vassago wrote: sup wrote: Factor your loads, you'll get your money within days, not weeks :D
Please tell me you are kidding. If not, I bet you like ATM fees as well, because they are "deductible". :lol:
The guy was looking for some advice, to factor a load might help him with his cash flow in the first 2 or 3 weeks.
Your comment wouldn't help him pay his truck payment.
It doesn't matter anyway if he's not going to have his own authority. |
|
| Back to top |
|
Rev.Vassago
Joined: 04 Apr 2006
Posts: 6111
Location: The other side of the coin
|
| Posted: Tue Nov 07, 2006 7:09 pm Post subject: |
|
|
sup wrote: Rev.Vassago wrote: sup wrote: Factor your loads, you'll get your money within days, not weeks :D
Please tell me you are kidding. If not, I bet you like ATM fees as well, because they are "deductible". :lol:
The guy was looking for some advice, to factor a load might help him with his cash flow in the first 2 or 3 weeks.
Your comment wouldn't help him pay his truck payment.
It doesn't matter anyway if he's not going to have his own authority.
Running a business on factoring is ridiculous. If he doesn't have the proper cash flow when he is starting out, he has failed before he even started.
You should have 2 months operating expenses (including salary) MINIMUM when you start out. |
|
| Back to top |
|
LOAD IT
Joined: 02 Sep 2006
Posts: 614
|
| Posted: Tue Nov 07, 2006 7:10 pm Post subject: |
|
|
| A good rule of thumb is start with $2 million if you want to make a million dollars in trucking. I couldnt resist :D :D :D :D :wink: :wink: |
|
| Back to top |
|
solo379
Joined: 14 Feb 2004
Posts: 3162
|
| Posted: Tue Nov 07, 2006 8:28 pm Post subject: |
|
|
floored wrote: This is a tough question to answer....
No, it is not! :P
Do you like gambling? Than it's OK!
If you want to run a business, than it's not!
And it doesn't really matter, how fast, you'll get your first check, breakdowns is very expensive, and those 3 grand, might not be enough.
Don't forget, your income, stops with the truck! :sad: |
|
| Back to top |
|
GMAN
Joined: 13 Feb 2005
Posts: 9864
Location: Tennessee
|
| Posted: Tue Nov 07, 2006 8:50 pm Post subject: |
|
|
| Englishman, I have seen owner operators just leasing on to a new carrier who didn't have funds to buy tires so their truck could pass inspection. The problem is planning for contingencies. If everything goes well and there are no major breakdowns, you will probably be fine. If there is a major breakdown or expense, you could be out of business before you start. There are some who suggest having at least 6 months of operating expenses before starting any new venture. That includes funds for your truck and home. If your expenses are $2M/month, then you would need $12M. I would have 3 months expenses, minimum. |
|
| Back to top |
|
| |
Powered by phpBB 2.0.22 © 2001,2002 phpBB Group
|
|
