Quote:
Originally Posted by Bigmon
I think whenever you have the money. Slow times will wash out a lot of people. If you're set up and ready you can take advantage of the situation by having cash that the others don't.
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If talking about being an owner operator then Bigmon is right... Cash is king! Underfunding your business out of the gate is sure death, and especially if the economy hits the skids or a soft patch.
I have heard Gman and others here recommend:
1. Either pay for your truck with cash or owe as little as possible(this implies a used truck)
2. You should have a healthy maintenance or breakdown fund to cover the problems that are going to come up with the truck
3. You need some float money which covers the time it takes to actually get paid for the loads you hauled/delivered
4. Have set aside your daily expenses to carry you for a few months
I know there are a whole lot more to this list, but that should help you get the picture of the cash reserves that you should have to hit the ground with a running start. It takes a while to build relationships with brokers, and know the best places to run or not run. Give yourself the best shot you can at being successful. Long live the King!
Longsnowsm