Quote:
Originally Posted by anthony1995
What would qualify as a small fortune...say for a 2-4 year old truck and just leasing onto a carrier? I'd like the whole number taking into account start up money and money in the bank to survive on during the startup?
Gman and others would be better to say exact start-up costs as for licensing but I have been thinking on this for a bit now that I have been out here for about 6 months.
I have concluded that I have no idea how anyone gets into this without some type of financial backup. Right off the bat say you get a long load and you need to fill up 3 times that's about a grand.
I mean I guess it's possible, they give out advances and you could factor your first load and get the money right away but if you have to factor every load that will get costly. Also I'm not sure it's so easy to get set up with a factor. I could be wrong, but I pulled my business credit and the factor was there. They did some state filing, I forget what it was. So they might be checking credit. Don't quote me on that; I could be wrong.
But all of this implies that you know how to run credit and have a factor set up. I didn't when I got started.
The best thing would be to get a credit card with 0% interest where you can get fuel and pay for things and not have to pay the balance off each month or pay obscene interest fees.
I have not even mentioned money set aside for repairs. I think it was within the first month my fan hub motor (I forget the name) went; it was under warranty but if I had bought an older truck which is advocated here a lot and it wasn't under warranty that would have hurt.
In short I don't think you can quantify an exact figure you need to start off with but it is a business after all and you are going to need capital and the more the better.