Biggest Mistake I Made When I Started My Trucking Business (Don’t Do This)
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- Опубликовано: 27 фев 2022
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ABOUT ME:
What’s up y’all? I’m David McGill, a 2007 graduate of Indiana University’s Kelley School of Business, an experienced accountant, trucking business owner, and consultant. I created Trucking From Scratch®️ to help other entrepreneurs start, run, and grow successful trucking businesses by breaking down the business side of trucking.
My NEW channel / @1davidmcgill
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DISCLAIMER:
The information provided in this video should not be construed or relied on as legal, tax, investment, or business advice for any specific fact or circumstance. It's content was prepared by McGill Accounting LLC, with its principal office located at 1075 Broad Ripple Ave., PMB 390, Indianapolis, IN 46220. This video is designed for entertainment and informational purposes only. Viewing this video does not create an accountant-client relationship with McGill Accounting LLC. You should not act or rely on any of the information contained herein without seeking professional legal advice.
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Just wanted to give you flowers David.
I own a bookkeeping company and just signed our first two truckers. I came on RUclips to see if I could find some material on the trucking business and I’m just blown away.
You are a gem and deserve all the respect and business. Thank you for sharing what you know and have gone through. I plan on diving deep into your material and can’t eat for your website to be up.
Thanks again my dude and cheers to your entrepreneurship success!
-Matt
This man is giving sage advice. This advice is applicable for anyone starting a business and not just truckers.
Appreciate your honesty and transparency, friend!
Always thankful for the knowledge you share. Seriously, every video of yours I watch, I share with my business partner.
I'm been an owner/Operator about a year now but I been a driver for 10+ years ,I definitely learn a lot and also made some mistakes as a owner/op...but overall I wouldn't trade it for nothing...Keep Trucking!
Is the net profit worth it ?
We hear you bro! Keep speaking. We’re listening
I have watched and listened and sponged from what you have shared over the years and i appreciate what you share and you keep it to the point
So glad I found your videos. Although I'm in Canada, the advice is still extremely helpful and definitely translates across the border, as well as across different industries. Thanks for sharing your wisdom (as well as your mistakes)!
This man is the truth. Definitely worth the money for his consultation.
You dropped a real jewel! Thank you for helpful information.
You make everything so easy to grasp. Thank you for sharing.
Thank you, your honesty.
Used trucks. For hauling anything.
Just need one. To start. Advice welcome
Absolutely.......Plan your Work and Work your Plan
I understand
A lot of business owners in any type of business always leave out major details and very important information in the start up department
Thank you i've learned a lot from you
Thanks again for great content & transparency frfr bcuz it can be overwhelming. My son & i have a CDL hotshot setup he's the driver & im learning the back office quickly 😲🤣
Bro I’ve been following you for a min. Big ups to what you are doing. I was trying to see if i could have an over the phone convo with you about starting my own authority and giving up this Schneider truck that Iam currently leasing. I just need advice 🙏🏾‼️
thanks for sharing brotha
Thanks for sharing 👍🏿
Hey David thanks so much for these helpful videos. I was wondering if you can give some tips into how to hire, payout and manage a truck driver for your company. Thanks in advance!
Yo I been growing like your RUclips channel preciate you homie keep them coming
Hey David. good to see you back brother.
Can you please explain more what you mean about a long-term plan
That’s a very deep message for me. I have my first truck and my long term plan is flexible right now. Thank You 💯
What he mean with long term plan???
Thank you very much for sharing with Us.
Good info! Thanks.
Starting my trucking business this April It has been in the works for over a year now. Buying first truck April can't wait. Salt Lake City Utah! Wow on how the prices have gone up.
not just the truck, the insurance has gone up as well, and the price of Diesel is through the fucking roof. seems like a rough time to start up.
David, is the real deal, yaheardme!
Appreciate the content brother. Question. What Factoring company do you reccomend? Thanks
Great vid man could you make a video on whats the business like today with the increase of fuel cost?
Thank you
Great content brother. But I think you forgot your Rotell in this one lol.
Hey man i have been trying to find where you mention where you very your daycabs from? Thanks brother
Great content bro as usual
How can I reach out to you to get help on finding dedicated lanes.. Don't mind paying for information
Good video brother hey u think right now is a good time to start a hot shot businesses.?
Underrated channel.
Not really, y’all show me a lot of luv
@@TruckingFromScratch Glad you get it, but from what I've seen on other channels, yours is more content thick and succinct, which I personally value highly above all else. Other channels have way more views, and comments, but you essentially are a one stop shop for building the business ,if one choose to do so.
The best, much success.
So I think you should start Long Term Keep Expenses Low and Try to Make more Revenue in the Busniess to Pay Off Any Expenses or liabilities that you own and Proceed slowly in Growing your business cause as you know Slow and Steady always Wins the Race and this Applies even in business lol.
Thanks
Can i set up my trucking business in wyoming ? Do you think that is the best route ? Thanks
Growing too fast can present one with many unexpected headaches.
Hey I have a question how do I contact you directly there are alot of people giving information on these videos but I can't seem to get a hold of anyone do I just apply for one of your classes for information session?
Sir how do I go about getting pre hire letters for the wioa grant . All the places I called require experience/cdl . 🤦🏾♂️ I’m just trying to get a grant for school please help
How do you like the 2016 Prostars?
Hey David , can you make a video on how to buy a truck without a CDL.
gm brother. i watched this video several times. i don’t understand fully. business plan. isnt it to make as much as can ? how’s that different from what ur saying ? can u explain more please. i got some things i’m working on and if they come thru i will be expanding hopefully. i’ve watched all ur vids with great benefit to myself. but would u please explain more or better or give examples ? thanks man.
How can I get in contact with you to get some information
Not sure how to email you...looking for some advice
Any way to contact you directly? Willing to pay for one on one. Running a trucking company with 4 trucks and 4 53’ dry vans. Over the road. Please let me know. Thank you. Love your videos.
Hi Mcgill is there anyway I can contact you? IM or email? I wanted to buy a freightliner model and a 53 foot flat. I had some follow up questions I would like to ask you. I’m not going to have experience and wanted to start with my own authority.
I'm new to your channel. How did you find your first load and how hard was it to win the bid for that load starting out.
Found my first load through the load boards…lots of brokers won’t let you haul unless you have 6 months or 1 year under your belt…it was rough the first 6 months but got easier with time.
Thanks for the education and letting me know more about trucking that side of the world. I am currently trying to get work that side.I started driving trucks from 2002 doing long distance from South Africa through Zimbabwe Zambia Mozambique Malaw Botswana Swaziland Lesotho and the Congo,with different companies I've transported goods from steel coils on flat beds, palletized Lpg petroleum products. I have been talking to my current employer we started with a small 5ton truck we pushed with it since 2016 and we purchased 2 trucks and trailers. It was all hard work from both of us but nw I want to migrate to the states or Canada since there is not much left here due to the extreme change in immigration laws and xenophobia. My current employer is willing to assist in any way possible. Any assistance would be greatly appreciated from you. Im a dedicated team player and hard worker.
Hey David I have a question. How much money do I need to start a successful trucking company ? Also do you have any secrets on how to fund it from the start ?
Can you do a start up cost video for 2022, since inflation
I need a mentor to talk to someone personally to help me start this business I could use your advice is there any way that I can reach you
What company is the lowest to lease a truck from?
Hey David! 👋🏾 long time! Still dropping gems 💎 💎 I see! I've been wanting to reach out to you to pick your brain! Hope all is well! - Nardia
How can we contact you for mentorship?
I'm about to get out on my own my truck will be paid off in July. I need help writing a good business plan and learn to grow my company.
This came as common sense to me. I always wondered why after guys/gals bought their first truck, they rush to become a mega fleet within their first 3 years of being OO.
Also I noticed a lot of them had/have bad money management. They take on more liabilities than they should just to live like the joneses or become the top dog too soon.
A lot of the newer guys usually fail by default due to poor management and delusions of grandeur in general.
I definitely won’t be making that mistake. Gotta stay humble and remember that the turtle wins the race.
How to get in contact with you
Need help getting started. Where can I find you contact information?
How do I get in contact?
I definitely can relate! I been following your channel since 2020 when I started my trucking company! My biggest mistake was getting the commercial insurance before actually having a box truck or 57 foot dry van! Unnecessary Captial was lost but Definitely lesson learned. But Keep up the good work…..I have always thought your content was very clear and useful.
I was told you had to have the insurance in order for the MC authority to go active.
Can you tell me where to start
I’m out here for a Slow but Fosho!
I am interested in your story. I am about to start a truck project business, would you please send me this long-term business statement in detail. Please help
"Doing the Most" ain't that the truth - If you're not careful you end up doing the most. 👍
I'd love help but I'm in California are you still able to help me
Hey David, what do you think about getting an SBA loan to help with financing a truck and/or business start up costs?
Gotta be very careful and read the loan requirements in great detail to make sure that’s permitted. Lots of people used SBA pandemic funds to start new trucking businesses, when based on the not-so fine print, wasn’t allowed.
@@TruckingFromScratch Oh, no... I'm not referring to like the PPP loans and whatnot. I'm saying, actually applying for a loan with an actual business plan.
We are going through the same process right now. We tried the big bank (chase) we have 825 credit 60k available credit 70k cash in the bank. And a killer business plan. We went the sba and chase denied us. So we're trying a couple local smaller banks now. Last option is to just finance through the dealership. Premier truck group freightliner. Banks typically you get better interest then going threw the dealership. But we shall see. Hope this helps!
@@nickalvillar5640 Thanks, Man. Another driver told me that she also went through a smaller bank and got approved. I'm planning on creating a business plan soon and I want to put my heart into it. I think I still want to try the SBA just to see, but going to a dealer may be the best bet.
Thanks for your input! 😊
@@nickalvillar5640 Wow! I had to reread that! They turned you down with over an 800 and collateral?! That's insane!
So basically what your saying is that you got into the business, were really successful, and had so many loads that you were able to expand the business to 5 trucks. I fail to see how that's a mistake, unless your goal was to never grow and never expand.
That's been my biggest mistake. Trying to grow to fast.
Are You Supposed To Book Your Loads For Your Drivers The Day Before Or The Same Morning Before Their Shift?
Booking a day before is okay, but booking the same morning will more than likely yield more money for the loads.
Do you offer coaching?
I’m about 95% sure I’m going to start a business in the next 60-90 days. I am a sales / business guy. But I have 3 drivers that all have 15 years plus that said they would drive for me. Only starting with one truck though.
where youre located ?
@@soldbythai4232 Ohio
@@yezzir5464 what part of Ohio? I’m here as well. Cdl a holder looking to start something
U still got those same 5 trucks?
Hi! My question is how do you charge the company? Do you only charge them a rate per mile? Or do you add additional fees? If anybody can answer please. I’m in the process of doing my business plan and would like more insight on that. Thank you
What do you mean charge the company? If you have direct shippers you will negotiate a price of what you’re willing to haul the load for.
If you’re using the load board, the brokers will have an amount they will pay, and may or may not have wiggle room to pay more depending on how desperate they are to move the load.
How do you get your operating authority, with a rental truck ?
You have to get a DOT and in your gonna be intrastate you have to pay a fee for that too which will give you the MC#. I was told I needed commercial insurance in order to get the BOC 3 done as well. I see this was a year ago. Did you ever proceed?
Hindsight is 20/20
Sound like you from Philly?
💯
What about renting a truck and trailer with my own authority for about a month or so to see what being an owner/operator is like before making a major investment?
Do you have your own authority already?
@@tiffanyjordan7872 No I have an LLC and my class A but still need to file the boc3 and for the authority.
What work compensation insurance do you work with ? (I live in Pennsylvania)
So do I need some advice on that also
I’m an idiot I’m still trying to figure out the best way to hire a driver
I need funding for my first dump truck around 60k I got 10k down
Can you help me? With a business plan I’ll pay
You don't make videos anymore bro? I hope you and your family are okay. God bless.
Tax season kicked my butt, but I’m back. Thanks for reaching out
💎💎
💎💎💎
Are 18 yo able to go OTR now?
Check w your state. In Indiana you gotta be 21 to get a CDL
Why it sound like you wrote everything you said?
Can you finance a commercial box truck with out an LLC ?
If you want to put it in your name and be the PG (Personal Guarantor)
Bro my dream is to one day have a trucking company so you think one day i could be millioner
BRO whatever the mind can conceive it can achieve go for it
Truckers let’s go to global.
truck life
I’m trying to buy a truck but Because of the pandemic there’s a shortage of trucks.
Only da OGs know bout Contra 😎
Man what you know about Contra 🤣🤣
To me it sounds like you mistake wasn't getting more trucks more drivers. It was you wanted to have multiple businesses because that's the trend these days. You didn't focus on growing 1 and making it self sustainable before moving on to the next.
Hi bro. I have been following your vidz and been looking for your contacts, I even tried checking the website link pinned, but it says "coming soon".
Ripping peoples pockets out what most of these companies are all about. I can't wait until the automated trucks come out so we do not have to hear these companies crying about transportation. America has way too many whiney truckers and whiney trucking companies.
Hello my is Derrick I was wondering can you email me a basic plan on starting your on trucking business thank you
Thank you