Brandon, let me just say I’m 47 and started my first business when I was 19. I didn’t have a clue what I was doing, but I worked hard, never slept, didn’t listen to all the negativity of those around me and I went with my gut. I am now semi-retired and a multimillionaire. Owning your own business is the only real way to get ahead in this world. It will be tough, and the IRS will be right behind you with their hand out, but keep doing what your doing. Rental, side work, building your brand and letting those around you know you’re out there takes time, but I promise it will pay off. My only advice right now is to watch which piece of equipment rents the most and duplicate that one next. Not only do you need a spare, but you want to invest in the items that rent the most. Maintenance is crucial don’t ignore it. Most do and it bites them. Watch your payments and debt service and be careful with spending money. You’re already thinking correctly about the cost of trailering equipment and time. Your time is valuable, but you really won’t get paid for it at first. This is normal. Try to pay off equipment before buying more. You don’t want to have interest rates move against you and you be over leveraged. Congrats on getting out there and trying…if I were close to you I’d be an investor! Ha! Good luck…keep making videos!
Buy grease in bulk if you can. 5 gallon bucket. Learn to do maintenance work, fluid and filter changes.. dealers are expensive.. best of luck man.. sounds about right. First year is tough but your doing well.. reinvest in yourself like you have been..
That’s great to hear, Brandon for me too last month was my first month in the towing business with 1 employee, i’ve been over spending in advertising and made a loss of $1600; planning to speed up my break even and becoming profitable by purchasing a boom lift and renting it out.
Thanks for the breakdown brother. I’m looking to get into my first skid, purely for rental. I don’t get the emotional attachment to machines, it’s an asset for me that you have to protect..
Looking to do something similar, Any issue yet with damage ? Really my main worry. Near me there are a few big guys that do rentals and then 1 small guy that rents a skid and mini. No one else really does it which makes me think why..... Is it an insurance issue, liability , too much break fix?
Yes the excavator rents more. Nobody has ask for any different attachments other than a bucket. I don’t really have anything else for it at the moment will be buying more attachments as the money rolls in and probably after the winter months!
Have you thought about renting out smaller equipment? Are you treating this as your full time job, or are you still working another job? What kind of system do you use to track when and where you equipment is rented out at?
Great info. Looking into doing this myself. On the Kubota stuff, did you get the Kubota insurance for the equipment as well or does your GL cover the equipment too?
This is more complicated than a simple yes or no. Different states have different rules as well. BUT the U17 is not the deciding factor. Sure it’s under weight, but if you are driving an F450 pulling a 14k lbs flatbed trailer, hauling the U17 for commercial purposes (for profit or hire) then technically you would be required to hold a CDL. If you are a homeowner coming to pick up the U17 for personal use on a small trailer behind a mini-van then no you do not need a cdl. If you are a contractor, renting the u17 to haul to a jobsite to perform work for hire and you have a large truck and trailer you may be required to have a cdl. My point is: it’s not about the u17 as much as it is the situation. Pretty much if you’re getting paid by someone else and you’re running heavy trucks and trailers you can bet your ass DOT will stop and ask. At least around here.
To elaborate on the other answers, anything with a combined GVWR over 26,000 lb requires a CDL, so if your truck's tow capacity is 14,000 and your trailer capacity is another 14,000, you'll need a CDL as soon as you connect them, regardless of what you have on the trailer
@brandonsdiyprojects7178 I have the same insurance company for my tree business. I'm going to start an equipment rental business end of this year start of next I will have to check with them for rental equipment insurance.
@@facelesspsycho8252 I just have general liability through them. But I think they will cover rental equipment to. I just have my equipment insurance through kubota. They have some great insurance!
@@brandonsdiyprojects Do you have them sign any waivers? Any requirements? Im talking to my insurance broker now, she thinks they may have to have their own insurance. I dont want someone who dosent know what they are doing using my excavator, but Im not making money with it just sitting here.
Don’t pay myself right now. I’m to small and would go bankrupt. I will when I get more equipment and make more money and it’s a full time job. I turn all my profit back over into the business right now to help build it.
Brandon, let me just say I’m 47 and started my first business when I was 19. I didn’t have a clue what I was doing, but I worked hard, never slept, didn’t listen to all the negativity of those around me and I went with my gut. I am now semi-retired and a multimillionaire. Owning your own business is the only real way to get ahead in this world. It will be tough, and the IRS will be right behind you with their hand out, but keep doing what your doing. Rental, side work, building your brand and letting those around you know you’re out there takes time, but I promise it will pay off. My only advice right now is to watch which piece of equipment rents the most and duplicate that one next. Not only do you need a spare, but you want to invest in the items that rent the most. Maintenance is crucial don’t ignore it. Most do and it bites them. Watch your payments and debt service and be careful with spending money. You’re already thinking correctly about the cost of trailering equipment and time. Your time is valuable, but you really won’t get paid for it at first. This is normal. Try to pay off equipment before buying more. You don’t want to have interest rates move against you and you be over leveraged. Congrats on getting out there and trying…if I were close to you I’d be an investor! Ha! Good luck…keep making videos!
Thanks means a lot. I’ve had several people try to talk me out of it lol
Bring your own boss will keep you from ever working for anyone else 😂 it's kind of a 1 way road. But definitely worth it.
This is great! Keep making videos, I’m interested in doing something similar, it’s exciting to watch and learn from you!
Buy grease in bulk if you can. 5 gallon bucket. Learn to do maintenance work, fluid and filter changes.. dealers are expensive.. best of luck man.. sounds about right. First year is tough but your doing well.. reinvest in yourself like you have been..
Great videos. I’m looking to do the same thing as well.
That’s great to hear, Brandon for me too last month was my first month in the towing business with 1 employee, i’ve been over spending in advertising and made a loss of $1600; planning to speed up my break even and becoming profitable by purchasing a boom lift and renting it out.
Thank you. I’d renting out a lift will be good for business!
Thanks for the breakdown brother. I’m looking to get into my first skid, purely for rental. I don’t get the emotional attachment to machines, it’s an asset for me that you have to protect..
Looking to do something similar, Any issue yet with damage ? Really my main worry. Near me there are a few big guys that do rentals and then 1 small guy that rents a skid and mini. No one else really does it which makes me think why..... Is it an insurance issue, liability , too much break fix?
No damage done yet I’ve been harder on my own equipment then the people that rent it. Insurance isn’t bad it’s hard to find tho
That’s awesome man! Why did u pick kubota, was it the closest dealer and or price? Did u look at other machines?
Yes closest dealer. But they were also cheaper than other big names like John Deere, bobcat, cat and komatsu so that help my choice as well!
Fax copies timesheet and mileages to ozoro academy for apprenticeship elementary...
Do you rent out the excavator more then other machines? Do people request attacments for the excavator? Thank you
Yes the excavator rents more. Nobody has ask for any different attachments other than a bucket. I don’t really have anything else for it at the moment will be buying more attachments as the money rolls in and probably after the winter months!
Have you thought about renting out smaller equipment? Are you treating this as your full time job, or are you still working another job? What kind of system do you use to track when and where you equipment is rented out at?
Will be adding more equipment as I go hopefully. I still work a day job as of now
How do you keep track of when and where your equipment is rented out at?
@@joshstauffer9163 just apple air tags as of now! Looking for something different
Great information, thank you. Keep us posted on if you find a better way to keep track of equipment.
Great info. Looking into doing this myself. On the Kubota stuff, did you get the Kubota insurance for the equipment as well or does your GL cover the equipment too?
Thanks for sharing! Is your insurance blanket coverage, or does it go up when you add another piece of equipment?
My general liability stays the same unless I add a lot bigger equipment
@@brandonsdiyprojects Good to know. That is incentive to add more equipment to spread to cost per piece. Thanks!
Do I need a cdl to trailer a mini u17?
No
This is more complicated than a simple yes or no. Different states have different rules as well. BUT the U17 is not the deciding factor. Sure it’s under weight, but if you are driving an F450 pulling a 14k lbs flatbed trailer, hauling the U17 for commercial purposes (for profit or hire) then technically you would be required to hold a CDL. If you are a homeowner coming to pick up the U17 for personal use on a small trailer behind a mini-van then no you do not need a cdl. If you are a contractor, renting the u17 to haul to a jobsite to perform work for hire and you have a large truck and trailer you may be required to have a cdl. My point is: it’s not about the u17 as much as it is the situation. Pretty much if you’re getting paid by someone else and you’re running heavy trucks and trailers you can bet your ass DOT will stop and ask. At least around here.
To elaborate on the other answers, anything with a combined GVWR over 26,000 lb requires a CDL, so if your truck's tow capacity is 14,000 and your trailer capacity is another 14,000, you'll need a CDL as soon as you connect them, regardless of what you have on the trailer
Where are you from ?
Great content
Thanks
Right on doing well man. Does your insurance cover damages to the equipment.
Yes I have insurance on my equipment
@brandonsdiyprojects7178 I have the same insurance company for my tree business. I'm going to start an equipment rental business end of this year start of next I will have to check with them for rental equipment insurance.
@@facelesspsycho8252 I just have general liability through them. But I think they will cover rental equipment to. I just have my equipment insurance through kubota. They have some great insurance!
@brandonsdiyprojects7178 Oh right on
How are you meeting with the customer? At a commercial location? or you just have them come to your property?
They just pick up at my property or I deliver it. I don’t have enough money coming in yet for a commercial space
@@brandonsdiyprojects Do you have them sign any waivers? Any requirements? Im talking to my insurance broker now, she thinks they may have to have their own insurance. I dont want someone who dosent know what they are doing using my excavator, but Im not making money with it just sitting here.
You forgot to include the expense of paying yourself. And your business profit is after you pay yourself.
Don’t pay myself right now. I’m to small and would go bankrupt. I will when I get more equipment and make more money and it’s a full time job. I turn all my profit back over into the business right now to help build it.
@@brandonsdiyprojects Fair enough! I am looking at buying a machine and small dump truck but it's a massive investment!
I bet he's in Georgia