Owner Operator Guide: Start-Up Cost and Checklist (Hidden costs, Tips for Success, Must-have Items)
HTML-код
- Опубликовано: 13 июн 2024
- What are the hidden start-up costs of becoming an owner-operator? The cost of tools, equipment, in-cab luxuries, and furniture. What about the start-up cost difference between vans and flatbeds? How much do you need to have saved up before becoming an owner-operator? What are some of his best tips for new owner-operators?
In this video, Brian brings us through the hoops that he had to jump through starting his own career as an owner-operator, and the hidden costs that he wasn't aware of. He'll also share a checklist of the items that you'll have to purchase and calculate the total cost of these items.
Hopefully, after watching this video, you'll have an idea of the hidden costs and surprises waiting for you when you decide to become an owner-operator.
Subscribe to our channel for entertaining and informational content on trucking, and hit the 🔔 icon to get notified when we release a new video!
▶Our Facebook Page: / ettransportsolutions
For all sponsorship inquiries:
Sponsorship@ettransport.ca
Soundtrack:
Pop Filter - Alternate Endings
By the Fireside - Tide Electric
46 years old, drove truck back in the early 2000's. Been out of the industry for 15 years, but I'm going back in...wish me luck!
Good luck driver, be safe!
Keep on keeping
Good luck and break an axle ;-)
@@chrisdab- Need a driver let me know..
Hope ur doing well, welcome back to the road my friend ✊🏽
Most people don't look at the big picture . Been a own op for 20 years and in this industry for 30 years . Owned everything from a15 thousand dollar truck to custom sleeper trucks that cost 265000 dollars . All as a solo . Pulled open deck for 99 percent of the time also owned flat bed step deck and conasgostas . The company I am least to my avg is 2.45 a loaded and empty mile after the company gets there 26 percent. The best thing I can tell you is to know your cost not only for your trucking business but your house hold bills to . Next is to break that down to a daily basis so you know what you need to make each week. Be for fuel I my self need to make 220 dollars a day just to make my all my bills. Add fuel breakdown and taxes that will help you out so you don't over work the truck and your self. The truck needs to make money if it runs or not. There's 7 days in a week I will make money every day but not work more then 4 to 5 days a week and won't drive more then 2300 mile a week. My wife tells me to leave the house if I been home to long.
Cheating maybe?
This guy is one of the best on keeping it straight and up to date. When mans said tv and fridge i said thank god he is speaking modern trucking😂. Protect this guy at all costs
This was spot on....I pretty much had 30,000 in before I ever got a going and I expected it...That 30,000 includes a truck, a hopper bottom and a stepdeck...Bought em' cheap and fixed them up myself..
By far the most underrated channel about trucking industry for truckers. 5/5⭐️
I've been saying that these companies that train you to get your CDL, but not train a driver on running a business are taking advantage of anyone they talk into a lease purchase.
This guy should open his own channel. He the guy we all love
I’m currently in transition. I’ve been off for three weeks and loving it!
I paid cash for my truck. No truck payment due. I have taken time to vacation with my family and it’s been great. If I financed my truck I would have a totally different perspective.
Thanks for the info
I am a company driver and I used to work for a big company and my trainer told me that if I wanted to become an O/O not to be one of the fools that does it right after coming off their trainers truck. Be a company driver for at least 5 years and keep a notebook of expenses; fuel, tires, oil changes, breakdowns, tows, filters, belts, wipers, lights, etc. Every thing that happens while you're out on the road even though the company is paying for it all; it will be of great help to know what kind of expenses you'll have. Though be aware that's not even getting into expenses that you won't see, like apportioned registration, IFTA, permits and licenses, insurance, etc.
Sounds like they just want you to be a company driver longer so they don’t have to replace you as early.
Man. I learned this the Hard way....but, I'm GLAD I wasn't off on the Numbers.
1st Year I BURNED thru the 18k I saved. Smh.
I THOUGHT I was in good shape until a few tires blew out and the egr warning lights came on. OMG!! TOWING still haunts me today.
Smh. Im ok NOW but....I tell the Noobs the Same thing. 5yrs/ 20K and DO NOT EVER ignore the warning Lights!!
Ok noob
Can you give more info about what you mean by warning lights?
Awesome vid. Just started with a company and I have owner/operator aspirations. Definitely going to soak up as much knowledge as I can and haul as many different things as I can. Thanks man.
Great video Brian,very informative and excellent checklist👍 Really opened my eyes to the hidden costs in starting up as an owner driver! Thanks mate,stay safe,strong and well 👍😎🇦🇺
Best intro vid out there on "know before you go", thks
I was playing days gone while watching this video and i saw it on the tv part what a counsidence :D
Buying TV is kinda old school when we have all these iPads 😉
This is gold ✨ thank you so much for making this video. Much love.
I appreciate your work guys. Thanks for the info I recently graduated and I appreciate you cheering your experience.
Thanks very much for all this information!! It’s hold to me! 👏🏻👏🏻
i love this guy😂 thank you for entertainment while also giving awesome information 👍
Great information, thank u so much for posting 🙌🏽
Really good info....thanks....you really kept it real
Can I just say that I love that Days Gone was on the TV. I just started playing that recently LOL
Excellent video, a nice punch of reality check👍
Spot on again mate, well done you.
Good afternoon Brian... thank you for your time to make some of us to understand the things better, if you want to do some for good , do it the rigth way , that will never be the easy one , but if you chose the fast way , there will be very few conditions to finally arrive , and a lot of anothers to get down beside the road… Is it worth enough …? That´s why or how some people are , and some others are not… Have a good new Week start my friend…
Good video, you need a video on these EPA trucks and how much it really costs to own one. The real costs. And proper gearing, auto vs standard shift, etc. The older trucks, easy to maintain, and less expensive in the long run if you find the right one, and pay cash if possible.
You better be able to turn a wrench and know how to diagnose the EPA systems yourself. That $20,000 will be $50,000 if you refuse to work on and learn the systems. In frames start at $30,000, turbos are now $6,000+ at the Stealerships. Shops charge roughly $165 an hour, learn how to work on your own truck!
Absolutely Informative ,good luck and be safe out there sir
Exactly right. Learn as much as you can on someone else’s dime! At least 2 industry segments, one should be flatbed where there is someone to teach you securement and load placement (for everyone’s sake don’t try to learn this on your own, this is NOT where trial and error goes well for anyone…)
Great video!
Thanks for watching!
@@NorthAmerican-Trucking-News I'm binge watching a lot of your videos right now on starting a small company. You have a lot of great info. Thank you for doing these. I know they're a lot of work.
Thank you, great video!
Thank you for sharing this!
I automatically subscribe and like.
Brian your funny 🤣🤣 thanks for the tips and great video.👏🏼👏🏼👏🏼
Oh Man thank you so much for this video it was really really helpful,,, thank you 👍
Amazing content thank you
Well said and it is good to know before I buy a Truck . Thanks
I been driving 20 yrs but not placed my money in right way but now I’m starting fresh and will get there🙄🙄👌🏾👌🏾👌🏾thks for this
Thanks dude very useful
Super Informative. Thank you
Hey Mr. Brain , you are doing great job.
Love the content!
Thank you for the video... The GOLDEN WORD "WHEN WE UNITE WE MAKE A BIG DIFFERENCE" that what I wanted always to let drivers know...
Absolutely!
Thanks for these precious advices!!
You are so welcome!
You guys make some pretty awesome vids..ive been around driving 20+ years and im STILL learning stuff!! Love the straight talk from the O/O's definitely opened my eyes..keep it up guys!!!
I’m going in with 10,000 and 3 year by the summer
Thanks for sharing!!! 🙏🏾
Thank you for your video
Very good information. 💯
Thanks bro great info
ET Transport, very informational as always 😉👌
Really thank you!
Great video
I’m gonna drive for 2-3 years and I got about 20k now but also gonna save 20-30 per year as a driver. I could go into business with 60-100k depending on what life throws at me between now and then. Hopefully I’m setting up for success. Also working my credit score up from 650
Get 5 credit cards from 5 different banks like Capital One, Bank of America, etc., a couple installment loans from your local bank or credit union (credit union would probably be better because you'd probably get a better APR there than going to a bank), and you'll be up in the 750's, maybe even close to 800's in no time. I worked with a local credit repair agency that told me to do the same exact thing. I just didn't go as far as getting installment loans because at the time, credit cards were all I could afford at the time. But over about 3 year time period, my scores have gone from about a 570-580 to a 715-720. I could've gotten my score higher in a faster period had I gotten installment loans. And now all of my cards have at least a $1500 credit with my biggest one being $3600. It's a huge accomplishment for me since all of my adulthood it's never been higher than 620-630, and never even had a credit card higher than $500.
Very helpful
I bought my truck with cash with 30k in my emergency fund and probably 5k in my checking. Then I made a bussiness accounts and built up a emergency savings separated from my personal home emergency fund.
Yes!
LMAO, Brian is awesome. I have 9 years trucking, 7 years of that hauling fuel. I just leased onto the company I was a driver for. I couldn't agree more about money in the bank. Before I even ran a paid mile, I've spent over $4,000 USD.
Who do you work for now? I wanna become tanker driver.
@@stilliraise9201 I'm leased onto Colonial Fuel and Lubricant, they're based out of Savannah, GA.
good information
Great
Much obliged friend
THANK YOU YOUR AN AWESOME 👌
Thanks!
Thanks for watching!!
Good video
thanks for the info.. sure alot for insurance
Real pre emission trucks stopped in early 2000's. Cat put CCV's in their motors in 04, Cummins put in egr after the n14 (03-04?) I believe Detriot was the first to use egr around 2000?. Trucks from 03-07 are still better than the new ones but are not 100% pre emissions.
Too many people do not understand that when they become an owner operator, they are starting a business and need to treat it accordingly
The 1st thing you should do is get an insurance quote.
Saving money it’s the most important thing you need to do, don’t start buying anything else like a new house or new fancy car’s, just waited for the right time,
Who has the answers as to fair market price? Are businesses that do all the paper work for you to start your business a good way to go with?
Thanks Brian,...for crushing all my dreams!🥴
5 years to be owner operator no no
6 months you are professional driver!!
And ready to train other drivers.
Yeah,and after 10 light posts koncked down, few bridges in between and an accident. :)
My cousin only 3 months. Do Owner operator 😀
I'm sure there will be people say otherwise about becoming a owner operator. But I agree on starting with company, and honestly doing lease is not making it any better. Because you are more hurting yourself than anything. When I get started as a rookie I'm going straight company driving company truck. I don't care honestly because I'm not putting my own money towards parts, fuel and so forth.
I'm leased on but not in the overpriced lease to own the truck for not enough money per mile sense.
It works for me because it's basically just a service contract under their authority to not have some of the bigger costs, steady(ish) freight, and power only.
I agree with the recommendation to run for a company doing what you plan to do though. While not essential, it does eliminate or at least greatly reduce the learning curve.
Freightliner Cascadia has a very nice battery powered HVAC system.
The way he says “decals” 😂
People like you always talk me out of it yet you owner op for many years.
Thank the information! I want to drive local to get my experience, but I do worry that I won't learn as much as being OTR. Am I just overthinking things?
I have been an owner operator for 39 yrs--there has never been a worse time to get in--
hell yeah
Guess I need to play the lottery.
I am considering getting into the business and can’t see purchasing a used truck. Too many unknowns and potential problems. Not to mention I am currently unemployed and pretty much broke. Thanks for the videos.
I see you young blood💯🫡 Definitely enjoyed the content till the end lol. Subscribed 💪🏿
Hey,Burke's here from Massachusetts I agree with you and Jeremy. But that was kind of fishy that he just called you while you were making this video,🤔🤔🤔. But thanks for talking about pre-emission trucks along with the years of them, because these new trucks coming out with computers set up???? I haven't a( freaking clue ). And want no part of them,and just like you just said a minute ago,I say a guy come off the lot,Brand New K.W.- pretty as a cat's meow, 2 weeks down the highway?? Blow Motor,from a lose Water hose,to radiator, motor seized up. So I hear what your saying. Listen Up People!!! I don't know about Jeremy or Jason or whoever that guy was, 🤔🤔🤔 but the Man talking NOW!!! Yeah He's Giving You The Real Low (DOWN)!!!
How about a video on a guy looking for a second career? Need a fast track because I don't have five years to give a company. I got the cash to buy a new truck and ten years until I consider retirement.
Hey I just subscribed to your channel but I just curious way did you get a 2014 truck when you just said you would never buy a truck i believe you said between the years of 2007 - 2015 they were the experimental years of emissions?? 🤔
Have had my 2022 Freightliner Cascadia with APU and all legal requirements and luxuries about a month now. I run Reefer in the north east including New Brunswick. I'm financed for 3 years. I run Prime Freight, not AMAZON, Prime Inc. I leased my last truck from them and rolled my bonus into my own truck. Prime is so GOOD to me! My truck grosses steadily 4500 to 6000 a week. I keep my MPGs between 8.5 and 9.5. You guys can blow by me ALL day long, but I'm gonna beat you to the BANK. 😆. LOL. MUCH LOVE. BE SAFE. AND can we maybe get some snow cleared at night in NB on the TC-2? One run this winter I passed 3 roll overs in 85 miles, not funny. PS, it's awesome to connect with like minded folks!
How much did it cost at the dealership?
@@stilliraise9201 152K US plus 21K upgrades, suspension, brakes, insulation, APU, keyless entry, cab curtains, custom graphics, etc.
Why suspensions?
@@stilliraise9201 smoother ride bro
How much do you net after everything is paid including taxes?
Does you take overseas drivers on TE Transport? Has 25years experience mostly from forest trucks.
What would be Ronan’s toughts about this one: One of your driver cie/ or / owner gets mistreated by one of your customers? Strong proof by driver.. I’d like to hear your. Thanks!
My family got out of the business in the mid 90s. After 30 years. Cabover marks .where did u go mh mack?
Before you risk independent driving, be sure you are well aware of shoddy equipment, shady service providers and clever brokerage scams.
You forgot about drug test, D.O.T Physical, 2290 taxes if they haven't been payed, EIN number for your company taxes, and orientation cost as an O/O is usually on the O/O dime, if your leasing the truck on with an existing company. That's just a few.
How much taxes if you make 100k+
I got a DWI, got my CDL suspended for 1 year, and next month im supposed to get it reinstated. Will an insurance company get me if i buy my own truck and have my own authority?
I forgot to mention what about renting or leasing a truck with full service lease or rent would I get myself into some shit with that? This also might be a dumb question. But what if we have our own truck but work with a company, do we.need to have our own authority?
I had no idea that the tarps cost that much
Would you apply the same thresholds to someone that is currently a local or vocational owner operator that wishes to transition or expand into OTR work?
I would like to learn to be a o/o as a local
Who's the best company to go to after CDL school? I'm not worried about being otr. My concern is finding a company that has paid training for new comers , and a great sign on bounces that actually keep their word
Roehl...Schneider..Henniff...And Crete Carriers...Start there and work around...depending on the division you want to start in...((Tankers and Intermodal)) being the niches...Hope that helps...
I agree, $20k is minimum you need in 2024 , because cost of repairs is all time high
If you have an inverter in the truck go and buy a fridge 110v from Walmart or the home depo or the Menards or Lowes ! It will cost you about $ 200 max! and the original volvo fridge 12v is not worth it ! 😎
👍
Please I need you to give me some trainings thanks
Good thing I am planning to save up 200k for when I become an owner operator. So I am going to go on the more expensive side say I wan to buy the truck outright let’s say 60-80k then spend 15k for one of those things for when the truck is off. And I might just stick to a regular fry van tempted to go into transporting foods for stores in the future so let’s say I am planning to invest and additional 20k so bare minimum I am going to have to spend, about 95 - 115k in start up costs because I don’t want to deal with payments.(learned the hard way on less expensive stuff don’t need to go down that rabbit hole again) then that is just for the truck, so I am going to assume I will need another 50k saved up for insurance provider which will leave me with about another 35k of just in case something breaks down money. Then I plan to drive as much as humanely possible within the first year hopefully make about -60% ROI including having to pay taxes and insurance then as time goes on and get a better feel I can make much more about making around 130k my second year. Eventually I want to start my own company as well so I will have to save up let’s go safe and say 500k - 1M dollars as a startup to build up my own fleet using that money to buy 2 - 3 trucks and having one small terminal if I have the luxury of affording it.(no clue how much that will cost yet) then slowly grow based on what what I have available, how much money I have saved up, and figuring out ways to make sure it is recession proof. The goal is to make it so all I have to do in my 50s-60s is that it is completely self sustaining and grows at a steady rate. I can probably go a lot faster if I accept loans from banks but I’d rather not owe any money if I can help it. So once I pass my CDL-A test in October and get a job my plans should be complete in about 30-40 years since I am playing it as safe as possible.
These are all rough estimates if anyone has any ideas on how to speed this up or some more realistic numbers to look at pls respond to this comment.
Hey guys question been driving for 16 yrs now plenty of experience and manage to save $80k doing local.Now I want to take leap of faith how would I go about starting on pls give me info
How mqny drivers ET transport has Like owner operator and how many like company driver?
The “Dekals” lol…