Business Starting Grants

trucking and small business an finance?

i'am a truck driver of 22 yrs;i'am going into the business of own ing my own trk i know that maybe this is the wrong time to enter the busn.but i got to give it a shot . i'am knocking on 50 yrs.old with a 10 n 8 yr old i want to leave something for my wife n kids is there any sites that i can go to to get finacil help without all th e hopla? i dont want fail in this indefer. i need to make it this is a tuff industry i'am in.i dont want to fail for my familys sake. esp cially for my family's sake i need to leave something for my kid s to have an optian to take over when they get out of college thi s is a tough industry to compete in with all the rules an regulatio ns i dont want to fail please help with some good solid advise

Public Comments

1. Don't Fuel is outrageous, and you only get between 4 and 7 miles per gallon, each state requires a permit to run through it, and some permits run as high as 300 dollars each.Repairs on the road are costly, the repair company has the idea, if they take it out of the box, you bought it, need it or not.Some states require "jake brakes" which are extra when you buy a tractor, and remember, " If you snooze, you loose." When your sick in bed, the payments still go on. All of your spare time will be spent working on the truck..The insurance cost will kill you. With a tractor trailer, your tractor is only insured when you are hauling someones trailer, other wise you have to have bobtail insurance. My advice, don't; go to welding school, become a plumber or electrician but stay out of trucking!!!!!!!!!!!!!!!!!!!!!!!!
2. NO, DON'T DO THAT PLEASE.If you continue thinking in open a truck business believe me don't waste your money,time and effort.That business is only for BIG Companies not for people with not enough money.I think the big companies make money because they use the other truck's people, in that way they don't pay in maintenance,insurance and gas.But if you still are thinking in to start and try, listen to me we waste a lot of money on it because we entered in this business without making a research or asking other owner operator.Start losing money paying for your own authority,insurances(outreageous),tags and permits($$$$$$) and TAXES! You need to pay a tax for using the roads (Highway tax),Fuel Tax,Unemployment tax, and worker compensation (if you have employees).Those taxes have to be paid timely if not you need to pay late fees.As soon you are granted the authority maybe in 2 or 3 months you will have the D.O.T. Audit (around 3 or 4 hours sitting n your business place with an Agent.You will need to keep a lot of papers and show them to him.You have to pay tolls and scales,and have enough money to pay for diesel.You need to have a dispatch looking for loads and to be affiliated to a web site specialized in posting(no free you have to pay every month to have access to it).Also you need to have a good fax machine(you will receive contracts and have to sign them and fax back to them along with authority letter,W-9 and proof of insurance.You will have a constant and good communication with your insurance provider.All of this hasle, is every time you get a load.But the really dissapointment is when you hear the ridiculous fares like .50 or .80 cents per mile and is good when is 1.50 per mile.But don't forget the DEAD miles.After the load you need to be associated with a funding company (it takes 5, 6, 7 or 8% of your check ) if you want to receive the money in a week.If not you need to wait 30 days or more to be paid.When you add all of this and you receive finally your check (Beware some companies don't pay and you need to sue them) you will say like us Oh my God, is it a good business? The profits are ridiculous! selling hot dogs could produce us more money!.My advice again don't do that!.Find another business that could give you more money.But if after all of this explanation you still want to start your own company the last advice :buy your trailer it could be a refeer, a flat bed or a dry van.For a comparison we live in Maryland, the tags a year with permits is more than $2,600.Annual Insurance with trailer $9,000.Worker Compensation $600 a month We had wished that somebody in the business could have explained us (like I did to you) all of these things and we NEVER EVER could have waisted our money in the way we did.Bottom line we closed the business,we had sold the truck for less money than we paid, We wasted our money in insurance, tags, permits, taxes and getting the authority and we didn't recover the money, time and our efforts.Is better that you continue working as a company driver, you make more money!