Chris is going from behind the desk to behind the wheel and starting his own trucking company.
Episodes
Tuesday Aug 27, 2019
Tuesday Aug 27, 2019
This episode will work best if you follow along with the P&L sheet that we've included in the show notes, HERE.
Drum roll please! This is the moment of reckoning. Did I make money or lose money the first three months out on the road? I answer that question during this episode. Okay, spoiler, I made $8,149.17 over that three months and that is on top of what I paid myself as a driver. Not too bad considering a lot of businesses lose money during the first year.
In this episode Craig and I go over the Profit and Loss Statement, often called the P&L, for the first three full months I was out on the road and I have to say I was pleasantly surprised. If you have never seen a P&L, it might be kind of confusing. Best way to learn and digest the info is to look at the P&L below and follow along as we talk about it during this episode.
Be sure to visit the Haulin Assets website to hear previous episodes and view full show notes.
Tuesday Aug 20, 2019
Tuesday Aug 20, 2019
It's time to hit the road, but before you do, you have to have some kind of ELD, electronic logging device. An ELD can frustrate you and there are a lot of them out there, so you want to make sure you make a good decision when you purchase one. In this episode we are going to cover some of the things you need to think about purchase your ELD.
We cover 5 factors you should consider when purchasing an ELD. Here they are:
- Is it compliant with the FMCSA ELD regulation? (You can go to this FMCSA websiteto see which ones are good to go.)
- Is it easy to use?
- What other features does it have or should it have?
- How much does it cost?
- Do I need to buy a tablet to make it work?
What ELD device do you use, let us know in the comments at HaulinAssetsLLC.com, and whether or not you like it.
Tuesday Aug 13, 2019
Tuesday Aug 13, 2019
The drug and alcohol regulations for the FMCSA and DOT intimidate a lot of people. The DOT takes them very seriously and non-compliance is one of the areas that will get you in hot water with the government really fast. Following the rules is really not overly difficult or even too expensive, you just have to do it. Motor Carrier HQ has a flat rate program that costs $199 for the first year and then is $139 each year after that and they take care of the details. This episode will also help you better understand what needs to be done.
In this episode Craig and I sit down with Mercedes, Motor Carrier HQ's compliance guru. We spend most of our time talking about Drug and alcohol compliance, but also go over some of the other key compliance requirements you need to complete before you actually get on the road. Mercedes even created a checklist that covers about everything you need to do or have before getting on the road. You can learn more about the compliance items that need to happen before hitting the road and accessing the checklist, click here.
Here are some of the bullet points we covered during this episode:
- What is a drug and alcohol consortium?
- Do I have to have a drug and alcohol policy?
- What do I have to give my drivers?
- If I am the owner and only driver, do I have to participate in my company's drug and alcohol program? (Spoiler, the answer is YES)
- Pre-employment drug tests
- Random drug testing pool
- Driver qualification files
Let us know what you think about this episode by commenting at HaulinAssetsLLC.com and rating us on whatever platform you use to listen to the podcasts. We really appreciate the ratings!!
Tuesday Aug 13, 2019
Tuesday Aug 13, 2019
The drug and alcohol regulations for the FMCSA and DOT intimidate a lot of people. The DOT takes them very seriously and non-compliance is one of the areas that will get you in hot water with the government really fast. Following the rules is really not overly difficult or even too expensive, you just have to do it. Motor Carrier HQ has a flat rate program that costs $199 for the first year and then is $139 each year after that and they take care of the details. This episode will also help you better understand what needs to be done.
In this episode Craig and I sit down with Mercedes, Motor Carrier HQ's compliance guru. We spend most of our time talking about Drug and alcohol compliance, but also go over some of the other key compliance requirements you need to complete before you actually get on the road. Mercedes even created a checklist that covers about everything you need to do or have before getting on the road. You can learn more about the compliance items that need to happen before hitting the road and accessing the checklist, click here.
Here are some of the bullet points we covered during this episode:
- What is a drug and alcohol consortium?
- Do I have to have a drug and alcohol policy?
- What do I have to give my drivers?
- If I am the owner and only driver, do I have to participate in my company's drug and alcohol program? (Spoiler, the answer is YES)
- Pre-employment drug tests
- Random drug testing pool
- Driver qualification files
Let us know what you think about this episode by commenting at HaulinAssetsLLC.com and rating us on whatever platform you use to listen to the podcasts. We really appreciate the ratings!!
Wednesday Aug 07, 2019
Wednesday Aug 07, 2019
License plates in the trucking industry have many different names: IRP, apportioned registration, etc. Navigating the registration process is not simple, so we’ll try to shed some light onto it.
In this episode I interview Ariel, Motor Carrier HQ’s resident expert on the International Registration Plan, often referred to as IRP or apportioned registration. We talk about what IRP is, who has to get apportioned plates, and some of the process to make it happen.
To learn more about the process, check out What Is IRP or Apportioned Plates on Motor Carrier HQ’s site. It also has a link you can follow to get the contact info for the department in your state where you go to set it all up.
Let us know what you think about this episode by commenting at HaulinAssetsLLC.com and rating us on whatever platform you use to listen to the podcasts. We really appreciate the ratings!!
Tuesday Jul 30, 2019
Tuesday Jul 30, 2019
So far in this journey of starting a trucking company we have spent a lot of money, now it's time to switch gears and talk about saving money. In this episode we talk strategies for saving money on fuel, maintenance, repairs and some personal expenses.
The top five expense for a trucking company, in order are:
- Driver wages and benefits
- Fuel
- Truck and Trailer
- Maintenance and Repairs
- Insurance
As always, check out the full show notes at https://haulinassetsllc.com/episodes/
Wednesday Jul 24, 2019
Wednesday Jul 24, 2019
In the last episode we showed how much it cost us to start Haulin Assets, and we discussed how your situation might be similar or different. Now it’s time to roll up our sleeves and get to work by figuring out how to gather all the money you’ll need in order to get that truck moving down the road and making money!
For most people, coming up with the money to start their trucking company is the most challenging part of getting going. As the saying goes:
“The secret of getting ahead is getting started. The secret of getting started is breaking your complex, overwhelming tasks into small manageable tasks, and then starting on the first one.”
Below is the list of ways to get money we talked about, and there are even more we didn’t talk about. Let’s start with the first one. Maybe you only have $500 in savings, well, that is a start.
Move to the next option and maybe you can sell $1,000 worth of stuff. You’re not there yet but getting closer, so keep moving down the list.
Maybe you can get a $3,000 loan from a bank. Now you’re up to $4,500. Just keep moving on down the list and you’ll eventually get there.
Once you have gone through the list and you still don’t have enough, start at the top and go through it again. It may take time, but one thing all successful business owners have in common is that they don’t give up easily.
Here is the list.
- Savings
- Sell some things you don’t need
- Non-profit micro-lenders
- SBA Microloan Program
- Bank loans
- Loans from friends and family
- Bring on a partner
- Credit cards
- Factoring (more to fund ongoing expenses, not startup costs.)
More Resources
We have a page on Motor Carrier HQ's website that provides some more insight and has some additional resources on how to finance your trucking company. I go into more detail about each one of the options I listed above. You can check it out here.
And be sure to check out other episodes and full show notes, as well as comment sections, at https://www.haulinassetsllc.com
Wednesday Jul 17, 2019
Wednesday Jul 17, 2019
"How much does it cost to start a trucking company?" is probably the most common question we get asked. In this episode we are going to answer this question with a real life example. When I started my trucking company a few months before writing this post, I took meticulous notes documenting each and every expense I made.
In this episode, I talk about each and every startup expense I made and tell you exactly how much it cost. Since every person’s situation is going to be different I also give a best case scenario and explain why I think your situation might be different than mine. I hope this discussion will help you start to get a clearer picture for how much your startup expenses will be. Additionally, my team and I have created some tools to help you figure out about what your costs will be.
Be sure to check out the Motor Carrier HQ Startup Cost Calculator here. You can use this helpful tool to calculate your own startup costs.
And get the full shownotes at haulinassetsllc.com
Tuesday Jul 09, 2019
Tuesday Jul 09, 2019
What’s the difference between driving as an owner operator or working for a company? We got a lot of questions about this topic, so we did an entire episode about it. Check it out!
A couple of episodes ago, we started doing a question and answer piece at the end of each episode. Thanks to all of your questions, we decided to do an entire episode about a topic a lot of people were asking us about. Episode 10 is all about the pros and cons of being an owner operator vs. an employee driver.
For a lot of people, it boils down to something like this:
“I make $70K+ a year, why should I start my own company?”
That’s definitely true for some truck drivers, but I don’t think trucking is really all about the money for everyone. In this episode I talk a lot about what being a business owner is all about. I think it really boils down to:
- Do you have the desire?
- Do you have the drive?
- Do you have the skills necessary?
There's lots of material associated with this episode, so check out the full show notes at https://haulinassetsllc.com/episodes/
And find the tools you need to get started as an Owner Operator at https://www.motorcarrierhq.com/
Wednesday Jul 03, 2019
Wednesday Jul 03, 2019
Getting commercial insurance for your truck is an intimidating process. We hope listening to this episode will help you so you don't go into the process blind and can make the best, informed decision for you. To learn even more, check out our page on the same subject at Motor Carrier HQ.
What to Expect From Episode 9
In this episode we talk about how to purchase insurance for your truck. This will be one of the biggest purchases you make, so it's important to be smart about it. You'll learn a lot listening to this episode and reading the page on Motor Carrier HQ's website. Here is the order you should typically do things in.
- Apply for your motor carrier authority so you have an MC number and USDOT number before you call.
- Gather the information your insurance agent will need for a quote. (We go into detail about that on Motor Carrier HQ's page.)
- Call at least two different insurance agents and get quotes for at least two to five insurance companies.
- Evaluate the quotes. Keep in mind, price is important, but it is not always the most important.
- Be prepared for the down payment. You are usually going to have to put at least 10% down, usually more like 15-25%. We're talking $3,000 or more.
Check out the full, detailed show notes at HaulinAssetsLLC.com.