After never taking a risk and losing our jobs...my husband has been thinking about getting his own truck. He has only drove for almost one year and is thinking about leasing it to the local company he now drives for. I am really scared and as usual I am the one who isn't sure we should do it, but I hate to hold him back if it's what he wants. Is there some way I can get information before we try this, like how to even get started and what constitutes a good contract?

Thanks!

 

The first thing you need to do is figure out a millage or hourly rate depending on the type of work you are doing. Do not take any loads under the rate no matter what. Second you need to have at least $10,000 in reserve in case something happens to the truck or him and you have to keep making truck payments.

He probably needs at least 2 years of driving experience before he trys this not just for his benefit but also it will make it easier to get insurance.

Also if you can tell us what the company is paying we can give you a idea whether or not you could make it with them.

 

What careeer fields is he coming from, and when was the 1 year of CDL driving?

 

A suggestion for you is to try and find out from this company what % he will get and find out(If you can) what the average freight rate this company is getting.

While still driving for this company he can "Guesstimate" what his income would be if he was a O/O and you can make a better decision. Pretty much all of that Expenses of being a O/O have been talked about on this Forum so you can get a better base figure.