Trucking: Purchasing a dump truck, michigan city indiana, high school friends

Question
Bob, my husband has been driving dump trucks for the past 7 years.  He is now thinking about purchasing a used dump truck and working on his own.  Can you please let us know where exactly we should start.  We live in the Indiana/Chicagoland area.  My thought was to first...purchase the truck, apply for the DOT number and find a company that hires Owner Operators (dump trucks).  Any assistance you can provide would be very much appreciated.  Thank you, Tiffany

Answer
Hi Tiffany.

I grew up in Michigan City, Indiana.  There is a lot of good paying work up there.  Your pretty dead on with what you need to do.  My thoughts, though, are to search out some companies.  Talk to them and see what they say, first.  Maybe you don't tell them your "truckless", but it's being "worked on" or something like that.  This way, you can have some good solid leads before you buy.

Nothing is worse than driving off the lot in that new truck, not knowing where your mealticket is coming from.  With a little advanced research, you may have a job waiting right away.  Faster your husband is at work, the faster the money rolls in for that first truck payment.

Plus, if you hire on, the company may take care of the DOT numbers for you along with insurance.  You never know.

Finally, if you buy a used truck, try and get an engine warranty.  I preach this to everyone.  I've seen countless guys go out of business because the engines blew and they don't have the $10K for a rebuild.  Now their truck is an expensive lawn ornament and they're back as a company driver.  NEVER fall in love with a truck.  Be smart and you'll be fine.

I would also recommend writing up a business plan.  Know where all your money is coming from and where it's all going.  This will help guide you and keep you profitable.  Then, when you have 100 trucks, you can call it "Bob Stephens Trucking" and all my old high school friends will think I'm doing great!

Good luck!

Bob Stephens