Can any one helpe here.
I keep thinking about going it alone getting an operators licence.
I know you need 8k per truck.
I’m.guessing that’s to.prove you can afford any repairs and insurance?
Would you still need proof of 8k If you was to lease your truck . As if lease it won’t really be responsible for any repairs etc as should be included in the lease?
edd1974:
Can any one helpe here.
I keep thinking about going it alone getting an operators licence.
I know you need 8k per truck.
I’m.guessing that’s to.prove you can afford any repairs and insurance?Would you still need proof of 8k If you was to lease your truck . As if lease it won’t really be responsible for any repairs etc as should be included in the lease?
Would your tractor lease agreement pay for your mates borrowed trailer if it needs an unscheduled brake reline and 6 tyres?
I doubt there are any exceptions for leasing, or buying a new vehicle as opposed to a 15 year old motor either.
Financial Standing is to show you have enough fat on your back to survive a harsh couple of months.
Your £8k should be in available fund, so cash in the bank, or overdraft, even an available credit card balance. Trick is you can’t use this money, it’s supposed to be available at all times.
Doesn’t matter whether you lease, buy, rent or nick your mates, you need it available.
So to run a truck you need this available, then you need your working capital. You’ll need this to keep paying wages, fuel, repairs until you start getting money coming in for jobs. You may have to wait 3 months to get paid and you may need £1000 per week just on fuel, so do the maths. You’ll get ■■■■ all credit from fuel companies for a new start, a weeks credit if you’re lucky.
Jobs that pay quickly, like within a week, normally pay ■■■■■ rates so you’ll make less profit.
Sent from my iPad using Tapatalk
coiler:
Your £8k should be in available fund, so cash in the bank, or overdraft, even an available credit card balance. Trick is you can’t use this money, it’s supposed to be available at all times.
Doesn’t matter whether you lease, buy, rent or nick your mates, you need it available.
So to run a truck you need this available, then you need your working capital. You’ll need this to keep paying wages, fuel, repairs until you start getting money coming in for jobs. You may have to wait 3 months to get paid and you may need £1000 per week just on fuel, so do the maths. You’ll get [zb] all credit from fuel companies for a new start, a weeks credit if you’re lucky.
Jobs that pay quickly, like within a week, normally pay [zb] rates so you’ll make less profit.Sent from my iPad using Tapatalk
+1 ^^^^
You are looking @ £50k IMO to get up and running, and to keep the sharks in their tank 
There`s no fun running a fledgling business while you have your pants around your ankles 
Stanley Mitchell:
coiler:
Your £8k should be in available fund, so cash in the bank, or overdraft, even an available credit card balance. Trick is you can’t use this money, it’s supposed to be available at all times.
Doesn’t matter whether you lease, buy, rent or nick your mates, you need it available.
So to run a truck you need this available, then you need your working capital. You’ll need this to keep paying wages, fuel, repairs until you start getting money coming in for jobs. You may have to wait 3 months to get paid and you may need £1000 per week just on fuel, so do the maths. You’ll get [zb] all credit from fuel companies for a new start, a weeks credit if you’re lucky.
Jobs that pay quickly, like within a week, normally pay [zb] rates so you’ll make less profit.Sent from my iPad using Tapatalk
+1 ^^^^
You are looking @ £50k IMO to get up and running, and to keep the sharks in their tank
There`s no fun running a fledgling business while you have your pants around your ankles
As above ^
If you’ve got definite work direct with a company (not subbing off a transport company) or you’ve seen a good opportunity that others haven’t, or have an itch you can’t scratch, then don’t let me stand in your way. I’ve come up with good work by being in the right place at the right time, like literally delivering to a company and talking to what happens to be the boss who’s having problems getting his products delivered.
But if you’re a bit fed up with driving for someone/sat in RDC’s/working in an office and think you’ll make more money running you’re own truck it highly likely that you’ll struggle to do so. Would you go to a casino with £50K in your pocket and come back out with a profit? It’s possible but unlikely.
That’s why there’s less owner drivers about these days, you can make more money driving for someone else than running your own truck. And don’t think it’s less stressful, its WAY more stressful running your own business.
Thanks for the advice I get all that.
What I don’t get is why you need proof of 8k ?
Obviously truck would be insured so if an accident I’d be covered. Don’t see why need 8k is there an actual reason or wording that says why you need it?
edd1974:
Thanks for the advice I get all that.
What I don’t get is why you need proof of 8k ?
Obviously truck would be insured so if an accident I’d be covered. Don’t see why need 8k is there an actual reason or wording that says why you need it?
Lets put it another way, you will need to impress the TC with what you have in your swag-bag, and he /she wants to see a minimum of £8k, thats where the discussion ends, its their ball/pitch/rules… 
Yup. On board with the guys sentiments above.
I have just recently applied to up ours, and put in for a new site, and we need just shy of £100k available for both applications.
Ken.
See if this helps you get your head around it
assets.publishing.service.gov.u … inance.pdf
Being an owner driver is less about driving than it is about being a business owner. Loads of previous threads on here talking about the in’s and out’s of going it alone - it’s not for the faint hearted!
Zac_A:
See if this helps you get your head around it
assets.publishing.service.gov.u … inance.pdfBeing an owner driver is less about driving than it is about being a business owner. Loads of previous threads on here talking about the in’s and out’s of going it alone - it’s not for the faint hearted!
++ 1 ^^^
Still too many getting involved so they can drive a ScanVolDaft Mega 850 with all the bells & whistles, when they actually need a RenVoldaft 450 to get them started…I deal with lads who have zero grasp of the fundamentals regarding the business side of things, but can talk the hind legs off a donkey about bull-bars & murals for the rear of the cab, whilst losing sleep regarding their next finance payment
Yeah, we should have a sticky thread for would be owner-drivers the same as Rog has for trainee drivers.
Not only do you have to show the availability of the £8k for your O licence, you need to always have at least that much available when trading, if you drop below that amount you are legally obliged to inform the TC, who may choose to revoke your O licence for no longer being a compliant operator.
Zac_A:
We tried that, it was called, “Pound per mile and a Mars Bar”
Oh how we laughed, the HINO operator with a cement mixer. the Volvo man with the onboard generator. The Bullets from Bulgaria. All Bull with No Bills.
Bear in mind that the available funds (biscuit tin, credit card, reserve bank account etc etc) MUST be in the name of the operator. So, if you become XYZ Ltd, the funds must be in that name - not yours personally. Many folks slip up on that one, thinking they can utilise their personal credit card for evidence.
Good luck, Pete 
edd1974:
Thanks for the advice I get all that.
What I don’t get is why you need proof of 8k ?
Obviously truck would be insured so if an accident I’d be covered. Don’t see why need 8k is there an actual reason or wording that says why you need it?
It’s to provide a barrier into getting into it, otherwise every Tom, ■■■■ and Slobodan would be doing it. 
Hi guys,
I’ve seen 50k to 100k to get started here surely that’s a bit much ? If you were to already have your CPC - renting the unit, £300/£325 p/w full r+m - £50/£70 p/w base / parking - insurance/tax / £monthly - fuel (whilst on job)
Especially if you had some options for work.
I’m not sure if you referring to the original question or not, but the £8000 for the first vehicle isn’t open to negotiation, if you can’t show that, then the TC won’t let you have your O licence.
And I’m not sure what kind of rental tractor unit you’d get for £300 a week, here’s two from Salford Hire, both nearer to £600 pw
I get that mate, 8k non negotiable I don’t dispute that at all, as far as the units go, J + B haulage cricklade do 15/16 plate mans scannys and Volvos 44t for £300 to £350 a week, check it out,
I was just saying I thought 50 to 100k was a lot that’s all.
Zac_A:
I’m not sure if you referring to the original question or not, but the £8000 for the first vehicle isn’t open to negotiation, if you can’t show that, then the TC won’t let you have your O licence.And I’m not sure what kind of rental tractor unit you’d get for £300 a week, here’s two from Salford Hire, both nearer to £600 pw
0
SVH also tickle you when you send them back, be very aware of their “practices” regarding fair wear & tear 
Wee Man:
I get that mate, 8k non negotiable I don’t dispute that at all, as far as the units go, J + B haulage cricklade do 15/16 plate mans scannys and Volvos 44t for £300 to £350 a week, check it out,I was just saying I thought 50 to 100k was a lot that’s all.
It would be nice if J+B actually came back with an answer to my genuine enquiry [via their website]
They must be very busy, that`s all I can say