I agree, the advice given is not trying to discourage people from becoming OD’s but to bear in mind that most don’t make it in a worthwhile way and some can lose an awful lot of money. Sure there’s OD’s doing well, some, very well but they are the lucky few.
Taking chances is the spice of life but there’s something to be said for playing it safe. If you are sure you are on to a winner, go for it. One of the biggest pit falls apart from crap rates is not getting paid at all, invoice insurance can be obtained and would protect you from this for a fee. Along with a quick and cheap exit strategy if it goes pear shaped, that’s the best way to cushion against failure.
It’s all about who you know really as the chap above has said, knowledge is power. If you are going in to OD looking at the ad’s for work in the mags, forget it. Luck is also big part of making it, being in the right place at the right time, talking to the right people. If you can’t afford to risk money on being lucky then you have your answer.
Thanks for the advice so far. It’s something I’d rather not do and the threat of redundancy seems to have eased off a little so I’m hoping the question has become academic now. But I’ll keep all of my options open so I’ll keep reading the replies. Thanks again.
probably better doing trips or going to an agency harry.
my father had trucks and i inherited the business.
it was small only 3 trucks and back in 1978.
i stuck it for years and all the problems that go with it.
so many of the big companies that never paid me is unbelievable.
i couldnt keep going,i liquidated the company and went solo as a one man band.
i did this for years working as a subby for anyone who had work to give out.
they pay you the bare minimum.
they dont care whether you survive or not.
no use in buying unless you have your own work.
i stress your own work.
as every one who gets the work before you wil have their 10 per cent.
do not subby.
also credit terms payment for work done 30/60 days from date of invoice.
factoring companies dont want to know small companies ie owner drivers.
read the back pages of all the truck mags every week and see the ads looking for ods.
they will control you from the start after promising you all sorts of money.
i saw one ad offering 3000 per week earning for a truck.
the snag. which was not printed
it was running to greece.
imaging the tolls and fuel.
it might cost well in excess of that.
so the first thing to put in place is.
proper work,not second hand.
after that you got to deal with licensing…insurance and fuel etc
its not worth the struggle.
i could have one in the morning and i have cpc and all i need,but.
been down that road too many times.
go on the agency harry.
harry my first answer would be dont do it. but i have to say i have absolutely no regrets about becoming self employed… theres no easy answer for or against
its more a question of putting your heart and soul into it. it will only work if you and you alone make it work, through the good and bad periods. but it needs total commitment and a big slice of good luck…
Having seen a few ex O/D’s mentioned, I was wondering what caused you to pack it in. Did you get out before things got too bad, or did you go under? I called it a day as an O/D about 16yrs ago, my demise as a result of 2 companies going under owing me money. My business had been profitable, and I always did credit checks, although with hindsight the checks should have been done regularly :- everybody is subject to changes in circumstances. I’d do it all again tomorrow though. HM, if you’ve got the finances and realise that there’s always a risk - even when its an educated risk - the buzz is great, even if the profits might not be. And always remember, you want a good wage AND a profit from the business!
Silver_Surfer:
Spot hire the truck (month up front but newish motor for £350 per week) so you have a quick exit strategy if needed also the maintenance and breakdown is then down to the rental company, might be more expensive in the long run but if the work is worth doing, won’t make much difference.
if you have a puncture or blow out in a hire truck who pays for the new tyre or repair wok? is it the hire company or the compnay that is running it at the time?
Generally the company who is hiring it at the time, but will depend on the hire company.
They will normally be fairly clear on this when you hire the vehicle out, our local hire place has a big sign behind the counter stating what is not covered by them.
To put it in a nut shell, to make a small fortune in transport, first start with a large fortune & it will very quickly become a small fortune.
I was once told " if you have enough money to buy a truck you don’t need to get into transport, but, if you don’t have enough money to buy the truck you never will have"