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What Steps Do I need to take to start my own dump truck company?

Discussion in 'General Industry Questions' started by Next_Trucker, Feb 15, 2017.

  1. Next_Trucker

    Next_Trucker Member

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    Can somebody please explain the steps I need to take to start my own dump truck company I really need help starting off with a business plan I have no experience but I would like to work for a company first but I eventually wanna start my own company...I don't wanna have a fleet of trucks or anything of that nature but I wanna buy my own dump truck and get a few contracts and work for myself that's all
     
  2. Planedriver

    Planedriver Well-Known Member

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    Normally I would say study your market to identify the need and assess your competition. Then develop a proforma and business plan. When you get that far get your personal financials together along with a white paper and start determining feasibility. It's really difficult to explain this in a few paragraphs so if you like PM me and I'll try to help over the phone.
     
  3. catman13

    catman13 Well-Known Member

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    set it up as an LLC or something like that ,to try and protect you and your house from lawsuits in case of accidents
     
  4. Welder Dave

    Welder Dave Senior Member

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    I think the first thing to do is figure out if there's enough work you can make a living at it. It's not cheap running a commercial dump truck so make sure you have work lined up before going in head first.
     
  5. Junkyard

    Junkyard Senior Member

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    You'll need a CDL whether you drive for somebody or run your own. You will need authority and insurance. If you run one state it will be intrastate. If you cross state lines you'll need interstate authority in addition to to IFTA for fuel taxes. Being in the D.C. area I bet you'll need multiple states. Dump truck insurance is fairly expensive as they seem to fall over, hit power lines and get caught in other claim worthy situations. It's certainly doable but it's not a quick process. Being new to it I would get a job and drive for somebody a season or two to get the feel for it. Perhaps they'll even let you buy a truck from them and lease it back to them.
     
  6. kevin37b

    kevin37b Well-Known Member

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    Very good advice , get feet wet first .
     
  7. Next_Trucker

    Next_Trucker Member

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    ok so I should start with a business plan first or what should I start with first
     
  8. Ronsii

    Ronsii Senior Member

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    1. Get CDL
    2. Drive truck
    3. To be determined
     
  9. Next_Trucker

    Next_Trucker Member

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    its either dumo truck or a car hauler I think that would be cheaper to do
     
  10. crane operator

    crane operator Senior Member

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    Its hard to give you a set out plan- because we really don't know your full circumstances. If you are just getting out of school, no experience, no contacts, just see dump trucks driving on the road and think "that's cool- I could do that", you've got a ways to go to have your own.

    You've got to get your CDL. Go get the book, take all the written tests, go drive. Use a school if you have to. Lots of over the road company's offer a school, training/driving schedule (team driving), in return for a year or two contract.

    Go work for a dump truck company. You'll learn what the business is like, you'll get some contacts, and find out if it's what you really want to do, without investing a bunch of $ in a truck.
    You're not going to find a company very quickly, to just throw you in their dump truck, and say "good luck", with no experience. A driving school, and a over the road training of a year or two might be in your future.

    I've bought and sold a few dump trucks, its a tough way to make a living. Rates aren't great in my area, the quarries have their own delivery trucks, so you get to compete with your wholesaler. The dump trucks get used hard, in not great conditions, so the repairs add up. The dirt contractors by me that have their own trucks, tell me they don't make any $ with them, it instead makes it so they have their deliveries in their own control.

    The better $ in trucking is generally on the road, but you end up being gone all the time (every night).

    If you're set on your own dump truck, and not wealthy enough to just go buy one, a banker is going to want a pretty detailed business plan. The banker is going to want it down in black and white, what the truck costs, what your contracts are ($ coming in), what your detailed costs are going to be (fuel, tires, taxes, plates, wages, insurance, etc.). He's going to want you to probably put in 1/3 to 1/2 the $ up front, so if you don't make it, he can sell the truck to cover the loan. He's also not going to finance your day to day operations until you get going, so you're going to have to have a pretty good little stockpile of additional $ to operate on. Bankers only like a sure thing, and even then, they can be a little skeptical, and want to make their 6%. They don't want to make a killing, they just want a sure, simple 6-8%. And, just my opinion, without experience, contacts/contracts, or a big financial backer, you probably aren't going to get a loan.
     
  11. Next_Trucker

    Next_Trucker Member

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    I know this is what I wanna do and I'm going to do everything you guys talking bout but what type of contracts should I go after what type of truck would be good for a beginner...im going to work for a company for about two years maybe 3 get some experience and then I'm gonna branch off and start my own this is what I really do and I know in my area I could make a killing cause its a lot of construction sites out here that need the help this is what I really wanna do and I'm determined
     
  12. Planedriver

    Planedriver Well-Known Member

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    You are going to have all of those answers and more after a year or two of driving. Just be sure to learn more than how to drive a truck.
     
  13. crane operator

    crane operator Senior Member

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    Everyone- once in a while- makes good money on a job. There are very few killings to be made on a day to day basis, if there were, someone else would already be doing it. In my area dump trucks bring $65-80 per hour. That may sound like a lot if your new to construction, and equipment costs, but the guys making 65 are losing $ (generally drive their own 3 axle truck, older trucks, no employees, park it in their farm yard), the guys getting 80 have to be really busy to make $, and have to have the bigger multi axle, newer trucks (cost more $).

    In other area's the rates are higher I'm sure, but that's usually because the costs of operation there are higher- shop space is higher- permits- taxes- wages- fuel-cost of living-repair work, it all goes into the numbers, and everyone competes to get the work, and everyone can try to make a little money. Not a killing- but a little profit every year.

    I'm glad your excited to get your own truck, and the american dream is to own your own business, but dump trucking isn't a new business (apple, facebook, microsoft) with a killing to be made.