Looking to start an expediting company and need help!

[shipit]

My name is Tim and I am interested in starting an expediting company in which I would hire drivers and manage the dispatchers as well as possibly dispatch myself until I get established. I need to know what the best way to get started is...maybe even find a mentor that is willing to teach me the ins and outs of the trade. I need to know what documents, insurance, tax forms, licenses, etc I will need to begin. Any help wil be greatly appreciated. I have been trying to research on the web and have learned a ton but still could use any help available. All input would be helpful. I have sufficient capital to invest and also time to commit but
I need to be pointed in the right direction. Thanks!

 

[moose]

don't do it !

 

[Brisco]

My name is Tim and I am interested in starting an expediting company....

I need to know what the best way to get started is...

How about trying to start at the bottom to gain the experience in Expediting and then start your own expediting company?

Keys go in the Ignition, turn key to the right, start truck..................

 

[Brisco]

Plus, IMHO, using a screen name like "shipit" has a "Website" idea that one thinks will bring them lots of money in the Expediting Industry from sitting behind a computer all day.

Trust Me, I have seen hundreds just like this over the years. People think they can get into Hotshotting, LTL Freight Hauling, Auto Hauling, the 3PL Freight Industry, and "Trucking" Venues just by sitting behind a computer all day.

As Moose said.......Don't Do It. You'll get nowhere.

 

[Rocketman]

don't do it !

Hey now! Don't be so hard on the young man!

I have sufficient capital to invest

I'm all ears!

 

[paullud]

When you say you have sufficient capital to invest to start a company that involves what you mention I am wondering if you really have a couple million dollars to risk or if you only have $200k and just think you have enough. I'm not trying to be rude but you would really need to give a rough figure for how much you have that you are willing to lose so that you can get an educated answer and guidance. If I were you I would just spend $4 or 5 million on an established small company rather than risk $2 or 3 million to get started.

Sent from my ADR6400L using EO Forums

 

[jelliott]

Why would anyone choose to risk so much capital on a business they are trying to learn on the internet?

 

[davekc]

Why would anyone choose to risk so much capital on a business they are trying to learn on the internet?

Hey wait a minute....thats what I am doing.

 

[Kristi]

My name is Tim and I am interested in starting an expediting company in which I would hire drivers and manage the dispatchers as well as possibly dispatch myself until I get established. I need to know what the best way to get started is...maybe even find a mentor that is willing to teach me the ins and outs of the trade. I need to know what documents, insurance, tax forms, licenses, etc I will need to begin. Any help wil be greatly appreciated. I have been trying to research on the web and have learned a ton but still could use any help available. All input would be helpful. I have sufficient capital to invest and also time to commit but
I need to be pointed in the right direction. Thanks!

Hi Tim!

Sent from my SCH-I405 using EO Forums

 

[shipit]

I understand that learning on the internet may not necessarily be the best approach but I'm using all the resources that are currently available to me at the time. I never said that I had all the answers or the ability to do what I'm trying to do but that's why I'm reaching out to people who have been in the business for a while for some guidance. I don't mind constructive criticism but I would like more input on how to succeed rather than how I'm going to fail right out of the gate. I'm sure that no one on this site just started where they are right this second, but worked their way up just as I'm trying to do. I welcome any any and all sugguestions and help. Thanks!

 

[chefdennis]

I understand that learning on the internet may not necessarily be the best approach but I'm using all the resources that are currently available to me at the time. I never said that I had all the answers or the ability to do what I'm trying to do but that's why I'm reaching out to people who have been in the business for a while for some guidance. I don't mind constructive criticism but I would like more input on how to succeed rather than how I'm going to fail right out of the gate. I'm sure that no one on this site just started where they are right this second, but worked their way up just as I'm trying to do. I welcome any any and all sugguestions and help. Thanks!

take a good look at post #3. read it and maybe start where it recommends.....beyond that, what is in your business plan? how about yor marketing plan? how do you figure on reaching the goals in each??

 

[paullud]

I understand that learning on the internet may not necessarily be the best approach but I'm using all the resources that are currently available to me at the time. I never said that I had all the answers or the ability to do what I'm trying to do but that's why I'm reaching out to people who have been in the business for a while for some guidance. I don't mind constructive criticism but I would like more input on how to succeed rather than how I'm going to fail right out of the gate. I'm sure that no one on this site just started where they are right this second, but worked their way up just as I'm trying to do. I welcome any any and all sugguestions and help. Thanks!

I asked a serious question that you didn't answer. How many millions do you have to risk on the startup of this company? This is a very important question that needs to be answered so you can get the advice you are looking for. The difference of having $2 million compared to $5 million will change the direction you get steered in.

Sent from my ADR6400L using EO Forums

 

[tryhours3191]

Why would anyone choose to risk so much capital on a business they are trying to learn on the internet?

I don't think Tim is looking into jumping into something with no knowledge at all. I think he might be a pretty ambitious guy who already owns a small trucking company and already has turned the key by buying a couple of trucks and leasing them on with one of the company's that advertise on EO.
Rich


Sent from my DROID RAZR

 

[paullud]

I don't think Tim is looking into jumping into something with no knowledge at all. I think he might be a pretty ambitious guy who already owns a small trucking company and already has turned the key by buying a couple of trucks and leasing them on with one of the company's that advertise on EO.
Rich


Sent from my DROID RAZR

Is there something that you are reading that makes you think that? Or do you know him? It just seems like there is no real world knowledge of the industry. The fact that he is researching information online instead of just gathering the information from a current business is the biggest clue.

Sent from my ADR6400L using EO Forums

 

[jelliott]

I don't think Tim is looking into jumping into something with no knowledge at all. I think he might be a pretty ambitious guy who already owns a small trucking company and already has turned the key by buying a couple of trucks and leasing them on with one of the company's that advertise on EO.
Rich


Sent from my DROID RAZR

If that is the case, I would have presented far more facts or information than he did. It would have garnered him a more constructive response based on the facts.

 

[cranis]

Work for someone for at least a year, in a type of vehicle you will be considering buying, and then consider other options for the type of vehicle you are considering. Then after this buy a late model used vehicle, and sign on as a o/o for another time and then you will see if the headaches are worth it. For example I new a guy that thought that buying several cabs were easy money, ended up in a couple years realizing the money just wasnt there. I know taxi is not the same as we drivers ,but same principle.

 

[Turtle]

Paperwork, trucks, dispatchers, none of it matters if you don't know where your freight is gonna come from.

 

[LDB]

Start by reading back 3 to 5 years in the General, Newbies and Recruiter forums here. That doesn't mean every word of every post. Read the thread titles and if it sounds remotely educational to your needs read those threads. That should give you enough foundation to know what things you need to be asking and focusing on. Be particular about sources you use. EO is your best source. There are some that are a waste of time.

Once you've read and absorbed that much, if you still think this is something to pursue, consider attending the Expo in July. You'll get to meet and network with a lot of good people and companies there.

Through it all keep in mind the first rule of trucking. The best way to retire with a small fortune from the trucking business is to enter it with a large fortune.

 

[ATeam]

This forum is populated mostly by drivers and just a few carriers. When you describe the expediting company you wish to build, it sounds like you are talking about a carrier. There are over 100 carriers in the expediting arena and I cannot imagine people from any one of them wanting to mentor you in starting a competing company (carrier).

Drivers helping drivers is one thing. The carriers out their built their businesses from the ground up, learning how to overcome the challenges every day over many years. They work hard running their back offices (safety, dispatch, etc.) and fight fiercely for every piece of freight they haul.

Some established carriers work together and share resources because they trust each other and it is in their mutual best interests, but they are not going to be interested in working early with an unproven company, even if you build it to a credible level.

Turtle's point is golden. Regardless of how you plan to hire dispatchers (employees or commission?) and recruit drivers (who have no reason to start with an unproven company), how do you plan to get the freight that the still-to-be hired dispatchers will put on the still-to-be-recruited trucks? If bid boards will be your source of freight, the competition will be intense and the prices will be low.

 

[shipit]

Ok how about what I have accomplished so far... my brother and I 23 and 24 years old. We bought our first rental house when we were 19 and 20 and now we own 7 rental units. I sell cars and my brother works on cars at local dealerships and we save all over our money to invest in businesses in hopes of being rich one day. We are up for any investment that can make us money and this seems like a good idea. Currently we have approximately $100,000 in cash and make around $180,000 cummulatively/year between our rentals and jobs. We are not trustfund babies or come from a rich family. Our mom was a teacher and dad a truck driver which I assume is the same job most of you currently have. We're both hard workers and trying to move up and forward in life and if no one here has any advice because they don't know or don't beleive in American drive and ingenuity please don't post here but any good advice that help us would be much appreciated!