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3 Mistakes I Made When I Started My Trucking Business
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- Опубліковано 11 жов 2019
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ABOUT ME:
What’s up y’all? I’m David McGill, a 2007 graduate of Indiana University’s Kelley School of Business, an experienced accountant, trucking business owner, and consultant. I created Trucking From Scratch®️ to help other entrepreneurs start, run, and grow successful trucking businesses by breaking down the business side of trucking.
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DISCLAIMER:
The information provided in this video should not be construed or relied on as legal, tax, investment, or business advice for any specific fact or circumstance. It's content was prepared by McGill Accounting LLC, with its principal office located at 1075 Broad Ripple Ave., PMB 390, Indianapolis, IN 46220. This video is designed for entertainment and informational purposes only. Viewing this video does not create an accountant-client relationship with McGill Accounting LLC. You should not act or rely on any of the information contained herein without seeking professional legal advice.
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I'm impressed with your channel, and most of all, that you get to the point. Many trucking channels spend 30 minutes to say almost nothing or to say 3csentences in 10 different ways. Thanks for respecting thebtime of your viewers.
Video was okay the crippling mistake was not obtaining license to operate it same as your first ride hey I'm not long term but drive I have few questions about paperwork and legal procedures you took beginning
Thank you. Even though you made mistakes, the courage you took to start your own business is rare. Most of us are trained to play it safe by earning a salary. But owning your own business is breaking out of the mold and if done right, can make you very wealthy.
You a solid dude man for owning up on the mistakes.....
*you are or you're
@@lgaristolgaristo88 is he writing a fucking paper? RELAX!
When i bought my semi in 2014, i used my bank to buy it. They financed my truck, which was a 2006 western star 4900fa. The bank i used financedcit as a new car loan!👍🏽 i put down around 4k and my unit was around 20k, so that made my payment around 350/month... i may get back into it soon
Why you stopped?
A bro I was thinking that instead of a financed truck threw a dealership I was thinking borrowing from the bank. Is it a lower monthly payment? And a better money saving option?
@@dewill569 i dont know your personal financial situation, but shop around for the best deal for you.. the bank was a great personal option for me
I found you on youtube after searching up how to start a trucking business. I myself never want to drive trucks but, the reason I search it up is because, my father who have been trucking for many years, think he is able to do it. I'm pretty sure he knows the basics and what to expect, but I don't know if he knows what he's getting into. Hopefully I can use your channel to guide him the right way into this.
David, I like how you have the coins on your desk near the printer/copier neatly stacked by denomination! Big thumbs up for that!
Thanks for your advise, it is very helpful to me as somebody who wants to go into trucking business next year.
Well absolutely ,if you need a hand starting up reach out to one of the consultants .
That’s not me in that previous comment. It’s spam
I love this video bc he got straight to the point … their was no intro he just started spitting information and u don’t find to many videos like that . Everything was clear and understanding. I would like to know more about owing your own trucking company mabye u can give me some more information.
Great video!!! Mistakes are how we grow and improve, and I really appreciate you looking out for your fellow truckers.
*TRUCKING FROM SCRATCH*
Check out my tools + resources designed to help your business succeed:
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I think the best decision was to buy truck on cash which eradicated your 70% of liability. Which is 2hy the end result - your earnings don't have so many EMIs/USD to pay, which actually is so good and true if you want your business to be successful.. suppose, you open a shop and it's on rent vs you own it... Similarly, you're in a safe zone.
David, need your email brother. I am about to purchase my truck. Before I move forward with it I need your advice. Please send me your email address or shoot me an email at Khalid@ni3s.com
Good lookin out hommie
Bro I really need to talk to you
@@ouzerouibrahim6676 davidmcgill.as.me
Paying cash for your first truck in my opinion was your best move, because then you don't have the payments on the truck and you're debt free to start your business. I'm in the planning stage right now and that's what I'm going to do. I'll be paying cash for all my trucks. Debt free baby. Plus I've got almost 20 years of driving so I guess I've seen a whole lot of guys fail because of debt.
I agree. However. 20k on a truck, most likely doesn't have a worthy warranty on it and that could be potentially throwing 20k down the drain after a months or so time.
@@MrDerekRobinson could be, but that's why you inspect the truck by having a mechanic go over it thoroughly before purchase. Also a good idea to have the money in place to do a complete overhaul before driving it.
@@brycebrandon100 yes, however that could be a said mechanics way of making money off you as well. Mechanic calls it good, knowing he'd be your go to guy futuristicly. That's negative thinking but however its rather possible, as usually said mechanics (if not related or has been of an acquaintance long term), is otherwise a stranger in it to make a living. Also, theres only so much a trustworthy mechanic can actually do if at all trust worthy, visually speaking. He cant take things apart like we all would most certainly like. P.S. a complete overhaul is $$$$. Upside down already and thats hoping the money can be made back. Unfortunately its not most wise to sink as much faith into something that doesnt last forever costing too many $$$ before the comma.
i agree 100% !! never ever finance!
Well when you running a business, you wanna have capital in had for anything that can happen specially if you running a business where you figuring things out as you go. Which is the point he was tryna make, not all debt is bad debt, his truck debt was going to pay itself 5 times over or even more a month so it’s good debt.
Bro you videos are on point fr man . I look to your joints on my mission to a successful trucking company. A lot of stuff you talk about I be already done, but at the same time your confirmation of experience puts a brother in a whole new light where he going . Keep posting homie.
I know this video is nearly two years old and you may have already learned this by now. but having a mechanic 'assess' a truck on site unless he/she has a CDL. Most important, driving a truck around a lot won't tell you anything. Pre hire road tests are more in depth than just driving around a yard. When testing a driver and/or truck it is imperative that an experienced driver test that truck on a highway. A driver will notice, by sound and feel the most minute things about the truck that a mechanic may miss by simply driving around the yard.
I wouldn’t call it a foolish mistake but more of a learning experience; and from those we grow wiser from them. Your channel has helped me take my steps into starting my own business and I will be rolling end of July beginning of August. Thank you for sharing your knowledge!
Love the videos... I am inspired to share my experience with others.
Please share!
Good stuff. Thanks for owning your mistakes and giving us the info.
👕 Get your Mind Your Trucking Business T-Shirt: truckingfromscratch.myshopify.com
I appreciate your advice bro I’m 29 yrs old and I’ll definitely keep this in mind, I have my Class A and I’m thinking about buying a sleeper my dude
I watch these videos like I watch television. Thank you for all of the vital information that you provide. You make starting a trucking business achievable.
God bless you for brother am starting my truck business by June🤩🤩🤩 you are a blessing to us. God bless you one more time I will continue to put you In My prayers
We always learn something from our mistakes
‘Mistakes’ are learning tools...
TRUCKING BUSINESS MODEL BLUEPRINT:
Learn the 8 ways to start a trucking business and see which way best fits you as an owner.
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David McGill how were you going to secure the with the truck if you didn’t have the truck yet?? I’m confused David
You brother call me on my phone I have good deal for you 9199376172 call me FaceTime I will not take long time
I tried calling and no answer
Check your phone 9199376172
David McGill I have a couple questions about getting insurance on my 85 classic. Is it possible even though I have a international license valid in USA Mexico and Canada?
We all make mistakes. Now you've learned and know, and that knowledge will only benefit you later. Thank you for sharing, I earnestly appreciate it.
did all three myself :D just this past year :D
Thank you for sharing this valuable information. So many people aren’t willing to share their mistakes. Only their successes.
Thank you for taking the time to educate and using your own experience to help others avoid making same mistakes . May God continúe to bless you abundantly .
Articulate and well-versed 💯💪
"no negro dialect" -Harry Reid, recent Democrat politician
Damn don’t even have your CDL and you’re running circles around most in trucking, including me. You either got it or you don’t I guess.
Thank you for your honest opinion on the trucking business
Thanks for sharing because I need all the information I can get. I want my own truck when I put a little bit more time in.
Hey Girl Hey! How long lol have you been in trucking?
I have been trucking for a while ! You are a smart young man with one of the best videos that I have seen on UA-cam about trucking. Paying cash for the truck was not a mistake you saved the interest on the money it cost money to use someone else's money. I would try and get away from factoring you are just paying to get your money sooner but you are still taking the risk for not getting paid. There is recourse and non-recourse on factoring. Keep up the good work.
Wonderful video. I like the idea of getting the loan from the bank and using the cash as reserve.
If you get financed through the dealer it takes 1-2 weeks to have paper work finalized. Must have insurance set up before taking ownership of vehicle. But during those 2 weeks you can test drive that truck as many times as you want and also have a mechanic go look at it. Sometimes test driving is still not enough! You won’t know what issues the truck has until you run loads with it. It took me around 8 months to get all the issue to pop up. Luckily none were to big. Good luck out there.
Also, great knowledge you are giving people David McGill! I learned alot from another guy who used to post videos on youtube as casanova601! You both are blessing people with free knowledge
I appreciate your advice brother I've a two year plan ,I'm a drive a dump truck next 2,years then try to open my own trucking business
Digging your vids man. I don’t even drive a truck but my grandfather did and I’ve always been fascinated with truck driving bc of him and it’s interesting to see documented stories of truckers and what has changed and what you all deal with.
Videos sweet and short. Straight to the point. Much appreciated brother. Showing love all the way from South Africa ❤️
Thanks for being so vunerable and sharing all of your sucess!! (Mistakes, pros, cons, certificates, license, attitude...)
great content. can't lie, I was rolling when you was like " I didn't test drive the truck" lol dope video !
I did 2 out of three. I actually purchased a Sleeper. Winter of 2019 totalled my truck up in Michigan. But I know now going on three years later to clear up some taxes and save money to do it over
Love your videos pertaining to the office/business aspects of trucking! Having a business degree myself but being new to the trucking industry, I knew that there would be a lot of behind the scenes paperwork and decisions to be made when starting my own business. I am so glad I came across your channel discussing just those.
Out of sheer curiosity, what kind of truck was your first purchase? Year make model and miles I mean
Thanks for the information that you are putting out there, it is making a difference.
242 😎
Thanks for your honesty!
Great work on all your videos
I made quite a few mistakes when I jumped in the game with straight trucks! I have since parked them, and put my time into experience and getting driving miles in a semi, so next time around, I'll be better prepared! Good videos man, Look forward to ya new vids!
Thanks for the feedback. Better preparation is definitely the key. Good luck to you
One thing that can save a lot of money is have oil samples taken and tested. In colorado it costs about $200. 00. This save me from buying a Hey freight liner that had shavings in the oil. Hey freight liner that had shavings in the oil He was going to need a 6 Hole within 20000 miles at best.
Thank you for a short, sweet, to the point video
Thank you David for sharing all of your information and knowledge. I've been in the industry since 1993 as a CDL A driver and Truck/Heavy Equipment Mechanic and im finally buying my first two tractors and getting started. I understand leveraging debt to make profit is the smart thing to do however, after forming your LLC, you simply buy the trucks out right saving yourself a big payment and you can easily use the purchases as deductions as this will cushion the first year nerves. Depends tho I mean if you need the operating capitol then leveraging is the way to go.
David, thank you much bro!
You didn't have to tell the world any of this, yet you did. I salute you sir, and respect you, that your desire to be real and educate us is more important then the stupid comments you have and will received. Much continued success to U.
Great info. Thanks young man
I commend you brother for showing us what lies ahead. Thank you for sharing!!
You live and you learn this video is a year old I hope that you are still up and running young man cause the truck driving business is no joke..
Brother I’m glad I found your channel! Thanks for the info!
Problem with a new start up is only high risk banks will touch you and only if you have good credit. Then you need to get a newer (no more then 6-10 years old depending on bank) truck that usually costs more. So the only ones you can afford are the first gen DEF emissions types that are much more prone to problems. Regular banks you will need to get a personal or home equity loan or they will route you to a business loan which requires 2 years of tax returns on your business. Another route are equipment financing companies that require 25-33% down and charge super high interest but can get you a check in 24 hours, you can refinance or pay it off usually after 12 months with no penalty. Last method is to apply for a Credit card with a 0 interest introductory offer, usually for 12-18 months, get a good limit $10k+ then request a balance transfer check. make it out to yourself and cash. there will be a fee around a few hundred bucks but for 10k its worth it. I did that with 2 cards (for $25k total) added it to my own cash and used that to buy my truck.
"it looked clean"
lol lesson learned. thanks for the video.
Thanks for your honesty…..
Thanks Again! Always appreciate someone that is willing to pass on the knowledge.
That was VERY helpful. Much appreciated!
Great video. I am not planning to become a truck driver but maybe invest in a trucking company in the future. This channel is a great way to start learning about what it takes to do that. Thank you I am looking forward to new videos.
Thank you for the insights
This guy is a BLESSING.
Your channel has been a blessing. Please know that. Thanks for sharing your knowledge. Much appreciated. When I get some extra cash I definitely will be reaching out some way.
Thanks for the tips! I just knew not test driving the Truck did not end well for you, I'm glad I was wrong! 😁
Your heaven sent thank you so much ✊🏿
David, first of all i want to acknowledge your humility. Like the good book says in the book of Proverbs- that out of humility comes honor! Keep rockin it! Second i want to thank you for sharing these bits of knowledge and wisdom. I am in the thought process of starting my trucking company, and am happy that i came across your channel. In another video you mentioned that you like to help/mentor people getting started. How can I get your contact? Thank you.
hi, I am a student trying to be financially independent; therefore, I've looking into trucking business. the question is, is it possible to start the business with someone else as driver instead of me driving? since I need more time for my school work.
Thanks for that information bro
Great Feedback !
I started with $10k in cash after two weeks of having my truck i was at -$2700, took me 3months to get out of the hole, short story get an accounting degree then get into trucking
Very good content as always. Very thankful for the information you put out here for us new owners and operators.
You need to test drive with a fully loaded trailer and then see how the truck handles loaded. It might feel like a hot rod bobtail but how do you know once you have a load on it, it will pull out into traffic at a decent speed or not overheat easily, how well does the jake brake function? Need to hit all the gears up and down etc. Can not do any of that in a lot and unloaded.
You are great young person
Thank you for sharing your experiences and advice!
Thanks for the nuggets.
Great content, you inspired me Bro thanks and stay blessed.
lol you didn’t test drive the truck nor had a CDL cracked me up. But the ambition and the determination is what mattered.
If you haven’t it would be pretty cool to see a video of a breakdown of a 3 truck system
Great short and straight to the point info. Appreciate the game !
David is stacking coin in this video! Keep stacking!
Thanks a lot for your lessons!!!
That's good you got going 👍
Thank you!
I always tell people when they are buying a vehicle. Take it to the dealer and pay for a used vehicle inspection. They will tell you everything that is going on with the vehicle before you buy. Yes it will cost around $150-$300 for this. But the piece of mind is well worth it. Those techs know the common problems with each specific model and engine. They can tell you what to watch out for. And what their weak points are.
Thanks brother
Thank you for sharing
Only watched 2 videos and I love the channel so far! Great video thanks
THANK YOU FOR YOUR TRANSPARENCY! VERY HELPFUL
Thanks for sharing. Oh and rule 101 of vehicle buying: always always always test drive any vehicle to be purchased. LOL.
Thanks for the info bro.. I appreciate the headship. I'm getting my truck beginning of next year
Thanks for the advise
Thank you very much bro I learn a lot of things from you to bye the truck financing
You dropping gems!
Good info.. never thought about a loan from my bank.. that way I can keep my cash
Brother I really like watching your channel, I have a CDL getting ready to retire in two years, I want to buy a truck before I do , I struggling with Day Cab or sleeper , I going to take your advice.
Thanks for sharing that
You give the best advice! Thank you for sharing.
I already got my ididentity and I about purchase a truck.
Solid guy. Respect ✊🏿 . Thx for the info
Respect your honesty