Why You Will FAIL as an Owner Operator: THE REAL DEAL
Did you know that 55% Owner Operators will FAIL in the early stages of their career?
In this video, Ronen explains in detail what’s behind this outrageous rate and what you can do to avoid these common mistakes when becoming an Owner Operator.
How have you been successful as an Owner Operator? Comment your tips and tricks below.
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Chapters:
00:00 Introduction
01:04 3 out of 10 owner-operators fail
02:51 The truck purchase was done wrong
03:22 The interest rates are too high
04:26 Compete for my commercial financing
05:28 The duration of the finance agreement was done wrong
07:52 Poor money management
08:42 Not enough money in reserves
11:40 Transition from company driver to owner-operator
12:24 Owner-operators have too much debt
13:28 Getting into problems with the law
13:49 Lack of experience
14:36 Not living within your means
source
Serious question…. how tf can a human be considered as a " 5.5 " out of 10 lmao does that driver lose their legs or their torso and the rest of it keeps on truckin 🫡
Solid advice! Thank you!! Would love to get in touch with you since you are local to me and located in the gta area. Thanks again Mr. Ronen.
Did you buy a truck or start a business? It is just a piece of equipment. Have an independent Mechanic inspect it. check the oils and coolant and maint. records. If told there it is pick which one you want, RUN AWAY. What is on the ECM?
WHAT THE HECK IS INTEREST ON FUEL PURCHASE??? 50% of load should be on a fuel card. $1.75 loading fee is what I pay. That card amount is mine. How much fuel discount is passed to my business? ( Mind blower, Petro, Beaumont, Tx. I got $0.50 off pump. That is a discount!)
In the USA just about everything is deductible. Records. period. I have a scanner and scan all paperwork.
IFTA. Paper with states listed of route subtract ifta to see price of fuel. who is cheaper- Ohio or Pa.? NEVER FUEL IN OREGON.
Set goals. I want $25,000 at end of quarter.
You no longer have taxes coming out, you have to deal with that. Save 30% FOR TAXES. Save 30% for MAINT. That leaves 40% for truck and you. I have lots more!!!
You want a more reliable truck, stop buying anything newer than 2007. Sorry Ronnin, but fuel mileage isn't a concern it your computerized, emissions fat newer truck is constantly in the shop.
What kick back do you receive from finance companies on your list
Seeing as Canada sucks, I'm not surprised.
Are you guys based in milton ontario canada or toronto ontario canada?
i lived in milton for 8 years and now in toronto
So basically if you don't have 100k in savings with no debt then don't become an owner operator. Got it.
Thank you!
I wanna lease on with ET anything in the states?
Adding to comment , when getting paid what it is worth should be not a problem.
high diesel price. and low shipping costs. That's what's killing the trucking industry. These figures are controlled by the government! immigrants who do not value their work. here is the problem.
I Thank you so much for the information.
I disagree if you buy a 20/25 year old truck like a 95 379 or w900 will last way longer then this newer crap a cascadia will last about 10 years a 95 w9 will probably still be running in 2050
The transportation system in North America is hijacked by the Globalists who are syphoning off billions of dollars from Canada, Mexico, and the USA through the middle man load broker system. In the Landstar System alone there is now a majority of "agents" that are in Eastern Europe and India throttling the load rates.
Is this still relevant in 2023?
Thanks!
Can any company finance company in Africa
Lucky Lopez you are your own Boss
Kicking your self in the behind is harder than you think
I like to bossr
This is why you are gonna fail.Because you are not self ensured like I am.
Working for guys like you drivers will always stay broke
Thanks for sharing your experience
Biggest reason for failure is the shitty trucks being sold and the down time and maintenance expense
Insist that the OSB diagnostic be done before you buy a truck. Suggestion one suggestion to thorough maintenance records on the truck increase the likelihood of buying a truck successfully.
Love the channel
Thanks!
Bought my first truck in June of 2021 after 3 years as a company driver.
My truck is a 2017. I paid 69,000 for it. I have good credit and very little debt.Put 10% down and financed the rest at 10% for three years.
I do flatbed with a roll tite to mostly Pennsylvania and Maryland.
I have had a few issues with my truck but the biggest issues have been a shortage of parts and lousy mechanics charging me thousands of dollars and not fixing the problems and then I fix it myself………
This guy is getting worse and worse. First buy new,dont buy used tractors because of the fuel savings, then turns around and says don't pay the high truck price and the extra money the dealers scam you out of. Then he says be a company driver, then next video says buy your own so you can be independent….then he's got the scam where you send in a credit app to his link
…! Don't you think he's getting a kick back! Of course he is…this guy's a joke
Been a o/op skateboarder 15 yrs, im still standing by the grace of god and sheer determination not 2 fail. I went 2 yrs without a ac, thats how determined i was not 2 fail, it was a baptism by fire i assure u, a very expensive hard lesson. The hardest most aggravating thing ive ever done in my life!
Dealing with chronic dishonesty with vendors, they see us as free atms 2 raid…
Technically lease purchase is not a true owner operator, like 80% failure rate…
Over spending and taking 2 much time off…
I just got my permit and I don’t know where to go at this point can you help me out with that
I been a company driver for 7 years I get 30% of the load I talk to a lot of brokers been thinking about buying or leasing a truck my company I am with said they might start 80 20 split is that a ok deal
Never heard so much desk jockey talk… You don't know what you're talking about boy
When I first came in owner operator I got into debt with the trailer and Conestoga and I was blessed enough by the Lord Jesus in heaven with one customer pays to negotiated rate that she used to pay times were good and if it wasn't for her I would be in serious trouble but I wrote about 4,500 miles a month for her she's consistent she pays me direct with no Factory cost and she's what every broker really should be I have been blessed!