I've been a trucker for 22 years and I'm thinking about a Plan B.

[Tobin S.]

I've been doing well lately, as most truckers are now days. When the economy is strong the wheels stay rolling. However, I've been getting an intuitive feeling in the past few weeks that my time in the industry as a trucker might be coming to an end. I'm not sure how that would happen. It's just a gut feeling. I just feel like I'm done- not out of any desire, I'm just feeling like I'm not going to be doing this much longer. There are many ways in which a trucker can get forced out of the industry. Twenty-two years as a driver is probably much longer than average. It's a tough gig, and a lot of drivers don't last more than a few years.

Maybe it's just the oncoming winter that's got me feeling that way. I also saw a fatal truck wreck the other day. The driver somehow crossed over the median of the interstate and flipped his truck over in the right ditch of the oncoming lanes. The truck then caught fire. I know enough about trucking to gather that the wreck probably didn't kill him. It was that fire. What a terrible way to go.

So I'm thinking of other ways that I might make a living. I'm 46 years old. I'm thinking about going into business for myself. I've owned a couple of trucks in the past. I've also flipped a couple of houses with mild success. I know a lot more about both of those types of endeavors now than I did back when I was engaging in them, and I think I could do well in them now.

If you were going to go into business for yourself, what would you do?

[safeinOhio]

1. Stash your cash,

takes money to make money.
Best of luck.

[lamsmy]

2. Never start a business without 2 years expenses on hand

And I mean living expenses - not your retirement funds.

Deciding on what to do and writing your well researched business plan (never start a new business without one!) can take up to six months. Allow at least another 6 months to secure financing. (Yes, you can borrow against your home if you must, but don't touch your long-term savings/retirement.)

Managing cash flow is THE biggest hurdle for new businesses - there is often a lag between money coming in and money going out. Making all your payments when clients/customers don't pay immediately (and they never do) can be a nightmare.

So you need to have financing that will cover at least the first year of ALL your operating costs. That means you need to be able to meet all your personal living expenses for at least two years.

Most new businesses fail. And most fail because a. They didn't do enough research, and/or b. They didn't have enough cash on hand to survive the first few years.

It can be done - but it is very, very hard.

Good luck in whatever you chose!

[2naSalit]

3. Wow, transition time is starting to show itself...

I drove for 15 years and went to college afterward. Not that it did much good, I was your age wen I was done and never really got to the level I had anticipated, mostly due to the world changing dramatically 30 days after graduation on 9/11. No amount of trying was going to save me when that came down and then I had all those loans. In my 60s now and basically retired so I am looking to enjoy not having to get up and go someplace every day. t was hard to transition to being in the same place every day and seeing the same people after hanging up my driving gloves but school had art programs so I was able to use that as my anchor to place.

Making this decision isn't easy and should take some time to think about, especially if you have a family.

After all those years on the road, you have a vast array of transferable skills for a number of options. If you have ideas and some means, do what feels like it will take you where you want to go on your way to retirement. No matter what you chose in the beginning, have a Plan C, and D, even a Plan E. In organizational theory this is known as the "contingency model" that is the successful manner to survive in "chaos theory" which is the kind of time we live in now, things may be predictable but there are too many variables along the way to have a clear path. That is why you need so many plans, you inventory your options and use the ones that seem to lead to a positive outcome.

The winter looks to be long this season, I don't blame you for casting a side glance at it. I recall numerous times when I was in a crappy weather situation where I was yelling at myself and asking what the heck was I thinking when I took this job? If the thrill is gone and you can do something else, you'll probably be happier if you did switch. You'll miss the scenery for a while but you'll really enjoy it when you do travel!

I hope that helps. Good luck!

[Crutchez_CuiBono]

4. Keep yourself upright and well rested.

It's good you are looking forward. Your'e still pretty young. You don't have to have the answers now. You have a lot of time to think while you're driving. Good luck Tobin.

[DFW]

5. Sounds like a gutsy move. Think it out first.

I know the feeling that you must have had when you saw the truck wreck. I've lost colleagues to everything from burnout to fatal disease to gunfire. Unless you're willing to sit in an office five days a week in some desk job, little is for sure. Starting your own business at the top of an economic cycle is especially courageous, because there's usually a downturn ahead, and you're heading straight into it. Get a LOT of outside advice, and be prepared for a lot of it to be conflicting.

I've been with the same outfit for 43 years, so I've never contemplated a career change, and at 66 I'm not about to now. Secure your position the best you can before making the move. The last thing you need is to spend the first two years of your new job having sleepless nights.

[pansypoo53219]

6. estate sale company. have a name. einsteins- because everything is relatives.

[awesomerwb1]

26. Can you elaborate? thx

[pansypoo53219]

29. unlikely. unless my cousin joins. peoples stuff when they die can be resold or kept.

few keep now. : ( ultimate recycling.

[awesomerwb1]

30. lol What does that even mean?

I asked you if you could elaborate on your earlier post about estate sales and your reply is "unlikely unless my cousin joins?

[bucolic_frolic]

7. If you're mechanical

as 'owned a couple of trucks' and 'flipped a couple of houses' suggests - plumbing, electrical, carpentry, auto repair - I'd go into automobile technician. I see ads for mechanics many a week, I know that independent shops in my area are disappearing because dealerships are paying $90k, the national chains are begging for help. If you already have a mid-level understanding and are able to deal with the public, you might also consider Service Manager at a parts, repair, dealership, or specialty shop.

Going into business for yourself? Rental real estate, preferably in a college town. But be warned, small rental retail units of less than 10 apartments are labor intensive, and only those able to do a lot of repairs themselves can make it truly profitable. And I read a book one time on this, because a relative wanted some quick advice, that warned never pay more than 6 times the annual collective rents for rental real estate. Don't know how true it is, or if that idea was tied to a general level of interest rates, but it seemed sound advice.

Self-employed in a complex business like real estate or service business? Get good accounting advice from someone who can steer you along the path. A good accountant in my view can see a few years ahead in a general sense and will feel comfortable with sharing that non-binding advice (because it depends on what you ultimately do with it).

Good luck!!

[7962]

16. 6x rent is a good indicator. During the '08 recession time, I was hitting 3-4x rent on some units.

Now EVERYONE and their brother wants to "flip" because of these dan TV shows that make it appear you can make 100k on a single home. Here's a tip: 80% of what you see on those shows are BS. I see a couple of them where the final price shows expenses and "closing costs" avg out to about 2-3%. THAT is TOTAL BS. And dealing with a 4-500k home, the real difference can be tens of thousands more.
But i had a good run for a couple years buying when no one else was. I see another '08 coming within the next few years as people (in my area anyway) have once agains gone insane over homes. Buying ridiculously large ones for ridiculously high prices. Everyone haas to keep up with the Joneses, ya know

[FakeNoose]

17. Good advice!

Many fields will be taken over by robotics in the next 20 years, but basic services like mechanical repairs, plumbing, home improvements - those are SAFE! It's possible to be self employed or operate with one or 2 employees and still make a good living. On the other hand, truck driving and delivery drivers will almost certainly be done by robots in the next decade.

I'm already retired, however I would avoid real estate investments and landlording (property rentals) due to the potential hassles with tenants which aren't confined to regular business hours. But that's me.

A good accountant is essential, and if you're lucky you might find one who's also willing to become your business partner. A definite plus!

[The Blue Flower]

8. Get some computer skills

You can apply them to anything that comes your way or that you want to begin.

[mysteryowl]

10. Good advice.

[Lonestarblue]

22. New jobs will be created with driverless cars and trucks.

I recently read about the jobs that will be created for those who can remotely monitor and control driverless cars. It sounded sort of like the military’s remote control of drones in war zones or those who may control the drones that can deliver packages. Driverless trucks are also on the way. With your skill as a driver, you could remotely handle situations where the truck needs human help. I’m not sure what training would be involved, but you might find out who is building such trucks and become a consultant on road issues to evaluate as part of the driverless programming. Best of luck! Let us know how you’re doing so we can remotely cheer you on.

[democrank]

9. Trust your gut instincts and believe in yourself.

If you have a feeling you need to move on....do it.

If I was going to go back into business for myself, l'd probably get the word out that I'd clean out basements, garages, attics. All you'd need is a vehicle, some muscles and the willingness to root out a few people in your area that sell (and buy) antiques, secondhand merchandise, architectural pieces, metals, etc. I know a few people in my small, rural area that do this for a living and every single one of them has more work than they can handle.

Good luck!

[flygal]

11. I know a guy who filps houses

He buys from tax liens and he and his son flip and rent out to college students. It's helped him transition into an early retirement of sorts. He left his corporate job after fixing up houses like this for about ten years. But apparently tax liens are the way to go. And he's in a college town.

[Sedona]

12. The real estate market is shifting,

not crashing like ten years ago but more of a normal transition. The seller's market is over. The market is more balanced now.

If you're going to sell something, sell it now, We're at the top of the market.

Then again if you need a place to live, you're also buying at the top of the market.

Flipping houses now? I wouldn't do it.

Buying and holding residential rental property is a smarter idea right now.

No matter the economy, people need a place to live,

[KY_EnviroGuy]

13. Q: "If you were going to go into business for yourself, what would you do?"

Last edited Fri Nov 2, 2018, 08:08 AM - Edit history (1)

A: Tobin, I have far more experience at self-employment than could be shared here, with plenty of failures. I'm too old to even think of going back into business and probably would not anyway if I were younger because there's a high probability the US may fall into a serious recession in the next few years. And, people with my personality type struggle with failures.

Some thoughts:
1. To be successful in a small business, you really need to be an extrovert and LOVE piles of paperwork. As an introverted scientist and tinkerer, I'm the exact opposite, so those things worked against me. Hindsight is 20/20, LOL. In addition, I would struggle emotionally to have to fire employees and dealing with employee disciplinary issues - if the business grew beyond a one-man show. Self-employment and running a small business can be a bitch or a blessing, but usually always requires a lot of skill, patience, grit, endurance and luck.

2. As others have said, starting a business can be very expensive to get off the ground, with accounting and legal costs, and the cost of a shingle. But, you can research these things and keep notes. Consultations with professional advisers is well worth the money.

3. I started over from scratch at age 43, so you're not too old to try to find a livelihood that makes you happy. Most people work in jobs that are not emotionally rewarding, so they have hobbies and social activities to fill that void. However, those that do find their personal holy grail of personal reward and can make a living at it, are extremely lucky.

4. Take your time and look at a wide variety of new professions including teaching, medicine and the arts and sciences. If you discover something you believe you could be happy and successful at, go visit with people who do that work and ask lots of questions. Most people will be delighted to share their experiences, especially if you buy the coffee.

5. I would avoid financial partnerships if at all possible. It's extremely rare to find two creative people who can get along long-term on an equal basis without grievances occurring over business control, work load and money sharing. When conflicts occur, creativity tends to suffer.

6. Remember and accept that you are nearing an age where you will start losing your youth. Your body and mind will likely begin to not work as well in your late 40s/early 50s. That's a function of our genetics, how well we built our minds and bodies in our youth, and of how well we've taken care of ourselves afterward.

I wish you the very best and understand your dilemma. Feel free to PM me if you have questions for a hard-headed old fart that's done a lot of been-there/done-that.

............

[Crutchez_CuiBono]

14. +1

Good advice.

[7962]

15. Stick with what you know. Get OTHERS to drive for YOU.

America will ALWAYS need truckers. You obviously know how the business works from top to bottom; how to GET the loads, how to get loads both ways, etc. You probably also know the payment and charging structures.
Stick with what you know, treat the drivers right and you'll likely succeed. You may have to save up enough to where you dont get much pay to start with, but with time and more drivers comes more money
Good luck

[FakeNoose]

18. Robotics is already moving into truck delivery work

In the next 20 years robotics will be taking over this field. The OP's mechanical knowledge could be parlayed into a new business such as mechanical repairs or maybe auto/truck rehabbing. But the driving jobs will be disappearing soon. This guy is smart to be looking for another line of work, and my brother is in the same boat.

Just sayin'

[7962]

21. I've been keeping up with the robots, but I think a few huge lawsuits may be in their future.

Right now, driverless vehicles are required to have a human inside. We need to make sure that remains the law.
A few of these robot driven large trucks have big wrecks and it will put the brakes on it I would think.
Like you said, I know its coming at some point. But then, aren't they coming to EVERYTHNG??

[FakeNoose]

24. Well, yes and no because robots are limited

Any job that could be repetitive or dangerous for humans, those are tailor-made for robots. Any task that requires encyclopedic knowledge but limited judgment - such as medical technology or law research - those will be robotic jobs in the future because they are high salaried for humans to do those jobs.

It won't ever be cost effective to manufacture robots to work in fastfood because those salaries are lower than the cost of making robots to do them. I'm not an expert on robotics but I've read a few books and articles on the subject. We've had discussions on DU about this very thing. Our biggest problem in the future will be for us to find meaning in our lives when we no longer define ourselves by our employment.

Also I think you are correct about the liabilities involved with robotic drivers. This needs to be worked out very soon.

[Roy Rolling]

19. Are you in a Union?

Join the Teamsters, drive in movies and TV. They need experienced drivers and you sound well-qualified with a good attitude.

Best of luck. I spent years as an on-set person and transitioned to office work as my career advanced. In film, nobody expects a 60-year old to do a high fall stunt. Then again, they seldom hire 60-year old stuntmen, either. Unless they are coordinators. If you've survived as a stuntperson you can move up.

[Amsterdammer]

20. Consider being an import/export exclusive agent

...for small- to medium-sized companies who are not yet big enough to have an in-house export department.

Low start up costs, no warehousing of products, you pick the products and pick up Dun & Bradstreet for contact info on those companies. Contact companies asking for a territory and exclusive agency rights (with a contract ). Get samples and price lists and go find buyers for those products. Depending on type of product and volume, you'll receive 1 percent to maybe 3 percent as commission. That adds up over time. You're in transportation, so you already have a leg up. International travel. Seek out niche markets. Transition from trucking gradually, until commissions replace your income from trucking.

[Danascot]

23. The SBA has a wealth of resources for starting a business

https://www.sba.gov/starting-business/how-start-business/find-mentor-or-counselor

https://www.sba.gov/blogs/starting-business-10-steps-every-entrepreneur-needs-know

The SCORE program can provide you with a one-on-one advisor who you can bounce ideas off of, create a business plan, etc.

https://www.score.org/

[Tobin S.]

25. THIS TURNED INTO A GREAT THREAD!

Thanks for all the replies and advice. I appreciate it.

[Faux pas]

27. My son who's 45

went from truck driving to county bus driver, things are looking good for him. Good luck to you Tobin S.

[brush]

28. I would do rental property, either thru a short sale or buying a fixer-upper.

You want to get it under market so you own it outright and once it's ready to rent you pocket the rent money—no mortgage.

That's income right there, and if you have handyman skills you can do your own maintenance.

If not, get a good property manager to take care of getting good tenants and getting maintenance done, and who will sent you a check every month minus his/her 7-10% management fee (whatever you negotiate). You can do it yourself also if you have a good file of repairmen—plumber, electrician, handyman etc. Getting good tenants can be done. There are online background search sites.

Also it might be a good idea to ease into it with a property manager while driving for a couple of more years to get more cash to buy your next rental.