Hotshots, by the very nature of their business, provide “expedited” shipping compared to Class 8 OTR trucks that travel from terminal-to-terminal where products are off-loaded and held for pickup or transferred to a local delivery service.
If you have a 3/4-ton pickup truck and a flatbed trailer, they are all … (2) They will be aware of the types of loads you want to carry, and preferred destinations.
Maybe you have always wanted to be a truck driver. There are many business advantages. This will give you the cost-per-mile expense—this might be something between 60 cents to $1.00 per mile.
If you drive more revenue miles than you planned, you are ahead of the financial curve.
Of course, after you deliver the load you may have to return home without a revenue load (deadhead). Since insurance protects against losses associated with risks, your operation may not be subject to all these risks.Hotshot trucking has changed since the early days in the oil fields, and not every hotshot requires the same equipment, depending on what your business hauls. Our … Load boards typically pay on a schedule such as the last day of each month.These are only a few of the agencies that will assist with hotshot loads.
Now determine how much you must make to pay all household and living expenses—everything from the mortgage to food, clothes for the kids, homeowners and medical insurance payments, other debts, etc. If you are prepared to be gone for several days, your loads may cover much of the country, working your way back home for the weekend.As a business, you work for yourself. All drivers of trucks and trailers over 10,001 pounds must keep a current driver logbook, have a fire extinguisher, reflectors, obey restrictions on driving time and rest time, and have a DOT license plate and load sticker. Out of this grew a group of entrepreneurial small truck owners who would standby at machine shops and oil field suppliers and when a call came in for a part, these early hotshots would pick up the piece and rush it to the oilfields. The following is a typical list of equipment you should have:Most states require a commercial driver’s license to operate any vehicle in commerce—that is part of the business. Be prepared to negotiate rates and be prepared to hold the line on what you determine is the minimum rate to meet your financial obligations.Load boards act as brokers between people who have LTL loads to ship and you, the hotshot. The CDL—the commercial truck driver’s license as required for Class 8 tractor trailers—is recommended (or required) for interstate travel.
If your hot shot truck hauls under 10,000 lbs of goods, you don’t need a CDL.
While this is not pleasant, it protects your home and personal assets not associated with the LLC. Hotshot drivers work for hospitals, carrying time-sensitive items, or for businesses supplying small items to restock inventories at retail shops. Hot shot drivers are essentially the minutemen of trucking. A dealer in Knoxville, TN needs to ship a car to a fellow dealer in Memphis, TN. It's important to know what they are.The Department of Transportation (DOT) allows hotshot truckers more latitude than other commercial truckers.
There may be instances when you will be able negotiate a fee that includes the cost of returning.
Also keep in mind that shippers are aware of the costs and usually expect to pay a fair rate.Your total income depends on how many miles you drive and your rate. This involves answering lots of questions about where you have lived, whom you have worked for, even personal relatives, etc. Typically, there is a subscription fee for this service. A fifth-wheel trailer attaches to the truck using a post attached to the middle of the pickup bed.The weight distinction between less than 10,001 pounds and more than 10,001 pounds is important.
(3) They will also be able to help you to find a return load so that the trip home does not have to be dead head.
Hotshot “Load Boards” are a consistent source of load opportunities. A key piece of medical equipment needs to be shipped several hundred miles to a hospital, or 10,000 pounds of time-sensitive equipment needs to go a construction site. Normally, a Class 3-5 truck is used in combination with a variety of trailers to run for-hire freight, whether for a single customer or less-than-truckload, but there are exceptions. The load can be as small as one envelope. The Department of Transportation (DOT) allows hotshot truckers more latitude than other commercial truckers.
Also, if you plan to drive interstate routes or carry certain classes of loads, you may be required to have a TSA background check. You will be required to pass a driving skills test in the vehicle you plan to use, or one like it. Hotshot trucks fill a need in the trucking world. Almost anything.
Again, study the requirements.
The United States Department of Transportation makes distinctions in the rules that govern their work. A 40-ft gooseneck flatbed trailer is the maximum length you can use and is the most versatile. But you want to do more than breakeven—you need to set aside money for unexpected expenses, emergencies, education, and hopefully, an occasional vacation. A well run hotshot trucker in a reasonable location for regular loads can bring in from $60,000 to $120,000 gross income per year, possibly more.
It is wise, and relatively easy to set up a Limited Liability Company. A truck equivalent to a Ford F250 is about the minimum, and most operators have trucks equivalent to a Ford F450/550 Super Duty for towing.
That will tell you how much you must make per mile to support you and your family. Expenses include any equipment loan payments, fuel, routine maintenance on equipment, licenses and taxes, insurance, record keeping, load board service fees, supplies, etc. If you want to be home every night, then you will accept only short distance runs.
Hotshot truckers typically make just one stop per trip. Take these total expenses and divide them by the number revenue miles you expect to drive per year.