Truck payment, insurance, Rent, Utilities, Phone bill, All fixed expenses. Other expensives would be fuel, equipment such as chains and straps, employee pay, damage claims, training, etc.
I just found you, Luis. Man, thanks for sharing this info and also the other videos too. I love your transparency and willingness to share some of your business info. It really helps. I am in TX and not certain how to start, but I'm certain I'll gain some insight with your info and willingness to share information. Gracias Bro' !!
Eureka Towing Tell me about it! I started a roadside assistance business doing soft services only and I was actually doing really well....then the transmission in my car blew which caused me to lose $2000-$4000 worth of revenue plus I had to pay $4000 to get my trans rebuilt. Fortunately I managed to recover but now I need to replace my windshield due to a big crack across the bottom which is another $300. 😤 Plus I am in Michigan which has ridiculous insurance premiums so yeah......
Thanks for the video. I am starting my own tow trucking myself I am also a mechanic buy insurance for the year is 4600. With a $500 deductible after talking to a lot of people that is not bad I think with a $500,000 policy for damage in human Medical... keep the videos going
Luis I’ve Bn watching your videos non stop and loving the knowledge you provided to help me grow, what the main thing I need to watch out for on my initial start up of my towing business that will get ahead of my competitors?
Did some research on the beacon financial. It's good for people with bad credit, but very high interest and some reviews aren't that great. Just make sure you do the research and make a wise decision.
everyone says insurance is expensive im looking to get in the business in a year or so and I called an insurance company and they quoted me $2800 for the year and that was with 500k I have excellent credit and a great driving record so maybe that's why, everyone who I talked to told me I would be paying 10k or more. you have to make the calls and shop around that was my first call.
500k is not a lot. You will not be able to leave the state with that kind of liability. I have 1 mil policy because Motor Carrier Authority requires it. 2800 is crazy low for a start up business.
How do you afford to pay yourself a decent amount say over 50k a year on top of that 70 something u said ur expenses were? I've been towing for 8 years and am looking to go on my own. Ive done mostly heavy but gonna start in light duty to keep cost low. Im just trying to run all the numbers before I pull the trigger
Hi, I wants to start a towing company in the State of South Carolina, what do I need to do and what steps we need to take to start operating a towing business, example: business license registration, insurance, DOT#, etc?
I have just started my own towing business here in on the south coast of England and have just brought a ford recovery flatbed for £2500 insurance is extremely cheap and we are now trading and have been for 3 months now very good business to be in you meet all sorts of people from all walks of life :)
fella i live and work in the Us and im originally from England its a different beast all together getting in to the motor trade in the USA you have all kinds of expenses and red tape to fork out for and apply for compared to setting up a business over hear
Hey bro im a truck driver i have a cdl but i want to start my own business in towing, I’ve applied to a few spots and nothing would you recommend just diving in and buying one? I want to be an owner operator. I’ve done my research and seen alot of videos on the industry what do you think
Those internationals, a lot of the electrical problems are in the battery box. Everyone I have had, I replaced both Positive and negative cables, and the notorious 12 gauge wire with a fuse that breaks. Im a big fan of my dodges, but the carry capacity on them sucks.
@@kendrickburnett2305 police rotation will require certain truck requirements. Motor clubs could care less if you rolled up to calls with a shopping cart. When i first started i did club work and private stuff. Now 90% of my business is private work
Luis this is in the state of New Jersey which also has high insurance premiums I had posted before on your last video but I think it got deleted I wanted to chat with you because you have some good videos and good ideas I see you have drive to be successful. I had left my email on the message so maybe that's why it got deleted I am not sure.
Hello! My husband and I trying to get a Towing Business. We’re just kind of confused. Should we apply Sole Proprietor or LLC license? And can we used our home address for the business?
Sure you can use your home address. Many tow businesses start out at home. I highly recommend an LLC. Your better protected in the event something happens. In other words they cant go after you personally, but only the business.
@@appokinfolabsabbymories196 Hi Abby, may I call you ask you a few questions... I'm buying a few tow trucks and need to know what to charge for cars and trucks🤔🙄
@@binnyw4010 I know nothing about repos, I don't do them, Probably never will, They are far too dangerous for what they pay I'm sure, Not worth the risk, Towing is already a dangerous job with roadsize hazards and police impounds I don't need someone chasing me down with a gun while I hook up their car either, Not to mention repo guys typically do things very half asses and dangerous such as no straps on a auto loader and down the road they go.
@@binnyw4010 I currently do motorclubs, police called impoundments and crashes, Cash calls for anything from fuel runs to long haul towing to anywhere, and any services in between, and we did private property impounds until a new law in our state shifted a large burden on us for PPIs. I'd say police calls are definitely the easiest way to make money but it can be tricky for new companies to get on rotation lists and it can be easy to get kicked off the rotation lists, As well as it won't always keep you steadily working, Some motorclubs are alright, I'd say stay away from AAA and any other motorclubs that pay way under what your actual rates would be, but geico, allstate, agero, and some others can pay pretty decent and keep you busy, as for PPIs they can be good and easy work and will rack up storage fees until pickup but depending on the state it may have some iffy laws shifting a large burden on you, And cash calls are always good they pay your rates and go directly through your office for dispatching.
Towing company’s are fucking crooks when it comes to certain situations. To anyone who is starting a towing company, please for the love of god don’t be fucked up like some of those infamous towing companies.
I really appreciate your content. Your a big help brotha. My Prayers for you and your family to be blessed in 2021.
Truck payment, insurance, Rent, Utilities, Phone bill, All fixed expenses.
Other expensives would be fuel, equipment such as chains and straps, employee pay, damage claims, training, etc.
I just found you, Luis. Man, thanks for sharing this info and also the other videos too. I love your transparency and willingness to share some of your business info. It really helps. I am in TX and not certain how to start, but I'm certain I'll gain some insight with your info and willingness to share information. Gracias Bro' !!
Your Welcome
Expenses always add up quicker than it seems they would. Great video!
Eureka Towing Tell me about it! I started a roadside assistance business doing soft services only and I was actually doing really well....then the transmission in my car blew which caused me to lose $2000-$4000 worth of revenue plus I had to pay $4000 to get my trans rebuilt. Fortunately I managed to recover but now I need to replace my windshield due to a big crack across the bottom which is another $300. 😤
Plus I am in Michigan which has ridiculous insurance premiums so yeah......
Thanks for the video. I am starting my own tow trucking myself I am also a mechanic buy insurance for the year is 4600. With a $500 deductible after talking to a lot of people that is not bad I think with a $500,000 policy for damage in human Medical... keep the videos going
Luis I’ve Bn watching your videos non stop and loving the knowledge you provided to help me grow, what the main thing I need to watch out for on my initial start up of my towing business that will get ahead of my competitors?
Did some research on the beacon financial. It's good for people with bad credit, but very high interest and some reviews aren't that great. Just make sure you do the research and make a wise decision.
I've been looking into beacon as well. Did you happen to come up with any similar/cheaper options?
everyone says insurance is expensive im looking to get in the business in a year or so and I called an insurance company and they quoted me $2800 for the year and that was with 500k I have excellent credit and a great driving record so maybe that's why, everyone who I talked to told me I would be paying 10k or more. you have to make the calls and shop around that was my first call.
What state?
500k is not a lot. You will not be able to leave the state with that kind of liability. I have 1 mil policy because Motor Carrier Authority requires it. 2800 is crazy low for a start up business.
U should never carry less then 1 million liability ever!
How do you afford to pay yourself a decent amount say over 50k a year on top of that 70 something u said ur expenses were? I've been towing for 8 years and am looking to go on my own. Ive done mostly heavy but gonna start in light duty to keep cost low. Im just trying to run all the numbers before I pull the trigger
Great info. Thanks!
That's what Delonte west do after NBA career 😂
Did you form your LLC and get your EIN number before you bought your first truck or after? not sure what to do on that Thanks.
I got it before the truck. I used legal zoom to form my llc
@@towuniverse2443 So u got the EIN right away also?
@@Soprano1013 yes
Great Content!
First year in business two trucks and I’m paying 20000+ for insurance 2018+ trucks
YOU DO YOUR MATH LIKE ME LOL
Hi, I wants to start a towing company in the State of South Carolina, what do I need to do and what steps we need to take to start operating a towing business,
example:
business license registration, insurance, DOT#, etc?
I have just started my own towing business here in on the south coast of England and have just brought a ford recovery flatbed for £2500 insurance is extremely cheap and we are now trading and have been for 3 months now very good business to be in you meet all sorts of people from all walks of life :)
fella i live and work in the Us and im originally from England its a different beast all together getting in to the motor trade in the USA you have all kinds of expenses and red tape to fork out for and apply for compared to setting up a business over hear
How long do you think is long enough to work @ a towing company before I go off on my own.
Hey bro im a truck driver i have a cdl but i want to start my own business in towing, I’ve applied to a few spots and nothing would you recommend just diving in and buying one? I want to be an owner operator. I’ve done my research and seen alot of videos on the industry what do you think
wha do you think about the international tow truck i have a 2002 in i have electrical problems what tipe of tow truck you recomen
Those internationals, a lot of the electrical problems are in the battery box. Everyone I have had, I replaced both Positive and negative cables, and the notorious 12 gauge wire with a fuse that breaks. Im a big fan of my dodges, but the carry capacity on them sucks.
thank you for the tip @@towuniverse2443
Hey bro how are you ? I have had my class A cdl for 2 years so do you think that will make my insurance lower ?
Abreon Crawley no! May be very expensive depending on your city and state.
Did you get your LLC before you applied for the loan for your first tow truck
Yes sir, i used legalzoom.com
Yes! You should definitely do that first.Thats what establish the business.
What website you use to advertise your business?
Is starting a tow truck business worth it
Anything is worth it if you plan ahead and play your cards right.
Don’t u need like 6 trucks just to get a contract or you did your personal tows only
@@kendrickburnett2305 police rotation will require certain truck requirements. Motor clubs could care less if you rolled up to calls with a shopping cart. When i first started i did club work and private stuff.
Now 90% of my business is private work
Luis this is in the state of New Jersey which also has high insurance premiums I had posted before on your last video but I think it got deleted I wanted to chat with you because you have some good videos and good ideas I see you have drive to be successful. I had left my email on the message so maybe that's why it got deleted I am not sure.
Reach out to me on my face book business page.
Thanks for all the great advise chapo
Thank for the info i appreciate it
My ? For you is are you a aaa company?
Thanks for watching, I am not with AAA
@@towuniverse2443 ok, thanks i was told that to get experience in the tow industry that i would need to go to a AAA COMPANY THANKS AGAIN FOR THE INFO
Hello! My husband and I trying to get a Towing Business. We’re just kind of confused. Should we apply Sole Proprietor or LLC license? And can we used our home address for the business?
Sure you can use your home address. Many tow businesses start out at home. I highly recommend an LLC. Your better protected in the event something happens. In other words they cant go after you personally, but only the business.
I can help him to explain about tow business and procedure in detail , just share my number at : +1 209-407-5243 or write me at abbymories@gmail.com.
@@towuniverse2443 presheate the info I'm down south in Memphis hopefully th prices drop some due to me being in the south
@@appokinfolabsabbymories196 Hi Abby, may I call you ask you a few questions... I'm buying a few tow trucks and need to know what to charge for cars and trucks🤔🙄
lil momma yes you can call me any time my whatsapp number I will share via email . abbymories@gmail.com
im looking to start a tow truck company and the different types are confusing like llc etc and should i get a rollback or wrecker ?
What type of towing are you looking to do? Repos? Motorclubs? Auto Auctions? Police rotation?
beastm0de7 how do you get repo job's you go directly to the bank?
@@binnyw4010 I know nothing about repos, I don't do them, Probably never will, They are far too dangerous for what they pay I'm sure, Not worth the risk, Towing is already a dangerous job with roadsize hazards and police impounds I don't need someone chasing me down with a gun while I hook up their car either, Not to mention repo guys typically do things very half asses and dangerous such as no straps on a auto loader and down the road they go.
beastm0de7 aha what do you do in the towing industry and what would you say is the best segment on the industry?
@@binnyw4010 I currently do motorclubs, police called impoundments and crashes, Cash calls for anything from fuel runs to long haul towing to anywhere, and any services in between, and we did private property impounds until a new law in our state shifted a large burden on us for PPIs.
I'd say police calls are definitely the easiest way to make money but it can be tricky for new companies to get on rotation lists and it can be easy to get kicked off the rotation lists, As well as it won't always keep you steadily working, Some motorclubs are alright, I'd say stay away from AAA and any other motorclubs that pay way under what your actual rates would be, but geico, allstate, agero, and some others can pay pretty decent and keep you busy, as for PPIs they can be good and easy work and will rack up storage fees until pickup but depending on the state it may have some iffy laws shifting a large burden on you, And cash calls are always good they pay your rates and go directly through your office for dispatching.
Give a fuck bout a premium when you grinding, i stay in LA by LAX business dont ever slow down, all these tourists cant drive
YOU DONT REPORT CASH...OR YOU DONT MAKE IT.....
YOU MAKE PHOTO COPIES OF CHECKS
FOR TAXES..
IF YOUR SPEEDOMETOR IS BROKEN....SO WHAT !!!
Don't report cash?
Hey Luis! Need a few advice on certain things
What's going on.....just subscribed. Do you mind if I email you some questions?
2019
How much does it cost to leave the poor dogs locked up in the shop all day?
If you ve got a problem, just come down and address it.
May I have your email so I can ask some questions about marketing if you don’t mind? Thank you.
I am from Los Angeles, CA.
onsitetowing14@gmail.com
Yup yup you will be hearing from me soon.
I will with dog control. Should call the DOT since you’re CDL is no good. 🍸🍸🍸🍸🍸
Ashley T bro, shut up cry baby lol
Towing company’s are fucking crooks when it comes to certain situations. To anyone who is starting a towing company, please for the love of god don’t be fucked up like some of those infamous towing companies.
What’s your email so I can ask some questions if you don’t mine
onsitetowing14@gmail.com