Wealth Wednesday with Sam Taylor

Introduction

• Hosts: Angela Yeah, Stacey Tisdale
• Guest: Sam Taylor (also known as Forty)
• Business: Box Truck Bros
• Instagram Followers: 715,000 (organically grown over three years)

Background

• Nickname: Forty (originated from a dance in Chicago called the 40s)
• Previous Job: DoorDash driver for four years
• Savings Before Business: $20,000 - $25,000
• Initial Business Ideas: Carpet cleaning, landscaping, junk removal, trucking
• Reason for Trucking: No client-based business, no need for a commercial driver's license (CDL)

Starting the Trucking Business

• *Essential Steps:
  • Paperwork: LLC ($100 in Virginia), MC and DOT number ($300)
  • Insurance: Liability, cargo (costs vary)
  • Bought a truck: $12,000 down payment (30% of truck cost)
  • Option to rent a truck: Budget, Penske, Enterprise (week-to-week or month-to-month basis, $1,000-$3,000)
• Timeline: 30 days to activate DOT/MC after paperwork***

Business Model and Growth

• Content Creation: Documenting day-to-day business for transparency and education
• Dispatching: Key to booking loads, route planning
• Scaling: Grew from one truck to multiple trucks, eventually downsized for manageability
• Coaching: Offers courses, mentorship, and dispatch training

Personal Journey

• Early Life: Grew up with a single mother with a drug addiction, moved often, attended 12 different schools
• Legal Issues: Incarcerated for a year at 18, faced difficulties finding employment post-release
• Education: Attempted community college and basketball but dropped out

Challenges and Strategies

• Employment Rejections: Denied by places like Target and Best Buy due to felony
• Entrepreneurial Shift: Chose to bet on personal business despite family doubts
• DoorDash Strategy: Used multiple platforms and phones to maximize earnings
• Trucking Strategy: Focus on local/regional routes, effective dispatching

Financials

• Best Week: $8,000
• Worst Week: $2,000
• Average Weekly Earnings: $5,000 - $6,000

Family and Personal Life

• Business with Brother: Initially together, later separated businesses for better management
• Relationship with Mother: Good but not as close as desired, mother has improved her life

Advice and Insights

• Entrepreneurship: Understanding the sacrifices and workload involved
• Incarceration: Encourages former inmates not to let limitations be projected onto them, importance of having a plan and goal
• Social Media: Importance of authenticity and transparency in business branding

Conclusion

• Community Engagement: Active in Wealth Wednesdays for Entrepreneurs group on Facebook
• Contact Information: Follow on Instagram @BoxTruckBros

Key Takeaways

• Stay consistent and dedicated to your business journey
• Don't let others project limitations onto you
• Be prepared for the unknown in entrepreneurship