Taking the plunge. My journey as an O/O.

Ok. 2020 basic overview.

Total 119,586 miles driven.
9,032 empty miles.
Empty % 7.55

Total revenue to the truck was $156,269 or 1.30 CPM

Fuel + Fuel tax was 39,501 or 33 CPM

Truck maintenance, repairs, and additions (fifth wheel made adjustable) total was 55,128 or 46 CPM.

All other truck related variable expenses (hotels, tools, electronics, clerical supplies, etc.) was 4,832 or 4 CPM

Truck payments, registration, taxes, tags, truck insurances, and workman's comp were a total of 30,021 or 25 CPM.

Total expenses. 129,481 or 108 CPM

HOWEVER, as noted above, the expenses include my part of the engine rebuild at the end of 2019 due to Crete maintenance account payment shenanigans. That was $13,864.

Total real 2020 expenses were $115,617 or 97 CPM.

That puts my income at $40,652 or 34 CPM.

At this point, however, I have paid off the truck loan, which cost me $20,257 in payments last year.

I am also planning on moving to a different company in the short term, either Schneider, Landstar, or JB Hunt, where I can run off their load board.

 

No. I barely ever used Crete shops because no Crete shops are full service shops. I rarely have my truck in the shop for just one thing.

Maybe $750 of my maintenance was done at Crete shops, and that number is probably high.

 

The first couple years of any small business is full of growing pains and learning experiences.

If owning my own truck had not worked for me, Crete is still counting my time with them as continuous employment. Just got my 4 year Crete driver sticker for my truck. As long as I fulfilled my financial responsibility to Crete for the truck, they could roll me right back into being a company driver.

Owning a truck for over two years, and paying it off early, despite the low pay, tells me that I am ready and capable of moving on.

A lot of people work well when they work for another person, but do not have the motivation to work well when they are the boss. I know now that I can do what needs doing even though I don't have a boss telling me what to do.

So, yes, I could have jumped into the deep end of the pool to see if I could swim, and made it work. I know that now, but I did not know it then.

Why didn't I switch after a year? I knew I could do it then too. I wanted to have the truck paid off before taking on more o/o responsibilities like self-routing. I fully expect that I am going to deliver into somewhere with no good outgoing loads, at least a few times.

I tend to be very fiscally conservative. Not in a frugal way, but a careful way. I will spend some money or lose some potential money in order to reduce risk to me.