Hello!
Trying to do some nitty gritty number crunching as my husband and I are VERY seriously considering becoming O/Os. Any input would be super helpful, although I have spent some substantial time researching the industry/lifestyle on sites and forums, I think it's always best to hear straight from the horse’s mouth. A little background...
-Husband and I are mid 30s, no kids, no house/mortgage payment (apt lease is up in Oct). Aka no substantial debt or expenses. We will be on the road together so getting back/having a lot of home time would not be a priority
-Husband has always worked for himself, at one point we owned/operated a retail brick and mortar business together, so we understand how to run a biz, and work well together having complementary strengths.
-My father in law owned an industrial plastics recycling company so my husband does have some familiarity w/ semi-trucks/trucking from working with his Dad at the plant in high school/college.
-We would run power only and have the means to make a substantial investment in a super sleeper (bed, bathroom, kitchenette, etc) to make life on the road more comfortable/stay out longer etc. It will literally be our house 90% of the time.
-Being together all of the time doesn't bother us. He would drive while I navigate, check load boards, do any back office work required, cook, clean, etc.
-We would also have at least one other stream of income besides trucking to help support us, but trucking would be primary.
-Being on the road/driving doesn't bother us. We've done 17-19 hour days on road trips before, although I realize there are laws/set duty hours preventing this as a truck driver and that it's substantially different than driving a four wheeler.
From what I've researched, we’d likely sign onto a company. The one we’re most interested in offers 82% of linehaul (rather than cpm) and claims solos are doing $7k-$9k per week gross. They also offer detention/layover pay, general/auto/cargo insurance, and a fuel card. We took the $7k (we prefer to look at “worst case scenario”) and put it in excel with other expenses and that $7k doesn’t leave much net left over.
I’ve copied and pasted the numbers below (some borrowed from another O/O’s P&L he posted), but are we missing something?? We’re ok with a bit of “baptism by fire” starting out, but only if it makes fiscal sense.
I’m hesitant to talk to a recruiter assuming they’d blow a bit of smoke up our butts.
Thank you in advance for your responses!
$7000 x 49 weeks (3 weeks off) = $343,000 gross
82% of gross = $281,260
Fuel (assuming 2k mile/wk, 5mpg @ current prices = $100k-ish) = $181,260
Assuming $3500/mo truck payment ($42k/yr) = $139,260
Reserve 20% for maintenance ($27,852) = $111,408
Insurance- confused what portion the company pays (truck, medical, hsa) = $31,000) = $80,408
Various supplies/tools ($3000) = $77,408
Phone/Internet ($1000) = $76,408
Legal/accounting for the LLC or SCorp ($6000) = $70,408
Savings @ 10% min ($7,408) = $63,000
Trailer rentals ($235/wk @ 12 wks? Not sure how much this would be needed = $2,820) = $60,180
So about $60k/yr before we pay ourselves, buy food, clothes, etc
Crunching The Numbers, Am I Missing Something?? (newb)
Discussion in 'Questions From New Drivers' started by J9Cav, Jun 1, 2022.
Page 1 of 12
-
CatchUp, Another Canadian driver, pumpkinishere and 1 other person Thank this.
-
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
-
Have you contacted the company you are interested in ?
Will they take someone with no exp?
Will their insurance?
My advice would be for your husband to get his CDL and put in a year to learn the industry on someone else's dime. Because trucking should bottom out in a year or two
Most companies allow passengers.GYPSY65, Another Canadian driver, pumpkinishere and 2 others Thank this. -
If i were to live in truck, and work like that I’d lean on something like Stagecall | Opportunities
Concert hauling equipment.
@Chinatown he knows a ton of companies though.GYPSY65, Another Canadian driver, pumpkinishere and 4 others Thank this. -
Power only; maybe @Studebaker Hawk will offer some advice.
`
Have you looked at www.OOIDA.com website?GYPSY65, Another Canadian driver, pumpkinishere and 1 other person Thank this. -
Their only requirements on their site are: At least 25 years old, At least two years of verifiable work experience (did not specify truck exp), No more than two moving violations in the last two years, No more than one preventable accident in the last two years, No major OOS PSP violations, No record of excessive speeding or safety zone violations, Ability to build relationships with others easily, Dependable with impeccable time-management skills, Positive, professional attitude, Truck year 2000 or newer (and pass DOT inspection).
We considered the company driver route, but it seems that most companies (unless you're running teams for a fleet owner doing expediting in a straight truck) give you a small sleeper cab which looks like they'd be tight for 2 people to live in practically full timeAnother Canadian driver and pumpkinishere Thank this. -
Judge, Another Canadian driver and pumpkinishere Thank this.
-
Another Canadian driver, Rideandrepair and pumpkinishere Thank this.
-
Veriha Trucking: Transportation Solutions; Driving Jobs
Entertainment Division
Veriha's Entertainment Division was born from a passion to provide solutions for those in the entertainment industry, by partnering with those who have extensive touring knowledge.
~Another Canadian driver, Rideandrepair, pumpkinishere and 1 other person Thank this. -
It's not the best time to become o/o
... Fuel is not getting cheaper anytime soon ... Don't mean to discourageJoeyJunk, nredfor88, Arctic_fox and 5 others Thank this. -
Saw a fuel price today - $7.99 gallon - California
JoeyJunk, Another Canadian driver, Rideandrepair and 1 other person Thank this.
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
Page 1 of 12