I want to move up/ make more money, and currently at my company job I can't do that so I've been thinking that I need to evaluate becoming an o/o. My plan is to lease on with TMC that way I can stay on the TX regional fleet. I've been doing regional for about six months and I am used to what the work is like and how I need to run.
I think I've done an ok job with my numbers so far, but there's a lot I can only guess on because I have never been an o/o. My main question is about the revenue. I estimated I'd be doing 4 loads a week at $1000 per load for 50 weeks, and honestly I feel like that has to be wrong. Here's how I came up with that number. I know that I can do 5 loads a week, but I also know that the freight might not be there for me to do that, and currently I've been averaging about 3.7 loads a week. I figure, if I focus I can get up to 4 loads a week. The $1000 a load though is pretty much a guess and my main concern about this whole thing. I've talk to a few o/os on the road and that seems about right, but this is the part that could leave me broke, so I want to make sure it's right. It really seems too goo to be true that I can just buy a truck and start making $90k a year right out of the gate.
I think all of my expenses are pretty close if not right, but If anyone see anything wrong let me know.
Becoming an o/o
Discussion in 'Ask An Owner Operator' started by Torin, Jun 7, 2020.
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How come you didn't put in a dollar amount for truck insurance?
Rideandrepair and whoopNride Thank this. -
Ya forgot the insurance and the irp ucr 2290 is a little low. I would also add wages. What you want to make each year. That'll give you a true cpm. Everything else looks good to me. I love that ooida tool
Rideandrepair Thanks this. -
You definitely mapped things out better than I ever did... I agree your number under plates and permits is a little low. I personally just paid almost exactly $2300 for my Pa apportioned plates and yearly highway use tax is $550 if paid on time. Other than that, I'd say you're off to a good start.
Matt1924 and Rideandrepair Thank this. -
JonJon78 and Rideandrepair Thank this.
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I’d back off that 50 weeks a year. 48 or 44 would be a safer number.
feldsforever, Farmerbob1, Rideandrepair and 4 others Thank this. -
FoolsErrand, Rideandrepair, 201 and 5 others Thank this.
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On the permits thing, that's one of the things I just didn't know about. Looking into it now.FoolsErrand and Rideandrepair Thank this. -
Rideandrepair Thanks this.
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You will have to furnish;
Bobtail liability - 40-60 month on averg.
Comp./Collision on the truck. - 4-5% of the trucks value. Example 50,000 truck $2500 per year.
Occupational Accident insurance in case you are hurt on the job. $150 per month average.
So, you will have 3, 4 or even 500 per month in insurance costs depending on what truck you purchase.
Hope this helps.FoolsErrand, Accidental Trucker, 650cat425 and 3 others Thank this.
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