I've got 26 years of commercial driving experience and obtained my Class A's in 2006. I am currently driving for a small farm supply business, getting paid by the hour. The business's truck is only licensed to run in state. In recent discussion with the owner, I mentioned wanting to get my own truck and working for myself. He advised me that if I did have a truck that was licensed for out of state, he could keep me busy. The loads would be local, home every night and pays $1.75-2.00 per mile. My problem is I've only ever been a company driver. I am researching what it takes to become an O/O and get my own authority but I basically know nothing about the O/O side. I am intrigued and excited about the thought of owing my own business but also scared to death. Here are some preliminary, inexperienced numbers:
2k miles per week, ~$14,000 per month
That leaves me 6k a month which seems to be a pretty good but I know I'm missing things and possibly low balled some expenses. I have little concern that the work would dry up because it's agriculture and he's been in business for years. He just doesn't want the headache of employing a driver running out of state. I should mention that this is in the south.
- $4,000 fuel (I'm figuring .50 per mile)
- $2,000 truck (payment, maintenance, repairs) I hope to find a used day cab I can pay $1200-1500 per month
- $1,000 Insurance
- $1,000 Misc (fees, stickers, etc)
Thoughts? Thank you in advance for you time and information.
Setting up my business expenses, what am I missing?
Discussion in 'Ask An Owner Operator' started by bwheeler, Jan 16, 2021.
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There are multitudes more costs associated with being an owner op. Use the search bar and you'll see tons of references. Also, find a cost-per-mile calculator. I hate the bat rastards, but OOIDA has a free one on their website.
2021-2006=15 years. How does that equal 26 years? Are you counting straight truck time?Rideandrepair Thanks this. -
Rideandrepair Thanks this.
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Rideandrepair and Lonesome Thank this.
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Will he allow for downtime for service? Does he need you every single day? Will you be running other loads as well?
My only warning would be about being the one and only person responsible for all of it...I mean everything! Diagnostics, scheduling of service, TIRES!, all of the back office work, it is a LOT and once you go down this path if you are awake you are working! Either answering phones, running loads, thinking about what the truck needs now and will need.....it is a lifestyle. Will you park it with him? Do you know a great local mechanic?
Tough call man! The cash flow/revenue generation is good but it better be!!
What kind of truck would you get? Where? Specs?
Mostly just asking that ^^ because I am curious!Rideandrepair Thanks this. -
Oh and I should probably mention, he supplies all the trailers. 90% of it is drop and hook.Rideandrepair and Lonesome Thank this. -
Rideandrepair Thanks this.
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Jeesh dude go for it and you will set up to run anything you want under a known good authority someday.....just....preventative maintenance preventative maintenance preventative maintenance maintenance maintenance! LOL.
So if and when his thing ends you can get a trailer and quote and run loads.Rideandrepair and bwheeler Thank this. -
Rideandrepair Thanks this.
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If it is such a good deal he would be doing it.
Rideandrepair and ready2truck Thank this.
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