Is it time for me to jump in as an Owner Operator?

I have been dragging my feet on jumping into the O/O world for quite a while. All of my equipment if paid for, truck, flatbed trailer, hopper bottom. Don't have a good van at the moment. I do all of my own repairs, change and mount tires. Just not the major stuff. Have a guy that does that for me. I have my own operating authority. I currently use this equipment in another business, so just hauling my own products and equipment. I have been watching the loadboards off and on for about 2 years. Freight seems to be higher now than it has been. I have driven trucks for 20 years, just not full time. I would fill in for drivers here and there. Currently, I help a guy I know out when he needs drivers a couple times a month pulling a hopper bottom, sometimes a van. The only thing that I would need to do to put my truck on the road is change my insurance to for hire and put apportioned plates on the truck. Just got a new insurance quote a week or so ago. $4000/year, and plates around $1600. 300 mile radius. The main reason I'm hesitant is that if I make the jump, I know I'll have keep the truck running because of the overhead. I cut back on my current job from full time to 3 days a week back in August. I also farm about 450 acres, but a good bit of that work is seasonal. My thoughts are run the truck 3-4 days a week. That will make my time more flexible to account for weather and work on the farm.

I have been thinking of staying regional, within about 300 miles of home. That way I can make a 1.5-2 day trip out of it, with a load going out and one coming back. Right now, there were 799 flatbed loads on Truckstop within 75 miles of me going out about 350 miles. I'm about 40 miles west of Pittsburgh, just across the river in Ohio.

I don't want to contribute to cheap freight. I've run my numbers, and have spreadsheets out the *** with different $/mile, loads, miles/year, etc. If anyone wants to take a look, I can send them, but to keep the story short, I think that at $2.20/mile all miles, if I run about 50k miles for the year, I can make a pretty good go at it. I'm thinking my operating cost (Plates, insurance, fuel, repairs, not including driver) at $1.10-1.20/mile ($55k-60K). Driver (Me) $0.85/mile ($42.5k), and the company $0.25/mile ($12500). I like to figure off of all miles rather than loaded. Makes it easier for me to figure because if it's a big deadhead, but pays enough, it all works out. I don't plan on staying out more than overnight, and keep within 300-400 miles of home.

Are these numbers realistic? I have talked to numerous people over the past year or two. Some said they'd look at my numbers...no response. Others say right off the bat "there's no money in trucking." There's also no money in farming, but I've been building some things up and have been making it work. I want to know if I'm way off base on my thinking and my numbers. I don't want to run 100k miles a year, and I don't need to make $250k. I just want to make more money than I'm making now, and have my time more flexible. I'm a little concerned with making any jump until after the new president takes over to see what happens. I'm planning on staying in my current spot until at least March 1st. Just planning.

I'm open to thoughts and suggestions. I have done lots of research on all of this. I'm going to make some kind of move, I just want some other eyes on things to make sure I'm looking at things the right way.

 

My authority is not new, has been active since 2010, and have always had the same insurance carrier. Liability $1,000,000 plus $100,000 cargo on one truck $4522. That is not any comprehensive. On my older equipment, I don't think it'd be worth the cost.

 

Thanks for the words of encouragement. I originally thought the insurance was pretty cheap, but I have had it quoted several times over the past year or so, just to keep up with rates. For hire, 300 mile radius, one truck, liability/cargo only, steel-lumber-general freight, $4522.

 

Progressive. $1M liability was $3844. $100k cargo $658 w/ $2500 deductible.
300 mile radius, and I'm based in Ohio.