So you want to "own " your own company

There is a thread on this forum which shows some of the basic costs of running a truck. You can also go to the OOIDA website and download their spreadsheet for being an owner operator or lease operator. www.ooida.com. You just plug in your numbers. It is designed so that you can play with different scenario's.

 

So you're an old dreamer??? What's the difference between an adolescent with a vision and you?? The adolescent does have advantages but It is No Difference old man. U ain't no better than me other than I have the capital and has begun the the process amd when you had it you gave it away cause you too old to take risks. Since you think we're Young Dreamers....stay tuned in to watch me show ya. I'll show ya my whole expense and incomes worksheet, just as soon as I find me a truck worth buying at my price. I'll lay all my business out for you to see exactly what it is you're afraid of. I don't have to lie about this.

 

Here's a direct link to the OOIDA spreadsheet. It works with Excel and Open Office. Pretty handy, actually. http://www.ooida.com/OOIDA Foundation/Tools/cost_spreadsheet.shtml

 

I've started my research with this thread on having my own authority in this section, I would like to thank Nightwind for this great reference and inspired starting point. Since 2010 Im small fleet owner (2 trucks.2 trailers) operating under my authority, have been thru some good and bad times, nothing to regret.
My 2 cents for those looking to start up is: have money. Simple and straight. Cost a lot learning this business. You'll make mistakes, normal.
Those mistakes either for lack of experience or luck, will cost you money. I would say have at least 20k "clear" in the bank for repairs, fuel and costs would be the point to start. If you don't have money, 90% you will fail. Some people don't see where that much money can go, but it CAN go.
A pre-egr (EGR: exaust gas recirculation) truck could be my second requirement. Any truck the manufacturing year after 2004 is EGR or ACERT, words that you don't want deal with (emission system) and will cost you endless MONEY and DOWN TIME and you won't go anywhere since those things are a failed project and they never will work properly. Fuel economy and aerodinamics shall be the in the list, at fuel prices, not many can afford that extra gallon per mile consumed by a Classic style truck, find yourself a aero truck and save 16k/year in fuel saving should be somthing to think about.
Brokers; authority; maintenance; permits, accounting; compliance; obligations that most of those looking for O/O side sometimes don't see.
Running as carrier would suck much more of your free time than been a driver. Sometimes, you won't make that "much" more to justify that time; as a matter of fact, most o/o don't do that for the money, but for the challenge or for the feeling of having it own thing, been your own "master"
Good luck you all and THANKS NightWind for this startup.

 

There's nothing wrong with a ACCERT. I have never had any trouble with mine. It has been far more reliable than the Detroit I had in a 2000 Freightliner.

 

Firt off I wanted to thank you for a most excellent post. I am looking at becoming an owner operator working for Shnieder. Shcnieder has a post on their web site paying Intermodal drivers who are owner operators making $134,000 a year gross including fuel surcharge. http://www.schneiderjobs.com/owner-operators/driving-opportunities/intermodal

I am a complete noob to being an owner operator. I would appreciate your advice on this one. You mentioned many expenses such as Taxes, Tags, Insurance, ect. (Please bear with me I am getting to my point) Lets say I have an LLC or an S Corporation out of Nevada and I own my own 2012 International Prostar with a payment of $1,500 a month. I have an additional $20 K in the bank for repairs or extra expenses to keep me going until I get up and running. My questions are as follows;

1) Do you think I should have more emergency money then 20 k?


2) What do you think my monthly expenses will be on Insurance, Taxes, and Tags or Hidden Cost.
(I do not have to pay for insurance on my wifes insurance policy).

3) With a conservative estimate, how much do you think my net income will be after all expenses are
paid including my W-9 Federal Income Taxes at the year with estimate of a 25% bracket.

4) Could you recommend an accountant, financial planner, or an experienced owner operator who would
be able to assist me in crunching the numbers so I can get an accurate estimate of what I am getting
myself into.



Night wind, I hope I have provided you with enough information. I am trying to get the best realalistic income analysis before I make the big leap onto the owner operators side. It is obvious I am a noob to this so please forgive my ignorance on this subject, but any constructive advice you or anyone else may have to help me make an edcuated decision will be most greatly appreciated.

 

I would be very curious to know how many miles they running to get to $130,000 gross. Intermodal freight is typically very cheap, that is why the trucks you see hauling it generally look like they should be put out of service.

 

they say 2,500 to 3,000 a week!!! I heard Intermodal pays very well? Is that true?

 

If you consider $1 a mile good, I don't. My cost to go down the road is more than they make. Who ever told you intermodal pays very well, I wouldn't listen to them anymore.

 

well the recruiter told me of course.. lol... Hey and guess what... they told me I was in luck because they have one opening left... .. Oscar what would you recommend? I am open to anything or company.. what kind of truck should I run, tanker, Intermodule, dry frieght, refer?? What do you think CPM will make me a profit. As a company driver for Schnieder I would make about 40 k starting out...