Successful Owner Ops in Canada

Last four years net taxable income after all expenses... 72k, 52k, 97k, 86k
Though early on I had lots that were under 40k

 

@gokiddogo

 

Being an owner operator won't automatically produce more dollars to the dinner table. You have to be able to put it all together as well as have a truck that is reliable and doesn't spend all your money in fuel or in the shop. It can be a lucrative business, but I must say it is more difficult now to find good paying rates. It is easy to lose your shirt in this business. I am from sw Ontario and 2015 went like this for me:

I worked 171 days or part thereof. Got home at 1 am? That counts as a day worked. Took a day off while resetting on the road? That does not count. I drove 133478 km.
Gross revenue 184236
Driver pay (me) 75000
Insurance 12132
Repair and maint 25975
Fuel 46029
All other expenses falls into payroll taxes, office expenses, accounting, load boards, misc items.
Profit to pay tax on 1574

I just pay the tax in the company.

I am going to have to work harder this year to maintain my 75k. I will still be ahead compared to if I was driving a company truck.

The first 2 years of being in business I almost didn't make it. Fuel was $4/g and my truck at that time got 5 mpg on a good day, no idling. I had a 1900$ payment. It spent 3 weeks on the road and 1 week in the shop. It performed very poorly. It consumed pretty much all the money it made. I was still living at home under mom and dad's roof, otherwise I would not have been able to make it. To put it in numbers, in 2011 I was a company driver until Sept and made 48954 from that job and into my own truck did not take any salary. 2012 first full year on my own paid myself a whopping 12,000. 2013 got rid of KW into old FL in April, heavy on repair bills, paid myself 20,000. 2014 repair bills still large, fuel price going down, managed to pay myself 75k. 2015 repair bills less than previous by about 10k, got fuel card gives very good discounts, but took much time off when Dad was dying, still made 75k and company still turned a profit. If I had worked like I did in 14 I would have really done well. But nothing trumps family, and my customers all understood that. I am back on track with my main guy even though I was not available for two stretches of time, 37 days in feb/March and 74 in sept/oct/Nov. I missed out on my busy money making season but I do not regret my choices.

If you managed to read all that, bottom line, I would not recommend becoming an owner operator at this time. The economy is slow, capacity is plentiful and it would be very difficult if not impossible to survive unless you have already established customers. I am surviving because my main customer appreciates the level of service I provide and is willing to pay me more for it. You could go to one of those 1.05 + fuel and discounts outfits and hope for a lot of miles but I feel like those all end up you do about the same as a company driver pay and carry the risk of truck repairs payments blowups. I would say remain a company driver for 2016 and earn another 65k. After the American election we can re-evaluate then. I need new equipment soon, but with the shaky economy there is no way I am borrowing that kind of money at this time. Save and pay down mortgage is the name of the game this year. Have cash on hand for 2017/2018 and make a move then.

 

yes just a one truck one trailer company right now. own authority.

 

The whole idea is to maybe have someone else driving someday.

The setup is a lot of work. But now that it's all setup it's really not that bad - as long as I stay on top of it.

 

I am here to tell you, as a 20 year veteran, YOU DO NOT WANT TO BUY A TRUCK! I've owned plenty, have worked under my own authorities and have leased to a company. There is no upside to buying a truck, or even being a company driver. With ELOGS coming soon, there will be no way to make the money needed to sustain being a single truck operator. Unless you enjoy working 8 days to make what we use to make in 5. Run legal? Give me a break. All running perfectly legal does is increase the amount of trucks needed by each company to perform the same amount of work we use to do. You think the rates will go up as a result? Yes they very well might. But you know who is going to take the increases? The big companies! To afford to buy the extra equpment needed to do the same work they did BEFORE elogs! Get a job pumping gas. You'll do way better!

 

I already have a truck. Just one truck and my own authority. Are you saying I might as well give in now, sell it, and go back to working for the overlord?