Owner operator business growth questions

www.OOIDA.com is a business website for the owner-operator and small fleet owner.

 

YouTube and it should be an breakdown somewhere on here. I'm almost sure that this typic is here somewhere. But good luck to both of you

 

If your husband is leased to a carrier, the "paperwork" would be mainly limited to financial accounting. Quickbooks Online is what I use. There is plenty of educational content to help learn what to do with it. I like the mobile app so I don't get buried in receipts to catch up with.

If he is operating as a carrier (own authority) then that's a bit more. OOIDA supplies a useful summary of required safety-related paperwork. There's probably a copy posted on here if you have time to look for it. Also expands the accounting side with invoices and accounts receivable. You'll want to be a W2 employer, so that gets you into payroll. Which leads to taxes, which also include IFTA (fuel) and various others.

Unfortunately there isn't a standard or a guide to do this. Every business is different, and have different priorities and interests. Best to study what he's already doing, then adapt as you learn.

 

Can you clarify if your husband is an Owner Operator or an Independent Operator (has his own authority) please.

I'd be glad to help you out.

 

Of all the things I can help you with, intermodal paperwork is not one. I haven't been in a yard since the 80's. I got tired of having to put tires and lights on a chassis before you could drag it down the road.

As for getting his own authority. Here is the first half of the list:
liability insurance/mcs90- start here to see if it makes sense money wise.
cargo insurance
DOT #
Contract or common authority, don't get both, they are the same now
IRP
IFTA

If he's still interested, let me know. I'll send you a comprehensive list.

Also- if he does go this route. I would recommend working the kinks out the first year and then add trucks. I usually figure I will have to lay out $40k plus the equipment to add 1 truck.

 

Another source would be you state trucking association.

 

i contemplate expanding as well 3-5 years in the future my question is how do u obtain and keep drivers especially when u have to compete againts major companies offering 401k health benefits and newer model trucks?