Experienced driver going O/O

First post here. I’m 31, and have been driving for an explosives company for 5 years. Have my class A, tanker and HAZMAT endorsements. Not all my miles are in a class A rig, maybe 1/3 (dry vans with 1.5 blasting agents). We also use F350-550s, and heavy strait trucks. All that being said, I am sick and tired of working for this company. They have been shafting us on pay for awhile, and this year we didn’t even get our cost of living raise. Typically I work 45-50 hours a week, 1-3 nights away from home, and weekends off. Two weeks vacation, no sick time, so-so insurance. I’d like to get my own truck and trailer, and start doing the independent owner-operator thing.

I’ve been half researching this for several years, but finally reached the breaking point last week. Worked 64 hours with 3 days away from home. 28 of those hours were outside in the cold operating our blast truck. Worst part is only 12 of those hours were overtime due to Monday being a holiday. If I’m going to be doing crappy work I may as well be my own boss.

Anyway, I have looked at all the numbers I can think of. Licenses, fees, permits, insurance, fuel, maintenance, truck, trailer... my plan is to buy an older truck (90s), flat deck trailer, file a business as a C Corp (that way I can transfer my 401k into the business as an investment which will pay off the truck), and use brokers to get loads 4-5 days a week in the region (I’m in Montana). I’d like to only be gone two nights a week, sleep in the truck, weekends off and a few weeks off a year. Hopefully I can get a steady run somewhere after awhile. At first I’ll just use vacation from my current job to take days off, and doing some hauling. That way if it doesn’t work out I’ll still be employed through the company.

I’d like to hear some opinions of veteran O/Os on my plan. Also if some could give me an idea on what their actual operation costs per mile are I’d appreciate it. Maybe some tips on getting loads. I’ve spoken to a few truck owner friends to get their advice. The truck I’m currently looking at is a nice Western Star with a 3406e with 400K on a rebuild, and an aluminum 53’ flatbed.

 

The C Corp allows me to transfer the 401k money I currently have into the business as an investment then have access to the cash without paying taxes on it. That way I could pay cash for the truck eliminating the truck payment which I feel would get me ahead of the game starting out. It also allows setting up a company 401k plan that I can contribute to with tax free company money.

The Montana thing does kind of suck compared to the rest of the world. Most the loads I see involve deadheading 150 miles, running loaded 700-1000, then going empty again ~150 miles to get another load that’s heading back toward home. Trying to cover MT, both Dakotas, Wyoming, Idaho, Utah, Washington, possibly NV and CO if I had to. That’s the area I run around in now for my current company.

 

Was that 28K with the equipment? I figured 30 would get everything I need to start

 

I figured 25 for the truck, 15 for the trailer, 4 for other starting costs.