Is becoming an O/O really worth it?

Having years/ miles behind the wheel ain't always enough either. When I first did it I was stunned to find out that alot of the stuff I thought I knew all about I really didn't.

Above all being an o/o is a business.... and as such is different than most small businesses in the laws and rules that apply to it. Compare it to opening up a small corner store and then immediately competing with the nation wide chains for your customer base.

Suggest you take a course in Basic Accounting because you better know how to keep a set of books legally. This may, as it did me, convince you to find you a good accounting service (one that knows the trucking business). "The wife and I always do our own income taxes" ain't gonna cut it. You need to know about stuff like quarterly filings, depreciation, various state fees and permits, etc. I had an accountant and a lawyer on "retainer". Cost me about $1000 per year each and was well worth it.

 

Oh, just thought of something else for consideration..... suppose you and your wife ran team. In a real good year you rolled 100,000 miles each (200,000 total), which is not that hard to do. If you average $1.25 per mile you'll gross $250,000 per year.

Now guess what gross income class Obama and crew are targeting for a big tax increase?????

 

may i never see a ice box draging behind me !!!!......

 

Black w900.....you are so very right....i took off last year thinking i was gona set the world on fire in a bad economy......i had two major things against me....1) the dirt bag i was truing to buy the truck from....(private owner) 2) the scumbag bottom feeder i leased on to!!!!!....but i gave it a shot due to my perticular situation....needless to say i came home with my tail between my legs .But ,i have not been discuraged, i'v been talking with otheres learning alot, and for me this might sound crazy......it's the love of what your doing....i'v been on the big money end makeing it for other companys..seen thos big boy make those $50-$100,000 bonuses, and all i get is a pat on the back, the stress of pushing everyone and ungodly time scheduals.....it's my dream to have something in life to call my own.....even if it's only a good old truck that i take care of the way i see fit to my standards......and i enjoy doing my own maint....the paperwork gos with the territory.......and the freedom to go where i choose...i enjoyed my time out last year....things have changed..but it was good enough for my father for 30 yrs and he raises 5 kids,two wifes lol and 4 houses......i like running my own rodeo..at least i get to reap the fruits on my labor.....i'm not looking to start some big trucking company.....all i want is a one horse show......good bad or indifferent yah i know you all think im nutzzzzzz a mans got to have a dream