My lease adventure

My company has a long waiting list for their trucks. I am not aware of any other company in my area that offers a program any cheaper than what you're paying already. You will just have to do some research and make some phone calls.

 

Ok so it is time for March numbers. I had to take several days off this month for doctor appts. so I took a negative this month for the first time ever. The problem with taking days off is I have to take some low paying short loads to get home. Guess that what I get for living where I do lol. But I will take my small town and mountains over the city any day. Even though this was a bad month I was able to weather it and trust me April more then made up for it but you will have to wait for those numbers. Until next month everyone stay safe out there. From one trucker to another thank you for braving the virus and doing what we do.

Days out = 18

Gross income = $11357.59
Expenses = $8700.96
Wage = $4000
Profit / Loss = $-1343.37

Miles driven = 5677

GI = $2.00
E = $2.24
P/L $-.24

 

So instead of writing everything down I'm just going to attach my p&l report. As I mentioned in the last post my numbers were very good this month. I'm getting ready to turn this truck in and get a brand new truck next month so I'm looking forward to that. I finally got myself on a payroll so those numbers include not only my payroll but all my payroll and business taxes to.

 

Yea this month is probably going to be a bad one. We got hit pretty hard with crappy freight these last couple weeks. Things have started to get back to normal for me so here's hoping the worst is behind us.

 

This month was a crappy month as far as the business side goes. The revenue was low even though I didn't take any time off. The expenses were very high this month due to getting my new truck and the costs associated with that. I made a good rate per mile but had low mileage. After several talks with my wife over the last couple months the end might be coming soon if things don't pick back up. It has been a brutal year for me with all the medical issues and covid crap. I have almost wiped out the savings I had built up. At this point I am going to take it on a month by month basis and if I can't get things back on track then this adventure is over. Here's to hoping for the best.

The only reason my revenue looks ok on the p&l is because I used my escrow accounts to cover $4300 of the costs for the new truck and turning in the old rig. This is added to the income for record keeping purposes.

 

So I have been doing this for 2.5 years now and I think it is time to bring this thread to an end. I have purchased a trailer now and am starting to get things inline to get my business working like a well oiled machine. Of course I am still staying a lease operator. It's just that I feel this thread has accomplished what I wanted it to. I have shown that you can come out here and make some money as well as move up in the industry. In the time I have been doing this I have made 30K profit to the business after everything including wage and taxes. This allowed me to make it through a very rough patch this year and get my first piece of equipment. Now I will be making an extra 10% in gross with that trailer. So here is my advice to anyone looking into something like this.

1. Get at least 2 years under your belt as a company driver before even thinking about this.
2. Take some time to figure out what type of freight you want to haul. Dry van, flatbed, reefer, etc.
3. Spend at least another year tracking the costs of your company truck.
4. Figure out what type of numbers you need to make for it to be worth it but be realistic.
5. Find a company you will be able to make those numbers.
6. Try to have at least a little money set aside for startup costs 2K would be my minimal.
7. Get a good accountant and tax person. Let them handle the back office for your financials.
8. Set a reasonble amount for your wage. Most likely what you would make as a company driver.
9. Set a goal for the profit you want to make for a cushion. Achieve that goal.
10. Set a goal to buy for first piece of equpment and achieve it.
11. Talk with your accountant and tax person about starting a business name and what tax type you should file under. You would want to wait at least 8 months to have this talk so you will have a good idea of what your net income is looking like.
12. Start setting long term goals to achieve after being in business for 2 years.
13. Set up a plan to achieve those goals and put it into motion. Be realistic though.

Just remember this is just an opportunity not a garentee. You will have to work hard to be sucsessful and secure. Don't think you will get to take a bunch of time off because your making better money. You do that and you will fall like a rock. Nothing worth having ever comes easy. Save your money and don't spend it on things you don't need. I spent over 10k on my hobbies and home. It almost cost me my business this year. Had I known what was going to happen I would have saved that money. Well I wish you all luck.