O/O Journey, Numbers and Updates

Discussion in 'Ask An Owner Operator' started by Jed2009, Feb 4, 2022.

  1. Jed2009

    Jed2009 Light Load Member

    141
    411
    Jan 8, 2020
    Midwest
    0
    Hey all,

    Want to make a post about my journey as an O/O and keep it updated every now and then. I want to thank the folks that post on this board and share numbers and honest thoughts, these are some of the posts that helped me evaluate and figure out if this could be for me. And I want to thank my pops, an old timer who ain't on this forum (he knows I thank him and appreciate him!), but he's been truckin' for a long time and invited me to drive his truck to see if it was for me - now it changed my life.

    I always wanted to 'be a business owner', mainly because I don't do well with working for others - LOL. I was stuck at a mega retailer in distribution working in management. Making about $70k a year - a good living, but effing hated it. Pops invited me to learn driving his truck to see if it was for me and after about 1,000 miles I decided I could deal with it.

    Only catch - with a wife and a kid that I love dearly (both of them), I needed to be home daily. I was determined to make that work.

    Long story short, early 2020, I had 0 miles trucking experience, drove my dad's truck for 1,000, ran the numbers (thanks a lot to this forum), got a weekend class for my CDL, and found a gem (thanks to right-as-Covid-was-starting, and luck), a van for $5,000 when people could barely give them away for free, and got into business. I found a 96 FLD120 on Craigslist with 175k on a REMAN 12.7 / 13 speed, with papers, for only $15k. The dude just needed to pay his repair bills off and GTFO. I drove 3 hrs to check it out and bought it.

    I started off leasing on to a small local company that pops leased to in early 2020 for 85%. They did local runs and able to be home daily. It was a fun learning year of busting rump to save as much $$ as I could. I started with $5k that went to -$5k within a month (busted clutch and bellhousing). It was a solid half year from there until right before I got my authority... Blown ECM, a tow to replace it, air compressor, exhaust manifold, other things I was letting pile up, steer and drive tires... $12k.

    Come early 2021 I had enough saved to feel comfortable with the risk and insurance increase for getting my own authority, so I did that, and so far have about 8 months authority. Overall I have about 20 months of trucking experience, so I am still new to the game for sure. I am just happy I have had no accidents, tickets, or anything else - as I know this is a dangerous and risky profession - even though people think we just fart around and hold a steering wheel all day and then fall asleep.

    I've gone my first 20 months being home every single day, and that is the most important stat for me. I don't want to get rich doing this, but I want a profession I am happy with, and I don't want to work for anyone else. Hopefully I can continue with my luck and make a good living, get home to the family every day, and enjoy what I do for a living!

    Thanks again for those of you that post numbers and honest thoughts - hopefully I can be a source of motivation for others also.
     
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  3. Jed2009

    Jed2009 Light Load Member

    141
    411
    Jan 8, 2020
    Midwest
    0
    Well after my first year as an OO is under my belt, I want to post some numbers for reference as I know there are a lot of folks out there looking for info like I was. I did about 8 months in 2020 building up some savings. Here is my 2021 in a recap.

    One thing that folks need to know is that my most important statistic is BEING HOME. I was home and have been home every single day since I started trucking 20 months ago. This obviously cuts into income, but things have to be balanced. I would rather try to make this work and make $1 profit until I hit net $0 and call it quits - than to spend time away from my wife or kid. I'm just a sucker for them!

    PS: I also was surprised to find after combing through the yearly records that I had 42 days off - whether that be for weather, maintenance, personal or whatever - that ended up being over 8 weeks of vacation.

    2021 Recap

    All-In Miles: 105749
    Loaded/Paid Miles: 67068
    Loaded %: 63.4%
    Empty %: 36.6%
    Gross Rate (Minus QP Fees): $250,603.27
    Quick Pay Fees: $(1,811.13)
    Loaded/Paid Rate: $3.74
    All-In Mileage Rate: $2.37

    Raw Fuel Cost: $(53,762.76)
    Actual Fuel Cost: $(48,971.83)
    Fuel Savings/Discounts: $4,790.93
    Actual Avg Cost Per Gallon: $2.69
    Fuel MPG: 5.81

    Best Week Gross: $9,559.62
    Best Week Paid Rate: $5.13
    Best Week All-In Rate: $4.30
    Worst Week Paid Rate: $2.88
    Worst Week All-In Rate: $1.61

    Driver Pay: $60,436.94
    Days Off: 42
    Equivalent Vacation Weeks: 8.4
    Nights Away From Home: 0
    Weekend Days: 0

    Miles/Day (Actual Days Worked): 483
    Miles/52 Weeks: 2034
    Miles/Week (Actual Weeks Worked): 2431

    Trucking Expense Breakdown
    Driver Pay: $(60,436.94)
    Fuel: $(48,971.83)
    Truck Repairs: $(30,165.72)
    Fed and State Taxes (Est): $(20,300.00)
    IRA Contributions: $(12,750.00)
    Truck Insurance: $(9,311.00)
    Truck Taxes, Dues: $(3,897.14)
    Supplies: $(4,213.55)
    Misc Trucking: $(2,992.66)
    Tools: $(2,731.80)
    Accounting, Legal and Professional: $(1,755.00)
    Total: $(197,525.64)
     
    blakjak, Slim51, TexasKGB and 18 others Thank this.
  4. Big Road Skateboard

    Big Road Skateboard Road Train Member

    2,369
    10,769
    May 2, 2021
    0
    Love your breakdown on expenses. I haven't been near as vigilant on numbers as I have in past business, but I tell folks vehemently that you can't know how to head the right direction without knowing where you are on the map.

    Good on you for knowing where you're at.
     
  5. Jed2009

    Jed2009 Light Load Member

    141
    411
    Jan 8, 2020
    Midwest
    0
    Thank you. I was not as in-tune but after combing through the receipts and those suggested categories from the accountant I was able to get it more honed in after a few hours of review. There was also about $6k in medical expenses not included in that overall number (I pay medical insurance, wife has no bennies).
     
  6. Jed2009

    Jed2009 Light Load Member

    141
    411
    Jan 8, 2020
    Midwest
    0
    January 2022 Recap

    A good month, with good time home and five days off. Left 4:30am and home around 2-3pm. Paid a late 2020 repair bill for trailer S-cams, bushings, annual inspections, tractor valve, chamber, other misc. Also got the routine service and grease done in the driveway on a warm 30 degree day.

    Gross - $20,849
    Miles - 6,312
    All-In Rate - $3.30
    Fuel - ($3,774)
    Repairs/Supplies - $(5,000)
    Driver - (-$6,000)
    The Regular (IRA, Health, Insurance, Maint. Escrow, Taxes) - (-$6,175)

    About broke even this month and I was a part-timer. Should be picking up some more days / miles in Feb!
     
    Last edited: Feb 4, 2022
  7. Brettj3876

    Brettj3876 Road Train Member

    10,928
    52,140
    Nov 18, 2014
    Land of local
    0
    Good mileage being home daily. We avg about 300-350 miles a day
     
  8. Short Fuse EOD

    Short Fuse EOD Road Train Member

    1,627
    4,429
    Jul 29, 2015
    Fortuna Faviet Fortibus
    0
    Midwest is a place you can make it happen. Especially Chicago, GR, or WI.
     
  9. Siinman

    Siinman Road Train Member

    2,816
    6,225
    Mar 5, 2017
    Kansas City, MO.
    0
    Not bad. You may find it is worth more to go out and spend a week or so out. You can make more money and then can take better home time. Of course you are not doing bad as is. Good job! I enjoy home time better when I am not gone all day long and have no obligations.
     
  10. Jed2009

    Jed2009 Light Load Member

    141
    411
    Jan 8, 2020
    Midwest
    0
    That’s great - are your days relatively quick or do you have to spend a lot of your time dropping and loading?

    Agree. I’m in a perfect location to be able to run any direction I choose and still make the lanes work to run through home for long trips or just stay local.

    Thanks man! I definitely agree there’s more income in going out longer. Staying out overnight is definitely not a consideration for me though. I’m willing to take the hit on loss of income potential, unless it’s sending me toward bankruptcy.
     
  11. Beaver9

    Beaver9 Heavy Load Member

    728
    902
    Jun 15, 2020
    0
    Wow. Your insurance cost is so low for first/second year.
     
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  • Draft saved Draft deleted