O/O scenario numbers

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Maybe you have it in there somewhere, but I didn't see federal taxes...

Here's a spreadsheet I have been working on. I also used the OOIDA form as a base. I haven't really broken it down by cpm (I plan on running about 120k a year). There's more to the spreadsheet with fuel cost calculator and mileage entry. I can simply enter the miles of the trip in, and it will calculate how much the trip will pay based on several different per mile rates. It also figures out my fuel consumption for given miles, and how much fuel will cost me based on several rates, as well.

So, if a client wants to know how much I will charge him, I can just ask how many miles the trip is, input it into the spreadsheet, and I can give him a figure based on that.

I just look at my weekly expenses, and make sure I have enough after fuel cost to stay at or above that level. Basically, anything above that is all profit (in theory!). I am still leased on to a carrier, so this is something I am preparing for when I ditch them. Hopefully, soon!

One thing I plan on is for $5000 a year to be alloted for maintenance (other than oil/filters/tires/pm). My goal is to eventually keep 15k in a savings account just for catastrophic breakdowns or repairs. Once I reach that level, anything more just becomes my new truck fund. I also have a fuel surcharge plan in place.

I mention this, because I thought your maintenance reserve was a bit low. Some "simple" repair jobs can instantly wipe out half of the reserve you have planned. I would recommend a goal of at least $5000. You'll need to plan on your truck being down for at least 3 days, and loss of those 3 days of income. I've had this happen to me a couple times for "simple" things in the past year. The bills averaged about $1000 each time-not including loss of income.

Hope this helps! Any advice or ideas from anyone is greatly appreciated. Anything we can all do to help each other succeed!

 

I thought the same thing about the fuel surcharge, Brick. I was assuming this was a number provided by the company he is/will be leased to. For last week, ours was at .28 (fuel average of about 2.55 here). The fuel surcharge should never stay the same-it needs to be adjusted on a weekly basis. 0.19 per mile tells me the company is pocketing some of what they charge the customer(if that is current).

One other thing... Pay yourself MORE! 0.30 a mile is not worth running your own truck for. Why deal with all the hassle when you can be a company driver and make more? For the salary you propose to pay yourself, and average 60 hour work week behind the wheel will pay you less than 10 bucks an hour! Ouch. You deserve more.

 

I think you're fairly accurate except my truck payment was $2200/ mo. Whoops, now you qualify for welfare except you're not an illlegal alien.(Are You) Also, you're averaging 1 truck,they wear out and the price of new ones goes up and the IRS gets more money cuz they SAY you made a profit because you sold the truck in 3 years and had it written off over 4 years and the major OH was more than a down paynment on the new one. It's a vicious cirdle and there is no average, only blind dumb luck. I worked in the Aviation industry and made my money then bought my truck.

 

Dont forget, every August the IRS gets $500.00 for nothing. If you dont believe me ask any OO what the 500 was for and why the IRS demands it in August.

 

$1400/mo is a pretty average truck payment. Maybe you have a new truck, and his is used?

Other than that, your post makes no sense.

 

Brickman is correct, FSC too LOW, as are some of the other numbers.

And besides, why not pay yourself %? Why haul .92cpm freight?