Solo D

[workaholic48]

Hello: I've been reading the forums closely, and have learned a lot. I plan on getting into expediting but want to make sure that I have enough working capital, so in case I have an emergency break down, I'd still be able to cover the cost. Also being debt free, except for the truck, but if I can pay cash for a good truck I hope to do so. I plan on buying a truck in the 25-35K range. The question this week is can success be had as a Solo D operator? Last year, working 3 PT jobs my W2s totaled a little over 31K, but it seemed like I was always working, and would like to better that.
Since I decided on this course, I have dedicated my fast food and grass cutting earnings (me and my p.u. truck) to saving for the truck, and have put away nearly 1K.

What do you think?
Thanks in advance
workaholic 48

 

[leezaback]

consider your factors, what you need to cover expenses, profit, how long willing to away from home, ect..
what area are you from, some areas are great for single drivers-new england, ohio, indiana, chicago regions. you would want to keep in a loop where you can grab another load to keep you going. You asked-the answers will come

 

[cheri1122]

I think it depends on your definition of 'success', as it doesn't mean the same thing to everyone - but for the majority of people, the answer is yes, success can be attained by a solo.

 

[JimF51]

My Gross pay was 16K for driving solo in a D unit, from early Sept. '10 till Dec. 31st. That was on a 60/40 split with the truck owner, not really running very hard, and a week off at Thanksgiving and being off from Dec. 21 till Jan. 2, plus a few 3 or 4 day weekends at home.

Hope that helps a little bit.

 

[Moot]

Hello: I plan on getting into expediting but want to make sure that I have enough working capital, so in case I have an emergency break down, I'd still be able to cover the cost.

Having reserve fund is a must! A truck breakdown can easily run into thousands of dollars just for the shop bill. Add to that wrecker fees and lost income from being down.

Also being debt free, except for the truck, but if I can pay cash for a good truck I hope to do so. I plan on buying a truck in the 25-35K range.

Paying cash for a truck is great as long as you still have at least 3 months worth of living expenses in the bank. A large down payment and a 2 year note could leave you with more money in the bank. Also the interest on the loan is tax deductible.

... but it seemed like I was always working, and would like to better that.

Being an owner/operator is like being a parent, it's a 24/7/365 thing. Even when you are not working you are working

What do you think?

I listed a few of my thoughts, but I do have one more. Get some more input from Cheri, JimF and others that drive solo for a fleet owner and put some time in behind the wheel of a fleet owner's truck.

(Full disclosure: I am but a lowly van O/O and I also own shares of CNW.)

 

[Camper]

Another factor to consider is the type carrier you run for. As a solo, you're likely to have better luck getting loaded with smaller carriers. With a larger outfit like Panther, you're likely to be sitting for longer periods of time as teams tend to get priority when competing for loads.

 

[cheri1122]

Good point^^. Keep your ear to the ground, reading 'between the lines' to avoid the carriers that cater to teams, and fleet owners - unless you drive for a fleet owner, of course.

 

[Bruno]

Having reserve fund is a must! A truck breakdown can easily run into thousands of dollars just for the shop bill. Add to that wrecker fees and lost income from being down.



Paying cash for a truck is great as long as you still have at least 3 months worth of living expenses in the bank. A large down payment and a 2 year note could leave you with more money in the bank. Also the interest on the loan is tax deductible.


Being an owner/operator is like being a parent, it's a 24/7/365 thing. Even when you are not working you are working



I listed a few of my thoughts, but I do have one more. Get some more input from Cheri, JimF and others that drive solo for a fleet owner and put some time in behind the wheel of a fleet owner's truck.

(Full disclosure: I am but a lowly van O/O and I also own shares of CNW.)

Moot give some great advice, I wish EO had been around when I started in 1995.

 

[JimF51]

I'll gladly share any experience info, limited as it might be, with anyone who asks.

For the record, since the owner of the truck has 2 trucks, guess he would be classified as a 'fleet' owner , but only the one D unit. His other is a box van, signed with a diff company.

The D unit is currently wit FedEx, but I'm in the process of purchasing it, and it will be running for a diff company after I do.

One question I would not be able to address, would be a owner/driver contract. We don't have one. When I 1st talked to the owner, Joe, we talked about it, basically worked out our agreement, and shook hands on it. He was gonna write one up,
but never got around to it, and I didn't bug him about it. It's been just over a year now, and we've had no issues. He's happy with my performance, and I've been happy with him as a owner. So just very lucky.

That being said, I do heartily recommend that anyone driving for a owner deff get a contract. From what I've read in the past, my luck is the exception to the rule

 

[ConfusedMuse]

So with a gross of 16K, what was your NET after fuel, taxes, and expenses?

 

[chillyhiker]

Thats oniy 4k a month I hope its after paying for fuel assuming hes on the 60% side of split

Posted with my Droid EO Forum App

 

[BillChaffey]

Actually it's three months if you count up the time he\she was off during the four month time line.

 

[JimF51]

So with a gross of 16K, what was your NET after fuel, taxes, and expenses?

The 16k is my gross shown on my 1099, minus all fuel costs. I drive on a 60/40 split, I get the fsc and pay for fuel.

Everyone's net will be different, based on one's deductions at tax time. But will say this, if I net 2k for a month, average, for personal income, we're good. Anything over that is a plus. And I made that without problem, after taxes.

And as I said, I didn't run hard during that time frame, was having a health issue that took some time to get resolved, took the holidays off, etc..

Will say this, with current carrier, FedEx, I've run harder the 1st 6 months of this year, stayed out more, and am not quite at that average. Think it's a case of many factors, but some are the changes occurring at FedEx. They have never been known for being a strong place for a solo driver, more so in the white glove section. So think it's time for a change