It's been a good while since I last posted. I have retired from my job after nearly 34 years, and have gotten my CDL B with airbrake, tanker, hazmat and passenger endorsements. Looking at a driving job with a local company (start at $13/hr home nights, on call one weekend a month) but still have the expediting bug. Once again thinking about a cargo van. Trying to crunch numbers, but can't seem to make it work. Would appreciate feedback and constructive criticism on the following approximate numbers:
Total revenue $37500
Loaded cpm 77-80 cents per mile
All miles 65000
Loaded miles 45500
Deadhead miles 19500 (About 30%)
Total expenses $21000
Van payment, fuel, insurance, q-comm, maintenance, repairs,
tolls, food/lodging,showers etc. office supplies, accountant
Other deductions: $11,500
(Per Diem, Depreciation over 5 years)
Tax Burden $2250
(Federal, Double Social Security, State (Pa.) and local)
Net Income Approximately $13500/year
I wonder if I am doing this right. This seems awfully low, as in almost a minimum wage job, but with a tremendous amount of aggravation in running your own business. Obviously the 3 most expensive items are the van payment ($400/month Fuel $600-700/month and all insurances--w.c.,bobtail,etc. $300/month) not to mention tires, repairs etc.
Regards
DooWop
Total revenue $37500
Loaded cpm 77-80 cents per mile
All miles 65000
Loaded miles 45500
Deadhead miles 19500 (About 30%)
Total expenses $21000
Van payment, fuel, insurance, q-comm, maintenance, repairs,
tolls, food/lodging,showers etc. office supplies, accountant
Other deductions: $11,500
(Per Diem, Depreciation over 5 years)
Tax Burden $2250
(Federal, Double Social Security, State (Pa.) and local)
Net Income Approximately $13500/year
I wonder if I am doing this right. This seems awfully low, as in almost a minimum wage job, but with a tremendous amount of aggravation in running your own business. Obviously the 3 most expensive items are the van payment ($400/month Fuel $600-700/month and all insurances--w.c.,bobtail,etc. $300/month) not to mention tires, repairs etc.
Regards
DooWop