Monthly Maintenance Report For Owner Operators: Fill & Download for Free

Although the majority do not net that much, some do. I was one of them.For my last twelve years in the trucking industry, I was an owner/operator with my own authority. A motor carrier. The first three years of that period, my net was $0.25 to $0.35 a mile as I was taking the profits and building up my maintenance and repair account and paying off my truck and trailer. Once the company was out of debt and operating capitol funds were secure, my net income went up considerably.I was in a unique position because I was not planning on buying another truck and trailer as I was planning on running the paid off equipment until I retired. I simply kept my existing equipment in good condition. Because I was not saving for a replacement truck or trailer, the last three years I was in business my net was about $1.00 a mile.The ‘average’ owner/operator income in 2019 as reported by ATBS, a company that does bookkeeping and tax services for owner/operators, was a little over $61,000.So, it is possible to net $0.70 a mile but it is not likely except in circumstance like mine.

Any new or potential owner-operator should make very good use of their time by going to the Owner-Operator and Independent Driver Association’s (OOIDA) website and researching their hearts out.They are the largest organization that is dedicated specifically to the wonderful men and women who face the open road more or less alone behind the big wheel each day.They also have a ton of free tools and information there to help their members and potential members succeed. Here is a link to their article on calculating potential expenses and revenues.Figuring Cost Per MileThe Cost per mile work sheet for Owner Operators offers another good example of a worksheet that you could use.For the most up to date information from the real world, you can also check out the American Transportation Research Institute’s (ATRI) most recent report about the operational costs of trucking.Here is a link to secure their most recent report:An Analysis of the Operational Costs of Trucking: 2015 UpdateYou have to give up your info to get this report and I highly suggest that you do because their research is well worth it!As an added bonus, here is a really helpful article that you should consider reading.5 Ways to Succeed or Fail as an Owner-OperatorMany owner-operators fail to understand that they are called owner-operators rather than operator-owners for a reason. That’s because you’re seeking to become a small business owner first who happens to employ themselves as an operator of a motor carrier.Like any other business, you should really consider drafting a solid (but not crazy long) actual business plan for your new venture including who your target clients will be, how you plan on marketing to them and other fun details like that.Of course you should focus on the easy “budget areas” of fuel, vehicle maintenance and actually figuring out how much you would like to eek out as a living.Here are some other areas that I think you should invest more time and energy into:Insurance purgatoryYou’re going to be stuck in insurance purgatory for a couple of years until you can prove that you’re a good boy to the insurance underwriters out there. Find time to get a good insurance agent. If you need help with that, give me a call at 1–855–211–5550 and I can recommend the best ones that I know of that could help you. There are some out there that focus solely on new ventures.Insurance is going to be a huge and variable cost for you!As a new venture, many folks fail to realize just how big of a bite that bill is going to be!For a standard assortment of coverages that you will need to obtain (auto liability, auto physical damage, motor truck cargo and general liability) you are going to be well over $1,000 per month when you’re starting out.Be sure to tack on a couple hundred extra per month for your health insurance needs as well.“Other Expenses”The little shit adds up.Take this from another founder of a small business.Those pesky little costs and fees like “income tax preparation fees” and fun things like that don’t easily fit into nice and neat buckets.So, they often get dumped into some type of “other expenses” bucket.If you don’t keep things in check, that bucket can overfloweth quite easily and rob you of your hard earned profit if you aren’t careful.Don’t neglect this bucket!!Don’t think that you’ll figure out “other expenses” as they arise.Plan for them as you would other potential outlays and go into that exercise with some imagination and your eyes wide open.Safety and ComplianceI could drone on for hours on this particular topic because it’s my professional passion. In just a few words, be sure to pay attention to your DOT compliance and operating as safely as possible.Operating safely and securely comes with a price tag as well. Sometimes, this is more in value exchange rather than dollars and cents.You may have to trade time or effort and there is a cost there.For example, you may be tempted to ignore understanding how to complete your log book correctly. That’s totally up to you, but do so at your peril.Once you get pulled in for your first roadside inspection, you’ll learn the time and money value of that particular skill!Spend some time learning about this and how to comply with the thousands of other pages of DOT regulations (I’m not shitting you) that apply to every single truck operating daily.You can avoid costly fines (See the “other expenses” bucket discussion above) by understanding what is expected of you.The FMCSA and YouEvery new trucking venture will face a “New Entrant Safety Audit” within the first 18 months of starting their operation.During this audit, you will receive the FMCSA’s equivalent of a full body cavity search whereby they will seek to determine if you are fit to continue gracing the highways and byways of this great nation.You can view the FMCSA as “The Man” who is just trying to hold you down and make you obey their rules or you can embrace them for the role that they play in the transportation system and actively seek their help.Most of the folks at the FMCSA are wonderful people who are very experienced and very willing to help folks, especially those who are seeking to do things the right way!Contact your local FMCSA field office and introduce yourself to them.Partner with them. They are there to help you. They also put out a handy guide to help folks understand the basics of compliance.Here is a link for you to grab a copy and enjoy:A Motor Carrier's Guide to Improving Highway SafetyWhile you’re there, check out the two links on the right hand side of the webpage to review the FMCSA’s Resources for Drivers and the New Entrant Program information.Hopefully, this gives you some insight into some of key budgetary issues that you will face as an owner-operator. Perhaps you are now more scared but better informed.Neither small business ownership nor truck driving are for the faint of heart. But, if you prepare well and execute better, then you have a decent shot of earning a nice living.Good luck and God Bless!Sam

For me, I would have to say, “Staying away from being an Owner/Operator. For the Drivers that enjoy it, it’s great. But for me, it just wasn’t what I imagined. Staying on the road for a month or more and then going home to work on the truck in an attempt at saving money. Now that was anEye-Opening Experience.So, I became a very happy truck driver for a company that had it’s drivers home on the weekends. When you park their truck in their yard, you write up a maintenance report so the truck can be repaired for your next trip out. And Mommy was much happier as well! ✝️