I’ve been in the trucking industry for a decade now. I work with all sorts of trucking companies from carriers to leased on owner operators. I’ve run my trucking company as a carrier, a truck dispatch service for other carriers, as well as a 100% owner-operator lease company. All of these roles have forced me […]
Research by the Peterson Institute for International Economics found that 4.4 million businesses were formed last year — 24% more than 2019’s numbers. Yet for many people this meant staying at home and working remotely. For those not suited to office work and with experience driving vehicles commercially now might be a good time to get into […]
Do truck drivers make good money? This question comes up frequently and is usually asked by people who don’t drive semi trucks or are considering getting their CDL. This isn’t an easy question to answer unless we get into some details, which is precisely what I’ll be doing here today. The short answer to “do […]
Things are getting better in the freight markets! This is indeed great news. Rates are increasing, tonnage is increasing, freight availability is improving. This exactly why we’ve been telling truckers they need to keep on truckin‘. Let’s look back a few months. Things were bad. Lots of trucks on the road, very little freight. The […]
A Tale of Two Truckers is about two drivers who couldn’t be more different from each other. One makes money, the other does not. One listens to dispatch, the other one doesn’t, and pays dearly for it. Both clients have signed up with our truck dispatch service at about the same time. One trucker is […]
I'm big on calculation, stats, and statements. I believe you need to know the costs associated with making your business work. Profit & Loss statements or P&L statements are of utmost importance in the trucking industry because of the extremely variable nature of our business.
Diesel is a big expense and the cost varies. IFTA is based on miles calculation and state fuel tax rates. Putting on miles means increasing exposure to insurance claims and other operating hazards. In addition to all of this, the trucking business is affected by the general state of the U.S. economy.
In this post I want to show you what you need to build your very own Profit & Loss statement. This can be done in Excel or if you don't have Excel you can also do the same thing for free at https://docs.google.com/spreadsheets/u/0/ if you have a Google account.