Haulin Assets

The answer to the question the title of this episode bears is not as simple as you might think. Would I want to be finding loads for a brand new trucking company today? No, but timing is important and things change quickly and everyone’s situation is different. This episode is being released as the United States is in the thick of the coronavirus pandemic. The topics we touch on during this episode will apply to this situation and many others. In this episode I want to give listeners some things to think about and consider if they are thinking about starting a trucking company anytime soon. What To Expect From Episode 46 The freight situation right now is tough and not ideal for starting a trucking company. Even though you don’t want to actually be hitting the road under these circumstances, it might be a good time to set the process in motion so the ground work is done and you’re ready to hit the ground running when the market turns and the timing is right. How Long Does It Take To Start a Trucking Company? It takes time to start a business and trucking is no exception. On top of the time it takes to actually set up an LLC (Limited Liability Company) or a corporation, trucking companies also have to get federal licensing to haul property for hire. That process takes at least 21 days. In my experience, most people take around 2 months from the time they decide to pull the trigger until they are ready to haul their first load. Those two things can be completed without too much risk or a huge expense. As long as you are able to hit the road within a year, you won’t waste your money on those items. One important thing Craig and I dive deep into is what steps you want to take immediately versus what ones you want to put off until you’re actually ready to hit the road. In this kind of a situation, it is more important than ever to limit your costs to only what is necessary and hold off on making expenses that can wait until you are closer to being ready to run. The majority of your big expenses don’t need to be made until you are very close to hitting the road. Here is a list of additional things you will need to do, but don’t need to actually spend money on until you are closer to being ready to run. You can do your research and homework on them now so when you are ready you can complete the tasks quickly and start running when the timing is right. Shop for a truck and/or trailer Shop for insurance Find the right ELD Decide if you want to use Prepass Decide between Worker’s Compensation Insurance and Occupational Accident Insurance Plates for truck and trailer Graphics and lettering for your truck One of the major keys to being successful in this is to have a good plan with a timeline you understand. If developing the plan and timeline seems overwhelming, feel free to give one of the coaches at Motor Carrier HQ a call. They can help you customize a game plan for free over the phone. Learn how to get started with your motor carrier authority.

This is a bitter sweet episode. Bitter, because the US Economy and Trucking Industry are going through an incredibly difficult time. Sweet because March was the best month Haulin Assets has ever had. Before we get into the episode, Craig and I talk about the state of the economy and the challenges we are facing because of the Coronavirus pandemic we are all going through. First, I don't want to downplay how difficult a time this is. But.... I am an eternal optimist, which I think is very helpful if you are an entrepreneur/business owner. I think there are several reasons to be optimistic about the future. I list some of them below and we talk about them during this episode, specifically some of the resources I have found to help me. We are all in this together. This economic situation occurred and the difficult business circumstance is no fault of your own and most of the businesses that provide you services understand that and are very willing to work with you. There are lots of ways you can get help from the government to the companies that provide you services.Government loans and grants Payment deferments from lenders Help with insurance What To Expect From Episode 45 March was really good, in fact, it was the most profitable month we have had. Freight was moving well and I stayed busy the entire month. Here is a quick overview. Craig and I talk about all the details during the episode. To see copies of the Profit and Loss statement and Balance Sheet referenced in the episode, and to see the highlights in the full show notes, CLICK HERE.

I know, it's a weird title, but Tardigrades aka water bears are considered by most, to be the most adaptable living organism on the earth. When the economy hits a speed bump, like it is now because of the coronavirus, those who can adapt are the ones who survive and ultimately thrive. What To Expect From Episode 44 This episode covers some important topics to help Owner Operators and smaller fleets survive a bumpy economy. Here is how the episode is laid out: Background What makes Owner Operators and small fleets adaptable Keys to being successful in a down economy Resources available for small businesses to help with the economic downturn related to the coronavirus CARES Act (Coronavirus Aid, Relief, and Economic Security) There are two main programs to help small businesses: Paycheck Protection Program Loans - Loans mainly focused on providing companies with loans to help continue to pay employees and cover some of the basic business expenses Economic Injury Disaster Loans and Emergency Economic Injury Grants - Loans and grants to cover other business expenses, like loan payments and other fixed costs The SBA (Small Business Administration) is the best resource for information about these programs. You can find your local office by clicking here. Your local bank is also a good resource. A lot of good information can be found right on the SBA website by clicking here. You can apply for the Economic Injury Disaster Loan right from the SBA's website. I applied for that loan for Haulin Assets, it took me about 20 minutes. Make sure you know your total revenue and cost of good sold for the 12 months prior to January 31, 2020. Your cost of goods sold, in trucking, is basically your variable expenses. As always, for this and all past episodes, click through for the full show notes.

This is the final episode of a 3 part series where I go over some of the most important aspects of compliance with the DOT and FMCSA regulations for motor carriers. This specific episode covers the DOT New Entrant Safety Audit. What to Expect From Episode 43 I just went through my DOT New Entrant Safety Audit and I want to share my experience with all of you so you know what to expect and have the best experience possible. During this episode Craig and I start with some background for context and then we go into what my experience was like. What is a New Entrant Safety Audit? When you first apply for a DOT Number or Motor Carrier Operating Authority, you are considered by the FMCSA as a New Entrant for 18 months. During that time, the DOT does two things: The actively monitors you They conduct a New Entrant Safety Audit within the first 12 months. A New Entrant Safety Audit is typically a simple version of a full blown DOT Safety Audit which is a review of a carrier's records designed to verify that you have basic safety management controls in place to ensure compliance with the regs. If you want more details, including my own experience with the New Entrant Safety Audit, click here for the full show notes.

This is the second episode of a 3 part series where I go over some of the most important aspects of compliance with the DOT and FMCSA regulations for motor carriers. This specific episode covers preparing for a DOT Safety Audit. What to Expect From Episode 42 Even if you don't have a DOT Safety Audit on the horizon, you should always be prepared for one. Going through the process of preparing for an audit is a good way to make sure you are following all the regulations and won't get caught with your pants down if you are audited. If you have all your records organized and are maintaining them as required, you are doing 90% of what is required by the DOT, the other 10% is really just following the rules like obeying traffic laws and following the hours of service regulations. A DOT Safety Audit is a review of a carrier's records designed to verify that you have basic safety management controls in place to ensure compliance with the regs. Motor Carrier HQ has an audit assurance package that we spent years developing that is designed to help you make sure you are maintaining your records in compliance with the FMCSA Regulations. You can learn more about the Audit Assistance Package by clicking this link. Audit Overview Because I feel like the package that we developed, with the help of some DOT auditors, does such a great job, Craig and I spend a lot of the episode going over each part of the package and break down what records motor carriers are required to keep. To see the complete overview, including 16 items that will cause an automatic failure of a DOT Safety Audit, click through to the full show notes.

Over the next three episodes, I am going to take a deep dive into the FMCSA's safety program. For most people, compliance with all the FMCSA's rules and regulations is a daunting task that many are too intimidated to handle. I think there would be a lot of really good people who would make the jump to being an independent owner operator if this one thing did not seem so overwhelming. I hope these next few episodes can show people that it's not too hard, and they can do it if they are willing to learn and pay a little bit of attention to detail. What To Expect From Episode 41 CSA (Compliance, Safety, Accountability) is the program the FMCSA uses to monitor the safety of trucking companies. During this episode I am going to explain how it works, the most important details and things to avoid that will get you in trouble. The CSA Program is designed to do four things: Identify motor carriers that pose a safety hazard. Intervene with identified motor carriers so they can correct safety problems. Assign motor carriers safety ratings. Prohibit motor carriers that receive an “Unsatisfactory” safety rating from operating CMVs. Craig and I will cover them all in detail during this episode, but if you want more of the nitty-gritty, click through for the full show notes.

I'm getting February's financials out a week earlier than I normally would, because I'm going to do a three-part series on safety and compliance, and I want to be able to do them all in a row, without interruption. Here is a sneak peek for what the episodes will be about. Episode 41 - What Is the FMCSA CSA Program? Episode 42 - How To Prepare for a DOT Audit Episode 43 - How To Pass a DOT New Entrant Audit What To Expect From Episode 40 February could have been worse. I had to take more than half the month off because of my military service, so I didn't start my first load until the 18th. With that being said, I still made a profit. Here is a quick overview. Craig and I talk about all the details during the episode. Scroll to the bottom and you’ll see copies of the Profit and Loss Statement and the Balance Sheet. Total miles ran - 4,668 Deadhead miles - 247 (5%, Much better than last month) Total revenue - $10,087.00 All-in rate-per-mile - $2.16 Full days on the road - 5 Partial days on the road - 4 In the end Haulin Assets realized a profit of $2,427.52, which is pretty good for having to have the truck sit for over half the month. To see full show notes and hear past episodes, check out the Haulin Assets website.

No one likes to pay taxes and submitting your tax returns is not the funnest thing in the world. In this episode, I’ll share some tips to make the process as painless as possible. What to Expect From Episode 39 Don’t wait until the last minute to get started. Unless you file your taxes as a sole proprietor, your return is due March 15th of every year. You should typically have all your info to your accountant by the end of February to give them time to get it all done and filed on time. If you can’t do that, you can file an extension, but that is an extension to file, not an extension to pay. Use an accountant who does business taxes, ideally, someone who knows the trucking industry. Here are some of the main things you will need to provide your accountant. Your EIN Number, ideally the document from the IRS that has your EIN on it A copy of your P&L for the entire year A copy of your Balance Sheet as of the end of the year, include a comparison for the end of the previous year too, if you have been in business for more than one year Copies of the bill of sale for any major purchases you made during the year, like your truck and trailer Copies of any 1099’s you have received Interest amounts paid on your loans Number of nights you were on the road away from home If you are using a new accountant, a copy of your tax return from the previous year Here are some good questions to ask your accountant. What method of depreciation do they recommend using? Should part of your driver pay be paid using per diem? When will they have the taxes prepared by? Make sure you hold them to it. Listen to the episode and where we go over all of this in more detail.

Another month has passed by and financials are out. What to Expect From Episode 38 January was a much better month than I was expecting. In fact, it was the best month I have ever had. Listen to the episode to learn what contributed to the success. Here is a quick overview, and Craig and I talk about all the details during the episode. Scroll to the bottom and you’ll see copies of the Profit and Loss Statement and the Balance Sheet. Total miles ran - 9,629 Deadhead miles - 1,188 (Out of Control) Total revenue - $21,470.03 All-in rate-per-mile - $2.23 (Best Ever) Full days on the road - 11 Partial days on the road - 11 In the end Haulin Assets realized a profit of $4,516.85, which is the best month I've had yet. To see full show notes and hear past episodes, check out the Haulin Assets website.

Since I started this podcast, I've talked a lot about having the mindset of an owner operator. I going to dive deeper into that topic during this episode. What To Expect From Episode 37 I created a list of 10 questions you can ask yourself to help you know if you have the mindset of a successful owner operator. Craig and I will talk about each one of them in depth. They are listed them from what I feel like is the least to the most important characteristic. You might not feel like you've developed all these characteristics, but as long as you are strong in most of them and willing and able to strengthen the others, you have a great chance of becoming a successful trucking company owner. Do you constantly seek to improve? Do you accept change? Do you have a failure is not an option attitude? Do you recover quickly from your failures? Do you love a challenge? Do you take charge? Are you resourceful? Do you understand your numbers? Do you manage your cash well? Do you take action?

One of the most common questions Owner Operators ask themselves is whether they should take a lower paying load now, or sit and wait for a better paying load. We try to answer that question during this episode. What To Expect From Episode 36 Math class is in session. Here is a story problem we are going to use to answer the question whether we should take a load or sit. You know you can get a load today at $1.80 per-mile that will keep you running 650 miles a day for three days. What rate per mile do you need to earn the same gross income if you sit today and wait for a better paying load tomorrow that runs two days at 650 miles per day? Your variable costs are $1.33 per mile. Download this worksheet to help with the problem.

If you have not listened to episode 33, Bad News, Good News, listen to that first. There is a backstory to this episode, and understanding it will give you better context to this episode as we go over the December financials. What to Expect From Episode 35 December was a tough month. I had to do an engine rebuild, so I was out of commission and did not pick up my first load until the 17th. I ran until the 23rd and then was back at it on the 26th. I was hoping to take a little more time off around the holidays, but fate wanted me taking my time off earlier in the month. Obviously, December was not going to be a great month, but it could have been a lot worse. Because the repairs were all covered under warranty I didn't have any repair costs. The bad news is revenue and my pay as a driver was way down. The good news is that I actually turned a profit for the month, just a small one. Some of the highlights are below. Listen to the episode where Craig and I talk about these numbers and the profit and loss statement and balance sheet in more detail. You can look at the financials yourself by clicking on the links at the bottom of the page. Total miles ran - 4,657 Deadhead miles - 226 Total revenue - $9,600 All-in rate-per-mile - $2.06 Full days on the road - 8 Partial days on the road - 4 In the end Haulin Assets realized a profit of $1,839.68.

Do you want to know what one thing will have one of the biggest impact on your business? It's giving your business a sold direction with specific goals to meet. Annual planning is one of the things Chris does that has a significant benefit to his businesses. It doesn't have to be complicated or long and drawn out. In fact, simple is better.

The Bad News I like to rip the bandaid off quick and get the bad news over with first. The head on my truck cracked and had to be replaced along with the cylinder sleeves. I was off the road for three weeks. The Good News It was all covered under the extended warranty I purchased. Boy am I glad I bought that warranty. What to Expect From Episode 33 A major engine repair on a truck with as few miles as mine has is rare, but it does happen. If you don't plan and prepare for something like this to happen, it will probably be the end of your business. The biggest thing I did right was buying the extended warranty from the manufacturer of the truck. I learned a bunch of other lessons from this experience, I have listed some of them below. Listen to the episode for full details. Lessons Learned Prepare a head of time Buy an extended warranty, it's like insurance. I am usually not a fan of warranties on vehicles, but a truck is your business's lifeblood, it makes sense because a major repair in your first year will likely kill your business. Roadside assistance. There are companies that provide a subscription type of service that includes some towing and roadside assistance. I am not as big a fan of this, I don't currently use it personally, but you might want to consider it. Have a plan for when it happens Cover your personal budget. You either need to have personal savings to last you several weeks or you need to have a temporary employment plan. (There are trucking companies out there who will keep a driver on their books and use you when you are available.) Consider renting a truck. Time of year will play a big factor in whether this is worth it or not. Talk to your insurance agent. You might be able to reduce coverages while your truck is down. Talk to your lender. They might be willing to let you skip a payment. Take a deep breath, this is just a bump in the road and you will be able to get through it. Don't let yourself get focused on what is happening right now, look at the big picture.

One of the most common questions I get from people starting a new trucking company is how to find loads when so many brokers won't work with you. Even though we have had other episodes that talk about finding loads, I still get a lot of questions specific to getting through that first 90 days when your options with brokers is limited. So.... I decided to do a full episode dedicated to just that. What to Expect From Episode 32 Craig and I dive into the specifics of working with brokers who will accept a brand new trucking company with a brand new trucking authority. We also talk about a list I created of brokers who will work with new authorities. Service and professionalism is the key. The list of brokers and some more pointers are available for free at motorcarrierhq.com. If you have found some other larger brokers who work with new trucking companies, let us know in the comments at the the Haulin Assets website.

Here's another episode where we cover the financials for Haulin Assets. November was an average month. The main reason was I was not on the road for as many days as I would have liked, and there is a reason for that that I'll get into in a future episode. Here is a quick overview, and Craig and I talk about all the details during the episode. Scroll to the bottom and you’ll see copies of the Profit and Loss Statement and the Balance Sheet. Total miles ran - 10,251 Deadhead miles - 510 Total revenue - $17,589.03 All-in rate-per-mile - $1.74 Full days on the road - 12 Partial days on the road - 6 In the end Haulin Assets realized a profit of $2,065.39. Revenue was about the same as last month, but expenses were down, no repairs! Listen to the entire episode to learn more about the details. To see full show notes and hear past episodes, check out the Haulin Assets website.

I have had a lot of people talk about the economy and the current state of the trucking industry. Things are different now than they were last year. Last year’s rates were better than we had seen in a really long time. You couldn’t help but make money but that might not have been an entirely good thing. I think this year we are seeing some negative consequences from last year’s boom. So what does that mean? What to Expect From Episode 30 During this episode, Craig and I talk a lot about the state of the owner-operator world. Things were really good for most people last year and a lot of companies and owner-operators made decisions that are now having a negative impact on the freight market this year. We break it all down and talk about what I think it means. Wondering When to Start Your Trucking Company? There are pros and cons to starting and running a business when the economy or an industry is struggling and we will talk about that. I use my experience of doing just that and some of the lessons I have learned over the years. I know there are a lot of people out there asking themselves the question, “Is now the right time for me?”. That is a very personal question and I can’t answer it for you. I hope the info we share in this episode will arm you with some important information and thinking points to help you decide what is right for you in your situation. To see full show notes and hear past episodes, check out the Haulin Assets website.

Ben Franklin made the phrase, “a penny saved is a penny earned” popular, and there is no industry where that saying holds more true than the trucking industry. A savings of 6 cents a gallon of fuel is like saving 1 cent per mile. When you are driving over 500 miles a day, 1 cent a mile adds up to thousands of dollars a year. Purchasing fuel smartly is one of the easiest ways to save money. In the past I have talked about how fuel planning and a good fuel card can save you lots of money. I want to take it one step further and show you how understanding fuel taxes can help you save even more. Most people don’t understand how the International Fuel Tax Agreement (IFTA) and fuel taxes work. Those who do will save money on their fuel. I had an experience recently that illustrates this point. Listen to this episode for a full explanation. See the full show notes here, and check out the Haulin Assets website, where you can also hear previous episodes.

Things are looking better for the month of October than they were for the few months previous. That's not to say that nothing unexpected or difficult came up, but thanks to Chris's preparedness and the relationships he's cultivated, he was still able to turn a decent profit even while driving slightly less than his monthly average. In today's episode, Chris shares with Craig the numbers for October and also shares some stories that illustrate why it's so important to cultivate relationships--you never know when the right one will be there to help your business thrive. Another story illustrates Chris's point from last week to be wary of a few things that brokers might do to make your life harder than it needs to be. See all show notes at the Haulin Assets website, where you can also hear previous episodes.

There are good brokers and bad brokers; you need to know how to deal with the guys who don't care about you or your business and just want to get everything out of you that they can. Listen to this episode to learn what to watch out for when dealing with brokers. Why I'm Doing Haulin Assets In this episode I also talked a bit more about my background and why I am doing this podcast. I mentioned a couple of my businesses that provide different services to the trucking industry. If you ever had a need for any of the services we provide, we would love to have yo consider working with us. Motor Carrier HQ helps drivers who want to start their own trucking company go through the startup process and it helps them with other administrative requirements like DOT compliance, IFTA, etc. you can check it out at motorcarrierhq.com. I also mentioned iThrive Funding that helps trucking companies manage their cashflow and billing paperwork through factoring, you can check them out at ithrivefunding.com. What to Expect From Episode 27 Craig and I discuss the difference between transactional relationships and lasting relationships. Most brokers work with owner operators like it's a transactional relationship. Basically, they don't care if they ever do business with you again, and that's how they treat you, and some will try to take advantage of you. Because of that, you need to be careful with how you deal with them so you are protected. Here are the main things you need to watch out for, we cover them in detail during this episode, including what you can do to prevent them from happening to you: Not getting paid for a load Not getting paid for detention Not getting reimbursed for lumper fees Other Things to Be Careful Of: Watch out for brokers who promise the world. Read the rate sheet, look for hidden fees, fines, and weird conditions. Be wary of brokers who have been in business for less than 12 months. See all show notes at the Haulin Assets website, where you can also hear previous episodes.

What does it mean to control your circumstances, when so much seems to be out of our control? In this episode, Chris argues that there's more within your control than you might think, if you're willing to put in the work to see it. It takes discipline and foresight, but controlling your circumstances -- to an extent! -- is not only possible, it's actually not too complicated either. Chris gives a couple of recent examples from the road to illustrate how he's taken control of his own circumstances... and how he failed to, in one case. See the full show notes at the Haulin Assets website, where you can also hear previous episodes.

It's a dangerous world out there for truck drivers and not all dangers are on the road. If you want to see me get fire up, start talking to me about ways truck drivers and trucking company owners get taken advantage of. In this episode I cover some of the more common ways I have seen drivers and owners being taken advantage of. There are a lot of ways I see people being tricked and taken advantage of. Just like wild animals warn you by making some kind of noise or physical display before they attack, most predators in the trucking industry give warnings too. Below are some of the things that are warning signs you should watch out for. During the episode Craig and I go into more detail and give some examples. Hopefully listening to this episode will help you avoid these traps. They Try To Make Themselves Look Like The FMCSA or DOT They Use Scare Tactics How Do You Protect Yourself? Do some research. There are plenty of websites that you can use to help you be safe. My favorite is to use Google reviews. You have heard me talk about this with shippers. I use it for companies I am going to do business with too. Don't just look at the star rating, read some of the reviews. No company out there will have a perfect rating, but ratings should be high and the reviews people write are what really tell the story. Try to look at reviews for several companies that provide the same service and factor their rating along with the price they charge to determine who you will use. Facebook has ratings and reviews too. Other rating services like the Better Business Bureau (BBB) or Trust Pilot are rating companies businesses subscribe too. There ratings can be helpful, but I always take them with a grain of salt because the company they are rating has paid them and I have had too many bad experiences with companies that they rate highly to take them at face value. I'd love to hear what you do to keep from getting scammed, let us know in the comments at the Haulin Assets website, where you can also see the full show notes and hear previous episodes.

It’s another episode where we go over the financials for Haulin Assets. Over all, it was a pretty good month. Here is a quick overview, we talk about all the details. There are a lot of things that happened this month and we talk about all of them in this episode, so give it a listen. Scroll to the bottom and you’ll see copies of the Profit and Loss Statement and the Balance Sheet. Total Miles Ran-10,520 Deadhead Miles-1,157 Total Revenue-$20,939.04 All In Rate Per Mile-$1.99 Full Days on the road-13 Partial Days on the road-6 In the end Haulin Assets realized a profit of $1,099.86. The synopsis is that revenue was good for the month, but expenses were a lot higher than normal. Listen to the entire episode to learn more about the details, specifically which expenses were so high and why. The company that replaced my trailer tire I discussed was Kent's Tire out of Wichita Falls, TX. They were super fast, didn't even have time to burn a 30 minute rest break. See the full show notes at the Haulin Assets website, where you can also hear previous episodes.

In this episode Craig and I cover two topics. First, we talk about the UCR (Unified Carrier Registration) fee and how it brings out the dark side of the trucking industry and then we talk about a life principle that is super important for anyone who runs their own business. It’s kind of strange because these two topics are really not related, but I wanted to cover the UCR because this is the time of year the predators start to come out and take advantage of owner operators, so it got plugged into the beginning of this episode. Unified Carrier Registration aka UCR and Shady Business Practices You can learn more about exactly what the UCR is by checking out this blog post about it. In the podcast I talk about how a lot of companies use scare tactics to try to get you to pay way too much for them to take care of it for you. I have seen companies charge over $300 to file the UCR for a one-truck company. It should cost less than half that for a third-party company to provide that service. Be careful out there. If you ever have a question about a fee someone is trying to charge you for that you are not confident you owe, give one of our coaches at Motor Carrier HQ a call and they will let you know if it is legitimate or not, those calls are always free. Get Out of Your Comfort Zone On the surface, this may seem like a lame, unimportant topic, but let me assure you it is critical. It is human nature to want to focus on things that we are good at or that we enjoy doing, while we avoid doing tasks we dislike or are not good at. In this episode we discuss why it is important to do some of those tasks and how that will make you more successful. Here are some of the things I see a lot of trucking company owners avoiding or not doing that they need to do: Understanding the numbers in your business Talking to shippers Negotiating rates Being nice to everyone Saving money We go into each one of these items in detail during the episode. See the full show notes at the Haulin Assets website, where you can also hear previous episodes.

I thought it would be fun to see how much of a cost difference it would to eat out for a week verses eating store bought food for a week. I was shocked at the difference. Listen to the episode for the full details, but some of the highlights are below. Leave a comment let me know what you do to save money on the road. In this episode Craig and I talk about my little experiment to determine the cost difference between eating at truck stops and restaurants for a week compared to eating food I bought at Walmart and was prepared at home or on the road. The difference was shocking. See the full show notes at the Haulin Assets website, where you can also hear previous episodes.

I'm pleasantly surprised I made money in August. If you have been listening to the podcast, you will know I am in the Army National Guard and I did my two-week training period during August. I was only on the road for 10 full days and two partial days in August. My total mileage for the month was only 6,645. Even with half the month off I was able to make all the important payments and the company made $595.65. The down side was, as a driver I earned half of what I normally would. Luckily, I get paid from the National Guard to make up for it. In this episode Craig and I review the Haulin Assets financial statements for August. We also talk about the effects of only running half a month and how that affected the profit and loss statement and balance sheet. You can see both in the full show notes at HaulinAssetsLLC.com.

This is another topic that's important enough that we'll revisit it a few times over our first year or so. Cost per mile is a vital number to know for your business, and if you know it, you've already got a leg up on about 80% of the other owner-operators out there. So why do you need to know your cost per mile? It helps you make important business decisions It ensures you take the right loads It helps you know if you're spending too much in certain categories, like fuel or repairs What goes into cost per mile? Number of miles you drive Your fixed costs and variable costs Knowing the difference between fixed and variable costs will really up your game as a business owner, and that's what we'll discuss on today's episode. Check out our Cost Per Mile Calculator at MotorCarrierHQ.com. And visit the Haulin Assets website to hear previous episodes and view full show notes.

This is a fun episode for me because I get to use my military experience in the business world. It never ceases to amaze me how often my military experience helps me in the business world and how my business experience helps me in my military life. The military does a lot of good things that the private sector can learn from and vice versa. (Don't forget you can visit the Haulin Assets website to hear previous episodes and view full show notes.) In this episode I talk about a very common topic in the Army, priorities of work. I use the example of setting up a patrol base. When you are out in enemy territory on a foot patrol and are going to stop for a significant period of time, you set up what is called a patrol base. The Army preaches the importance of prioritizing your tasks so you do the most important things first that are going to have the biggest impact on your ability to survive and complete the mission. Here is a simplified version of what the priorities of work are. Establish security. You create a 360 degree perimeter and place your weapon systems in the best place and make sure everyone has an area they are responsible for. Continually improve your fighting position. Weapons maintenance. Personal hygiene. Eat. Drink water. Rest/sleep. (Not everyone at once) When you set up a patrol base after a long hard march, typically the last thing you want to do is clean your weapon and what you really want to do is eat and sleep. The priorities of work make sure you do the important things first, if you don't create a strong security posture and clean your weapon and are attacked, things will get ugly real fast and you'll wish you had skipped dinner. The same is true in business. It is really tempting to eat and sleep or maybe watch TV as soon as you finish your driving for the day. You probably have more important things to do like figuring out where to fuel so you buy the cheapest diesel and getting that next load so you don't get caught sitting once you drop off your current load. Being disciplined in the little things and doing the most important things first is what makes you successful with the big things. I broke the priorities of work into two categories and we talk about them in more detail in this episode. Priorities of Work During a 10 Hour Break Take care of any urgent equipment issues. Find your next load. Personal time. (Eat, exercise, relax) Sleep. (You have to make sure you get an adequate amount of sleep before you drive again, this is critical. If you haven't finished the items listed above and it is time to sleep, stop doing those items and go to sleep.) Prepare for the day. Plan your route and where you will fuel. Handle issue with truck/trailer. Sweep the trailer. Pre-trip. Priorities of Work While At A Shipper/Receiver Get backed into the door asap. Take care of issues with the truck. Find loads Work on the business, for example, enter expenses into your accounting system. Eat, sleep, relax.

This is probably one of the most important episodes you can listen to. Listening to the episode is just step one, but what you really need to do is adopt the habits we talk about in this episode. Owner operators who live by the principles we discuss in this episode are the ones who are significantly more likely to succeed and ultimately THRIVE. Last week we talked about how much money I made during the first three full months operating my trucking company. In this episode, we talk about what to do with that money. Much to the disappointment of my wife, it's not give it to her. Like I have been preaching, you need to have an owner's mindset and that money needs to stay in the company for future expenses and unforeseen challenges. Below you can see the Balance Sheet for Haulin Assets that covers the months of May, June, and July. (If you have a slow internet connection, it might take a bit of time for it to show up). We cover it in detail during this episode. It is best to look at the balance sheet as you listen to the episode, so you can follow along. The main thing I want to point out here is watch the savings account grow. In May I added $1,519.70 to the savings account, in June I only added $863.98 because it was such a rough month, and in July I added $1,802.08. By the end of July, the savings balance was $4,185.76. You can see on the balance sheet I have broken the savings down into several categories. We cover what each one of those are during the episode. I also talk about how I determine how much to put into each category. I use a spreadsheet to help me figure that out. You can download the spreadsheet and learn more about how to use it on this page on Motor Carrier HQ's website. Visit the Haulin Assets website to hear previous episodes and view full show notes.

This episode will work best if you follow along with the P&L sheet that we've included in the show notes, HERE. Drum roll please! This is the moment of reckoning. Did I make money or lose money the first three months out on the road? I answer that question during this episode. Okay, spoiler, I made $8,149.17 over that three months and that is on top of what I paid myself as a driver. Not too bad considering a lot of businesses lose money during the first year. In this episode Craig and I go over the Profit and Loss Statement, often called the P&L, for the first three full months I was out on the road and I have to say I was pleasantly surprised. If you have never seen a P&L, it might be kind of confusing. Best way to learn and digest the info is to look at the P&L below and follow along as we talk about it during this episode. Be sure to visit the Haulin Assets website to hear previous episodes and view full show notes.

It's time to hit the road, but before you do, you have to have some kind of ELD, electronic logging device. An ELD can frustrate you and there are a lot of them out there, so you want to make sure you make a good decision when you purchase one. In this episode we are going to cover some of the things you need to think about purchase your ELD. We cover 5 factors you should consider when purchasing an ELD. Here they are: Is it compliant with the FMCSA ELD regulation? (You can go to this FMCSA websiteto see which ones are good to go.) Is it easy to use? What other features does it have or should it have? How much does it cost? Do I need to buy a tablet to make it work? What ELD device do you use, let us know in the comments at HaulinAssetsLLC.com, and whether or not you like it.

The drug and alcohol regulations for the FMCSA and DOT intimidate a lot of people. The DOT takes them very seriously and non-compliance is one of the areas that will get you in hot water with the government really fast. Following the rules is really not overly difficult or even too expensive, you just have to do it. Motor Carrier HQ has a flat rate program that costs $199 for the first year and then is $139 each year after that and they take care of the details. This episode will also help you better understand what needs to be done. In this episode Craig and I sit down with Mercedes, Motor Carrier HQ's compliance guru. We spend most of our time talking about Drug and alcohol compliance, but also go over some of the other key compliance requirements you need to complete before you actually get on the road. Mercedes even created a checklist that covers about everything you need to do or have before getting on the road. You can learn more about the compliance items that need to happen before hitting the road and accessing the checklist, click here. Here are some of the bullet points we covered during this episode: What is a drug and alcohol consortium? Do I have to have a drug and alcohol policy? What do I have to give my drivers? If I am the owner and only driver, do I have to participate in my company's drug and alcohol program? (Spoiler, the answer is YES) Pre-employment drug tests Random drug testing pool Driver qualification files Let us know what you think about this episode by commenting at HaulinAssetsLLC.com and rating us on whatever platform you use to listen to the podcasts. We really appreciate the ratings!!

The drug and alcohol regulations for the FMCSA and DOT intimidate a lot of people. The DOT takes them very seriously and non-compliance is one of the areas that will get you in hot water with the government really fast. Following the rules is really not overly difficult or even too expensive, you just have to do it. Motor Carrier HQ has a flat rate program that costs $199 for the first year and then is $139 each year after that and they take care of the details. This episode will also help you better understand what needs to be done. In this episode Craig and I sit down with Mercedes, Motor Carrier HQ's compliance guru. We spend most of our time talking about Drug and alcohol compliance, but also go over some of the other key compliance requirements you need to complete before you actually get on the road. Mercedes even created a checklist that covers about everything you need to do or have before getting on the road. You can learn more about the compliance items that need to happen before hitting the road and accessing the checklist, click here. Here are some of the bullet points we covered during this episode: What is a drug and alcohol consortium? Do I have to have a drug and alcohol policy? What do I have to give my drivers? If I am the owner and only driver, do I have to participate in my company's drug and alcohol program? (Spoiler, the answer is YES) Pre-employment drug tests Random drug testing pool Driver qualification files Let us know what you think about this episode by commenting at HaulinAssetsLLC.com and rating us on whatever platform you use to listen to the podcasts. We really appreciate the ratings!!

License plates in the trucking industry have many different names: IRP, apportioned registration, etc. Navigating the registration process is not simple, so we’ll try to shed some light onto it. In this episode I interview Ariel, Motor Carrier HQ’s resident expert on the International Registration Plan, often referred to as IRP or apportioned registration. We talk about what IRP is, who has to get apportioned plates, and some of the process to make it happen. To learn more about the process, check out What Is IRP or Apportioned Plates on Motor Carrier HQ’s site. It also has a link you can follow to get the contact info for the department in your state where you go to set it all up. Let us know what you think about this episode by commenting at HaulinAssetsLLC.com and rating us on whatever platform you use to listen to the podcasts. We really appreciate the ratings!!

So far in this journey of starting a trucking company we have spent a lot of money, now it's time to switch gears and talk about saving money. In this episode we talk strategies for saving money on fuel, maintenance, repairs and some personal expenses. The top five expense for a trucking company, in order are: Driver wages and benefits Fuel Truck and Trailer Maintenance and Repairs Insurance As always, check out the full show notes at https://haulinassetsllc.com/episodes/

In the last episode we showed how much it cost us to start Haulin Assets, and we discussed how your situation might be similar or different. Now it’s time to roll up our sleeves and get to work by figuring out how to gather all the money you’ll need in order to get that truck moving down the road and making money! For most people, coming up with the money to start their trucking company is the most challenging part of getting going. As the saying goes: “The secret of getting ahead is getting started. The secret of getting started is breaking your complex, overwhelming tasks into small manageable tasks, and then starting on the first one.” Below is the list of ways to get money we talked about, and there are even more we didn’t talk about. Let’s start with the first one. Maybe you only have $500 in savings, well, that is a start. Move to the next option and maybe you can sell $1,000 worth of stuff. You’re not there yet but getting closer, so keep moving down the list. Maybe you can get a $3,000 loan from a bank. Now you’re up to $4,500. Just keep moving on down the list and you’ll eventually get there. Once you have gone through the list and you still don’t have enough, start at the top and go through it again. It may take time, but one thing all successful business owners have in common is that they don’t give up easily. Here is the list. Savings Sell some things you don’t need Non-profit micro-lenders SBA Microloan Program Bank loans Loans from friends and family Bring on a partner Credit cards Factoring (more to fund ongoing expenses, not startup costs.) More Resources We have a page on Motor Carrier HQ's website that provides some more insight and has some additional resources on how to finance your trucking company. I go into more detail about each one of the options I listed above. You can check it out here. And be sure to check out other episodes and full show notes, as well as comment sections, at https://www.haulinassetsllc.com

"How much does it cost to start a trucking company?" is probably the most common question we get asked. In this episode we are going to answer this question with a real life example. When I started my trucking company a few months before writing this post, I took meticulous notes documenting each and every expense I made. In this episode, I talk about each and every startup expense I made and tell you exactly how much it cost. Since every person’s situation is going to be different I also give a best case scenario and explain why I think your situation might be different than mine. I hope this discussion will help you start to get a clearer picture for how much your startup expenses will be. Additionally, my team and I have created some tools to help you figure out about what your costs will be. Be sure to check out the Motor Carrier HQ Startup Cost Calculator here. You can use this helpful tool to calculate your own startup costs. And get the full shownotes at haulinassetsllc.com

What’s the difference between driving as an owner operator or working for a company? We got a lot of questions about this topic, so we did an entire episode about it. Check it out! A couple of episodes ago, we started doing a question and answer piece at the end of each episode. Thanks to all of your questions, we decided to do an entire episode about a topic a lot of people were asking us about. Episode 10 is all about the pros and cons of being an owner operator vs. an employee driver. For a lot of people, it boils down to something like this: “I make $70K+ a year, why should I start my own company?” That’s definitely true for some truck drivers, but I don’t think trucking is really all about the money for everyone. In this episode I talk a lot about what being a business owner is all about. I think it really boils down to: Do you have the desire? Do you have the drive? Do you have the skills necessary? There's lots of material associated with this episode, so check out the full show notes at https://haulinassetsllc.com/episodes/ And find the tools you need to get started as an Owner Operator at https://www.motorcarrierhq.com/

Getting commercial insurance for your truck is an intimidating process. We hope listening to this episode will help you so you don't go into the process blind and can make the best, informed decision for you. To learn even more, check out our page on the same subject at Motor Carrier HQ. What to Expect From Episode 9 In this episode we talk about how to purchase insurance for your truck. This will be one of the biggest purchases you make, so it's important to be smart about it. You'll learn a lot listening to this episode and reading the page on Motor Carrier HQ's website. Here is the order you should typically do things in. Apply for your motor carrier authority so you have an MC number and USDOT number before you call. Gather the information your insurance agent will need for a quote. (We go into detail about that on Motor Carrier HQ's page.) Call at least two different insurance agents and get quotes for at least two to five insurance companies. Evaluate the quotes. Keep in mind, price is important, but it is not always the most important. Be prepared for the down payment. You are usually going to have to put at least 10% down, usually more like 15-25%. We're talking $3,000 or more. Check out the full, detailed show notes at HaulinAssetsLLC.com.

Once you know where you are going to find your loads (see ep.7), you should be able to determine the type of trailer you are going to need to buy. In this episode we talk about how to decide what type of trailer to buy and I give some tips for when you are actually shopping around. Step one is to determine how you are going to find your loads, once you know that, it should point you in the direction for the type of trailer that is going to be best for you. We'll go over the pros and cons for each trailer type: Flatbeds Dry Vans Reefers We'll also go over a few important buying tips, for when you're ready to go out and kick the tires. Lastly, for our new Q&A segment, we had a couple of people ask about leasing on to a carrier as a method to purchase a truck. I talk about the pros and cons of that route. Thanks to everyone who submitted questions!! As always, check out the full show notes at HaulinAssetsLLC.com.

Finding loads is probably one of the most important topics we are going to cover in our podcast. If you aren't finding enough loads or the right loads, your business is going to struggle. In this episode on finding loads, we are going to cover the basics and not get into too much detail. We'll hit this topic several times as the year goes on and get into more and more detail each time we do. What to Expect From Episode 7 We talk about the four main ways companies get loads: Directly from shippers Through brokers Searching on load boards Using a dispatcher To read more about why we suggest that most new owner operators use a good dispatcher, and what makes a good dispatcher, check out the full show notes at HaulinAssetsLLC.com.

In this episode we talk about the different types of lenders and some of the things they look for. We also give you some tips to help give you the greatest chance of success. It all really boils down to finding the right lender who best matches up with your particular situation. You may be a square peg, and some lenders might be a round hole. You won’t get anywhere trying to get your square peg into their round hole. Look for that lender that loves square pegs, and you will have found your match. Once you have found your lender, be prepared for the following: You will have to fill out an application with each lender you get serious with. You will probably have to put down a 10-20% down payment. You are going to have to provide the lender a bunch of info. (See the list below.) After you think you have given them everything but the kitchen sink, they are going to come back and ask for the kitchen sink. Then, they might even come back again and ask for the bathroom sink. Good luck!! If you have any questions about the process or if you have found a trick we didn’t talk about, let us know in the comments under the full show notes, at http://haulinassetsllc.com/.

This is a fun episode. Who doesn’t get excited about buying the truck that they are going to use to make them money. Heck, you are probably going to live in this thing 24/7 for days, if not weeks at a time. If there is a decision you want to get right, this is it. Here are some of the things we are going to talk about: Buying new vs used If you buy used, how many miles it should have If you should buy a warranty What you should look for in a truck The cost of the truck Head to http://haulinassetsllc.com/ for the full show notes.

In this episode I really focus on the importance of thinking like an owner. This journey really starts with YOU and a desire for something different. For me, that was deciding I wanted my hard work to make more money for myself and not for someone else. I also wanted to be in control of my destiny, not have someone else in control of it. Here are some of the changes in mindset we talk about. Have a good attitude Think like an owner Be prepared I hope this episode helps you think of ways to think more like an owner. What other ways do you think like an owner? Let us know in the comments section at our website. Head to http://haulinassetsllc.com/ for the full show notes.

Big step #2 of starting a trucking company, after setting up your business, is applying for your DOT Number and MC Number, aka Operating Authority. You can't do much in trucking without one or both of these numbers. How do you know which one you need or if you need them at all? My buddy Tyler from Motorcarrier HQ and I cover all the basics in this episode. Here are some of subjects we discuss in detail: DOT Number MC Number Operating Authority BOC-3 Insurance (We just kind of scratch the surface. This will be its own future episode) Vehicle weights UCR FMCSA Compliance Drug and Alcohol New Entrant Audit Additional Permits New York New Mexico Kentucky Oregon Most for hire trucking companies will need to apply for an MC Number in order to get their operating authority. For your planning purposes, keep in mind it takes at least 21 days from the day you apply and are issued your numbers, until you will legally be able to cross state lines as a for hire trucking company. Once you do apply, the contact info you provide becomes public and you'll start to receive a ton of solicitations for everything from compliance companies to factoring and insurance. Watch out for snakes in the grass that try to take advantage of you. There are a lot of shady companies, especially ones who try to make you think they are the FMCSA (Federal Motor Carrier Safety Administration). Every situation is different, what licenses and hoops you have to jump through might be different than what your friend had to do. If you have any questions you can always talk to one of the experts at motorcarrierhq.com, heck you might even get to talk to Tyler. They will talk to you about your specific situation, absolutely no obligation. You can learn more by clicking here. Head to http://haulinassetsllc.com/ for the full show notes.

This episode is a deep dive (and I mean deep into the “exciting” world of lawyers and accountants) into the foundation of starting a business. I cover how to set up your business from a legal and tax perspective. As part of this episode you'll hear straight from two experts. Preston Koerner and Chris will go over the legal piece and Jason Grant with Trackin Assets will talk about different tax considerations. In the intro, Craig and I talk about partnerships and trying to determine if a partnership is right for your situation. You can find the partnership questionnaire we refer to at motorcarrierhq.com. In the interview with Preston, we cover the differences between an LLC and a Corporation, and the pros and cons of each. Visit http://haulinassetsllc.com/ for the full show notes and links.

Welcome to the first episode of the Haulin Assets podcast. In this episode Craig and Chris will cover the 5 things you need to consider when starting a trucking company: Go it alone or with a partner? Where is the money going to come from? Can you get insurance and make the down payment? Do you have the right truck? Are you willing to do what it takes? We hope this episode gives you some good things to think about and gets you excited about living the American Dream of owning your own business. Visit http://haulinassetsllc.com/ for full shownotes.

Chris and Craig give you a quick rundown of what to expect on the Haulin Assets podcast. Subscribe and listen in, and we'll help you go from truck driver to savvy business owner. Subscribe to our mailing list for future updates!