The next topic that I would like to discuss with all of the owner operators out there is budgeting. With the economy being as tight as it has been the last couple years, many people have become a lot more aware of their expenses. Trucking is one business where you can analyze and plan all day, and it might not do you any good. At the end of the day, you need to make sure you are planning to be ready for the worst case scenario, not expecting and wishing for the best case scenario. Some things, like the rates you are paid and the miles you drive are somewhat predictable. But the one variable that isnearly impossible to predict is the amount of money it is going to take to maintain your truck.

Even if you have a brand new truck or have a used truck with a million miles on it, the chance always is that you will not know when one might need maintenance. Some trucks may break early on, some may break later, but it eventually will break in some way. When it does break, the visit to the shop to get your truck back in service is rarely less than $1,000. Keeping this in mind, your budget needs to factor in these types of occurrences. Once you're prepared, these repairs just cause a temporary setback versus completely halting your business.

On all of the trucks that we sell at Lone Mountain Truck Leasing, included is a one year/100,000 mile engine warranty on all trucks that are from the year 2005 and newer. Most of the significant components that are going to cause a "catastrophic failure" are covered by these warranties. These types of failures do not happen very often, but can cost anywhere between $5,000 to $25,000. However, there can be less significant issues that can potentially put your business in deep water if you haven't taken the time to be ready for these issues.

Putting aside a minimum of five cents for each mile specifically dedicated to maintenance and repair work is a reasonable rule to follow. The number can also vary depending on the age of the truck, how many miles you are adding to the truck during a year, and how many miles were on the truck before you owned it. To keep the calculation simple, five cents for each mile driven is a great place to start your calculation. If nothing is being set aside from the start, and the only items you are budgeting are oil changes, there is a good chance you are not going to make it very long as an owner operator.

This current economy shows that the trucking business (similar to any other business) requires to you to constantly monitor your expenses to try to keep a financial buffer when times to begin to get tougher. When the repairs come around (and they always will) you will be well prepared for them. Recovering quickly from these types of problems to get back on the road is the key point to remain successful in this business.

Are you looking for today's best truck leasing business? Lone Mountain Truck Leasing services all types of commercial truck leasing and financing.

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