Haulin Assets

#108. Listener Questions part 2

It's another listener questions episode! This is another fun one, where we let listeners ask questions that we answer for them. You probably have some of the same questions, so give the episode a listen. Everyone who had a question that was answered on the air got a free Haulin Assets T-Shirt. If you want one, you can order one here.

What To Expect From Episode 108
Here are the questions we answered:

Barry
"Are there avenues to produce the same amount of income in a local delivery situation as opposed to over the road?"

Eldwin
"Is it possible to buy or transfer someone's authority if they're retiring or getting out of their business?"

Darron
"How does the timing of buying your first truck affect your success in starting your own company. Is the timing important?"

Kevin
"The hiring market is extremely tight. Most of us out here are struggling with hiring drivers. What other tips do you have for hiring drivers?"

Tony
"I've had my class A CDL since 1992 [been working construction since then], and I wanted to try find another way to feed my family. So I wanted to buy a rig, but the rigs are really expensive nowadays. What kind of advice can you give me?"

#107. June 2022 Financials

June 2022 made for the third tough month in a row for financials. With that being said, I am a bit more optimistic about July than I was about May or June. We also have a pretty exciting development that we are going to talk about. Listen to the episode and Craig and I will talk all about it.

 

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What To Expect From Episode 107

There is a lot going on in June's numbers that are not really apparent just by looking at the raw data. This is a good episode to listen to so you get a full picture. For starters, we had two new trucks come online in June and that impacted the numbers in several ways.

• Total miles ran – 64,759 (More than the last several months, because we had two new trucks run part of the month, but we also had a couple of drivers take a bit more time off than normal, summer vacations)
• Deadhead miles – 4,102 (6.3%, creeping up a bit)
• Total revenue - $142,631.51 (about the same as last month, but that includes about $22k in revenue from trucks 6 & 7)
• All-in rate-per-mile - $2.20 (Lowest it has been in a long time, so far July is feeling a little bit better, but that is just what my gut is saying, we will see the truth when the numbers come out)

Haulin Assets realized a profit of $7,207.19.

 

 

June 2022 made for the third tough month in a row for financials. With that being said, I am a bit more optimistic about July than I was about May or June. We also have a pretty exciting development that we are going to talk about. Listen to the episode and Craig and I will talk all about it.

What To Expect From Episode 107

There is a lot going on in June's numbers that are not really apparent just by looking at the raw data. This is a good episode to listen to so you get a full picture. For starters, we had two new trucks come online in June and that impacted the numbers in several ways.

• Total miles ran – 64,759 (More than the last several months, because we had two new trucks run part of the month, but we also had a couple of drivers take a bit more time off than normal, summer vacations)
• Deadhead miles – 4,102 (6.3%, creeping up a bit)
• Total revenue - $142,631.51 (about the same as last month, but that includes about $22k in revenue from trucks 6 & 7)
• All-in rate-per-mile - $2.20 (Lowest it has been in a long time, so far July is feeling a little bit better, but that is just what my gut is saying, we will see the truth when the numbers come out)

Haulin Assets realized a profit of $7,207.19.

 

Impact tip: Be careful out there ... or something!

#106. Listener Stories, July 2022

This was a really cool episode for Craig and I. We got to talk with some of our listeners and hear about their experiences.

What To Expect From Episode 106

We asked each guest a version of the 8 questions listed below.

1. Tell us about your story.
2. What was the tipping point for you? When did you decide to take the plunge into ownership?
3. What has been the biggest impact of listening to Haulin Assets?
4. What has been your biggest challenge of starting and owning a trucking company?
5. What has been the most rewarding?
6. What is your favorite episode?
7. What would you like to learn more about?
8. If you could turn back time, would you do it all over again?

#105. May 2022 Financials

April and May are almost mirror copies of each other. We'll break down the numbers and talk about what went well for the month and what didn't. Trucking is a good business, but like every industry there are ups and downs and this month is a good example of that.

What To Expect From Episode 105

I don't think we have ever had two back to back months that look so similar. I don't think we could have replicated a month so perfectly if we had tried. The fact that things are so similar leaves me optimistic that we are near the bottom of the drop in freight rates. The main numbers are below. Listen to the episode and check out the P&L below for the details.

• Total miles ran – 58,859 (About 400 more than last month)
• Deadhead miles – 3,489 (5.9%, same percentage, 19 more miles than last month)
• Total revenue - $141,998.48 (491.02 less than last month)
• All-in rate-per-mile - $2.41 (.03 drop)

Haulin Assets realized a profit of $12,052.12. About $1,700 less than April.

We talk some more about fuel prices and the percentage of revenue that fuel is an expense. It has been interesting to track that way for the last several months.

Impact Tip

Be kind, it's good business. I have had an experience over the last several weeks that has really made me reflect on life. Listen to the episode to learn more. In honor of Grace G, who was an example of love and kindness towards all she met.

#104. Listener Questions

This is a fun episode, we let listeners ask questions that we answer for them. You probably have some of the same questions, so give the episode a listen. Everyone who had a question that was answered on the air got a free Haulin Assets T-Shirt. If you want one, you can order one here.

What To Expect From Episode 104

Here are the questions we answered.

Doug M.

"What is your opinion on using a dispatch service for a 1 truck owner operator?"

Vanita J.

"During your 1^st year as an owner operator, did you update your data or did you have someone do that for you? If you did it yourself, what was your schedule for this task?"

Greg J.

"It would be very helpful to breakdown the various owner/manager/administrative tasks and estimated weekly hours spent on each."

Trevor F.

"With the price of fuel hovering around $5 in my area, what steps are you doing to try and reduce this expense as much as possible?"

#103. April 2022 Financials

What a difference a month can make. April of 2022 was nothing like March. Craig and I will dive into what happened and a little about what I expect to see in the next couple of months.

What To Expect From Episode 103

The peaks and valleys of trucking are not for the faint of heart. We went from our most profitable month ever in March to one of the least profitable, since we have been running multiple trucks, in April. We will talk about what happened. Fuel is on everyone's minds, as it should be, but I think that was the second most impactful thing on our P&L. Listen to the episode to learn more. Here are the numbers:

• Total miles ran – 58,404 (Record, but the records are going to end there)
• Deadhead miles – 3,470 (5.9%, Pretty Normal)
• Total revenue - $142,489.50 (Over a $30K drop, ouch)
• All-in rate-per-mile - $2.44 (Another big drop)

Haulin Assets realized a profit of $13,750.09. A pretty big drop as well, over $50K.

#102. Economic Update, For Small Fleets

There is a lot going on in the economy right now so I thought it would be a good idea to provide an economic update that focuses on what small fleets and owner operators might expect and how to be prepared.

What To Expect From Episode 102

I'll give a summary of what we talk about in this episode here in the show notes, but you'll need to listen to hear all the nitty gritty details. The economy is experiencing a lot of uncertainty right now, which makes people nervous. You have probably experienced it yourself. However, I don't think the sky is falling. We talk about what is driving some of the freight rates and what I think is going to happen to them. We also talk about being prepared, speaking of that.....

Impact Tip

Be Prepared. It’s the Scout moto and should be yours too. How do you prepare, save money, control your expenses and don’t grow too fast.

#101. March 2022 Financials

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We break all kinds of financial records this month. We have some fun with this episode and try to trick Craig with some trucking acronyms.

What To Expect From Episode 101

We hade all 5 trucks running strong for the entire month. By the end of the month we basically had completed 3 full years in operation and having our strongest month ever was a great way to celebrate. One thing that has a tendency to surprise people when they hear about how much money we are making is that we haven't taken a dime out of the company, other than a modest salary for Nate and I. We talk a bit about that and some other cool financial topics, including continuing the conversation about comparing expenses, specifically our fuel expense, to total revenue as a percentage. Doing so can be especially helpful at a time like this when fuel is going up super fast, we use this technic to see how much of a problem the surging fuel prices are, or maybe they aren't such a problem.... Tune in to find out.

First full month with all trucks running 100%, hence all the records.

• Total miles ran – 57,475 (Record)
• Deadhead miles – 3,124 (5.4%, Back to Normal)
• Total revenue - $174,594.90 (Record)
• All-in rate-per-mile - $3.04 (Pretty Good)

Haulin Assets realized a profit of $65,714.92. Another record.

#100. The 10 Keys to Our Success

We’re making an episode with listener's questions and stories about how listening to the podcast has helped them be successful.  Everyone who submits a question and/or story will be entered in a drawing to win a $100 gift card. If your question or story makes it onto the podcast you will get a free Haulin Assets T-Shirt and be entered into a drawing for a $1,000 gift card. Go to Episode 100’s show notes at haulinassetsllc.com to submit a question and/or story.

Holy Cow!! I can't believe we have made it to our 100th episode. It also falls right on the 3 year anniversary of Haulin Assets. Time has flown by and it has been a wild, but extremely fun and satisfying ride. We are going to spend the next several episodes celebrating our success. Speaking of success, that is what this episode is going to cover.

What To Expect From Episode 100

I have been doing a lot of thinking over the last several weeks about all that has happened over the last three years. We have experienced a lot of success and I thought I would share what I think have been the 10 keys to our success. Craig and I will go into some pretty good detail about each of these keys. Hopefully they can help you in your business.

10. Financing Was Critical

9. We Limited Our Risk And Got A Warranty

8. The type Of Trailer We Have Is Critical

7. Managed Our Expenses

6. We Took Compliance Seriously

5. Our Relationships Are Important

4. Longer Runs Have Been More Profitable

3. We Have Treated Our Drivers Well

2. Our Business Is Built On A Sound Financial Foundation

1. We Have Been Persistent and Endured

 

Impact Tip

Think like an owner. Everything we talk about in this episode really boils down to thinking like an owner.

#99. Overhead, It Ain’t Sexy

The war in Ukraine has been fascinating to watch. Seeing how the Ukrainians have stepped up and how badly Putin has messed up is one of the most interesting things I have seen in a long time. The war in Ukraine has made me do a lot of thinking and I notice myself trying to take lessons from what I am watching and applying them to business.

A famous saying in the military is, “Tactics win battles, logistics wins wars.” Logisitics isn’t usually the sexy thing in war, but it really is one of the biggest, if not the biggest, difference maker. Just as in war, in business it’s often the not so sexy things that are the difference between winners and losers.

What To Expect From Episode 99

Just like logistics, managing overhead is not sexy, but doing it poorly will sink you and doing it well will put you ahead of your competition. In this episode Craig and I talk about what overhead is and what to watch out for. Low overhead can be a major competitive advantage for small trucking companies. Large trucking companies have an advantage by purchasing in bulk. They save on expenses like fuel, tires and maintenance. Small trucking companies can more than make up for that advantage by running lean and limiting their overhead.

Haulin Assets biggest overhead expenses:

• Owner salaries
• Permanent parking space rent
• Small miscellaneous expenses

Large trucking company overhead:

• Office rent
  • Utilities
  • Property taxes
• Vehicle for owner/manager/employees
• Salaries
• Sales/marketing

Listen to the episode to hear about the one mistake that is by far the biggest that I see companies make with overhead, especially small trucking companies from Owner Operators to companies with 20 trucks. Don't make this mistake, I see far too many companies go out of business because of this one thing.

Impact Tip

Get out and network! One of the more common questions I get from people is how we are getting trucks. I think there are two big reasons we are getting trucks. First, we developed a relationship with a salesperson. That did not happen overnight. Networking is important and relationships are critical. Because we had a relationship with him, he told us in in the Spring of 2021 that if we wanted trucks in 2022 we would have to place an order for them by the beginning of July 2021. The second big reason is because of that conversation, we made a plan for what we wanted in 2022 a year ahead of when we wanted the trucks. We should get our first 2022 truck around the end of April/early May, but we placed the official order for that truck in July, along with all the other trucks we want in 2022.