Success as an owner-operator requires planning

Navigating the path to becoming an owner-operator can be a complicated journey.

Fortunately for drivers, the OOIDA Foundation has developed a three-day cram session called Truck to Success.

Expert advice, networking opportunities and more are offered by the class which covers a host of topics including developing a business plan, insurance, taxes and permits and licensing just to name a few.

OOIDA Executive Vice President Lewie Pugh and Barry Fowler, founder of Taxation Solutions, provided a sneak peek of Truck to Success at this year’s Mid-America Trucking Show in Louisville, Ky.

The snapshot presentation focused mainly on the tax portion of the Foundation’s full training session scheduled for Oct.25-27.

Attendee Alfred Johnson Jr. from Spotlight Venture Enterprises in the Bronx borough of New York, said he is looking into becoming a fleet owner.

He said the information at Truck to Success at MATS was substantial enough that he plans to attend the full class at the Courtyard by Marriott in Blue Springs, Mo.

“It’s been very informative, and with me planning on being a fleet owner, I’m doing homework now,” Johnson said. “This was especially helpful in the tax area. Obviously, you have to talk to an expert, and they’ll guide you through it. I’ve already budgeted to attend the full class. I want to learn what not to do so I won’t burn myself in the long run.”

A tax-specific talk, like the Truck to Success session at MATS, was just what OOIDA life member Jeff Wright and his wife, Kathy, were looking for.

“Even before this weekend we’ve been talking a lot about taxes and what we need to do better,” Jeff Wright said. “That’s one area where we feel like we’re falling a little short in. I thought we’d get a lot of answers here.”

Kathy handles the bookkeeping for her husband and admitted she wasn’t sure she was fully aware of all that job entails.

“You just try to figure it out as you go,” Kathy Wright said. “Today, I learned I’m doing a lot of things right. There’s some things I need to improve on and change. That made me feel more confident in what we are doing.”

The couple is looking into attending the full course in the fall, whether it be virtual or in person.

Jamar Vann owns several trucks and made it a point to be in attendance for the Truck to Success talk at MATS.

“Taxes are a big part of trucking, those hidden expenses,” Vann said. “I’m trying to figure out how much money can come back into a guy’s pocket. How can we lower some expenses that we didn’t think about last year? I’m thoroughly interested in OOIDA because they do just about everything you want to know in trucking. It’s pretty much a one-stop shop in trucking education.”

For more information about Truck to Success visit the OOIDA Foundation website. LL