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Being An Owner-Operator

You’re an experienced truck driver that has done your time and paid your dues working for a few different carriers. You’ve logged enough miles on the road to have driven to the moon and back. Now you’re considering taking your career to the next step. You want to own your own truck and become an owner operator. It’s only natural that you’d be considering this. You are a seasoned, red-blooded American truck driver and there’s nothing more Red, White and Blue than pursuing the dream of owning your own truck and business.

Benefits of Being an Owner Operator

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There are several benefits to being an owner operator. You’ll have the satisfaction of being your own boss. It will finally be you calling the shots, choosing the loads, setting your own routes and taking command of your own destiny from the seat of your very own truck.

You’ll be able to feed your adventurous spirit by taking on a new challenge. You know it won’t be easy, but that will only make it all the sweeter when you succeed. You’re a hard worker, you’ve got the experience and you know that you’ve got what it takes. Other truck drivers have made the leap to owner operator and made it, now it’s your turn!

You’ve been making good money for your carriers all these years, now it’s time to get your own piece of the action. Successful, dedicated owner operators can earn upwards of $115,000 a year. That’s likely double the amount that you’ve been earning as a company driver. You’ll also have the potential to start adding trucks and drivers under you so you can build up your very own fleet! Think of how it would be having other people make money for you.

The Route to Success

Remember, being an owner operator is a challenge and takes a lot of work. As with all new challenges, there are risks involved with becoming an owner operator. You are essentially starting your own brand new business from the tires up. Unfortunately, a lot of owner operators run out of gas and go bankrupt their first year out because they didn’t realize there was more to being an owner operator than owning their own truck. You will have a greater chance at being successful if you plan things out thoroughly from the beginning.

Long before you hit the truck sales lot, you’ll need to talk to an accountant or business lawyer to establish a business plan and discuss how your new business will be set up. You are going to become a legal business entity. That has legal and tax ramifications you’ll need to know about and plan for. You’ll also want to establish a reliable record keeping method for tracking all your business expenses. Talk to other successful owner operators to see what has and hasn’t worked for them.

Shop around for the best rates for medical, dental, life and other insurance plans. Remember, you’ll be your own boss which means you have to cover your own benefits. You won’t be able to purchase the insurance until you have your truck, so that will give you time to shop around and compare rates and plans.

No Mon, No Fun

Next you’ll want to have saved a large amount of money. There are a lot of expenses associated with starting out as an owner operator that you’ll be responsible for. You’ll need money to put down on the purchase of your truck. You’ll also need money to cover your expenses such as fuel, food, truck maintenance or emergency truck repairs and other related costs. It is also important to build a relationship with a good mechanic.

Once you have the figures for all your operating expenses, start saving. Successful owner operators recommend having at least six months worth of operating costs set aside in an account. Remember, some vendors aren’t very prompt on paying invoices and you’ll need to have the cash to keep your truck going and make your bills during these downtimes.

Speaking of vendors, start making contacts and build networks with potential customers early. It’ll do you no good having your own truck if you don’t have any freight to pull. You’re already a great driver, now you’ll also need to be a good businessman. Marketing is an essential part of any business so get your name out everywhere quickly. There are a lot of resources for owner operators on the internet, including shipping boards to get loads. Use every resource you have. Some get started by working for a carrier as an owner operator until they get established.

Trucks and Bucks

Now that you’ve got cash, customers, and the legalities straightened out you’re ready to get your truck. New owner operators always wonder whether it’s best to buy a brand new or used truck. Both have their benefits and drawbacks. The benefit of buying a used truck is that they are less expensive. The downside is that they have a lot of miles on them and are prone to break down, costing you more in repairs. With new trucks you have the opposite issues, they’re more pricey but more reliable. Remember, most owner operators fail in the first year because of truck breakdowns.

Successful owner operators recommend that you purchase the best truck that you can afford. The key part being that you can afford. You don’t want to bury your business in a heavy truck payment. Some owner operators opt to participate in a lease-to-own program with a carrier. Carriers will lease the truck to you, putting a portion of your lease payment toward the truck purchase. After two or three years you pay the balance to purchase the truck or you lease another one. Be very careful if you choose to go the lease route. Many drivers find themselves walking away from the trucks they paid on because they didn’t read the fine print. Read everything and ask plenty of questions before signing on a lease.

You’ve got the truck; you’ve got the business, now hit the road and make your dream happen.