Should You Become an Owner Operator
For many truck drivers, being an owner operator is the ultimate goal for their career. But how do you know that you’ll be successful running your own business as a truck driver? Afterall, being self-employed is often much harder than working for an employer and being an owner operator is often much harder than being a company driver. It can be very rewarding but being an owner operator brings a lot more responsibility and stress. Any truck driver who is thinking of self-employment as an owner operator should first consider a few factors.
One important detail for a professional CDL truck driver to consider is the amount of time required to run your business. You’ll wear many hats 24/7: boss, truck driver, secretary, bookkeeper, etc. For some truck drivers, it might be overwhelming, but for others the independence is refreshing.
As an owner operator, you’ll be responsible for maintaining your tractor trailer equipment. That’s not an unusual requirement for many CDL drivers, but as a businessman, keeping your truck on the road is truly your bread and butter. Which brings up another important point: finances. To start a trucking company as an owner operator, you’ll need to have a financial plan. Do you have the resources to purchase your truck equipment, maintain it, and also keep an emergency fund? Perhaps considering a truck lease is more viable. Can you afford to purchase truck insurance?
Before transitioning into being an owner operator, consider your trucking company network. Have you established relationships with solid trucking companies which could pull loads for either local driving jobs or OTR driving jobs? Do you have a strong list of trucking industry contacts that you can market your Truck driving services to as an owner operator?
Before becoming an owner operator, a truck driver should have a business plan, a direction. Choose a niche such and regional truck driving or OTR truck driving, by examining the industry as a whole. Determine which markets are hot and which are dry, because that’s where your competition will be. For example, perhaps your region needs more trucks to haul live plants than to transport hazmat chemicals.
Becoming an owner operatoris challenging yet rewarding. Even the most motivated and competitive truck driver should prepare for bumps in the road and twists and turns. In the end, though, with patience and perseverance, this new path could be the best decision a truck driver can make.