The Business Of Owner Operators
Most truck drivers that have been successful in trucking credit it to becoming an owner operator. Most of that attribute was behind a great business model. An owner-operator is a self-employed commercial truck driver or a small business that operates trucks for transporting goods over highways for its customers.
You have to be business-minded to be a successful owner operator. Even when the trucking economy was on life support, many owner operators still found ways to make their business profitable. Now that the economy is stable and growing, there’s no reason that you can’t take advantage of this fact as an owner operator.
There’s nothing easy about being an owner operator. If that was the case, all of us would be owner operators. There’s a freedom that can be hard to describe in detail about being your own boss, operating your own fleet of trucks or working independently. There’s a lot of responsibility that comes with being an owner operator, it can cost tens of thousands just to start. Being an owner operator isn’t for everyone, some guys and girls are just not cut out for the role.
One of the most important elements of being an owner-op is that your a small business owner. You have to think like a businessman, have an entrepreneurial mind-set. Making your trucking business profitable is going to be an important process always. Financially, being an owner operator can be difficult. Some of you may choose to become a lease-operator to lessen the financial burden.
As an owner operator, profit and loss always has to be a front issue. You have to know what your spending and what your making. You have to think of ways that can save you money. This is true in all cases, it doesn’t matter if your leasing or fully independent. this has to be your mind-set. As owner operators, our biggest expense is what? Diesel, right? Diesel is always going to be your highest expense. Saving money on diesel could be the difference in profit or loss at any given week. All owner operators should constantly strive to save money where and when they can.
What is another big expense for independent owner operators? What about maintenance? If your familiar with semi maintenance, you know it cost a lot of money to put your truck in the shop. Not only are you paying money for services and parts, your also losing money due to downtime. If the truck isn’t running, your not making any money. Getting your truck parts from salvage yards can save you big money but there is a small risk. Working on your own semi-truck can save you a lot of money and time in some cases. Having an account with a specific provider that offers rewards could benefit you in the long-term. You have to always try to save money and time when you can.
What is a great term that describes a great owner operator? PROACTIVE. As an owner operator, you have to be proactive. You need to keep extra tires around. You need to keep an emergency fund funded. Take the time to learn your truck and learn how to work on it. There’s a lot of different things that you can do to make your independent business successful. If you build a strong foundation for your trucking business, you can expand and grow, the sky is the limit. It’s all about being proactive and business-minded.