A career as an owner-operator can be rewarding and lucrative, but it's not easy. A great deal of planning must take place if you desire to experience the success of this journey. Learn about some of the measures you should take beforehand if you want to maximize your chances of establishing a successful career.
1. Work as a Company Driver
It's a good idea to work as a company driver before you venture out to become an owner. This step is helpful for plenty of reasons, but one of the main ones is that it allows you to determine if you actually like driving. Driving thousands of miles each month is not for everyone, so make sure you are a good fit. This step is also helpful because it can offer you some insight into how the trucking industry operates.
2. Minimize the Initial Investment
You can protect yourself from the unknown by minimizing your initial investment and purchasing a used truck, rather than a new model. The cost difference between a used and new truck is considerable, but if you purchase from a reputable dealer, there should not be a huge gap between the quality of a used truck and a new track. Purchasing used allows you to save more money for unexpected expenses, such as repairs, that will inevitably come when you drive full time.
3. Practice Good Time Management Skills
As an owner-operator, the company will provide you with the load details and it's up to you to plan out the best way possible for you to meet these goals on time. As a part of this plan, you will need to factor in traffic on the route, your resting time, and other time increasing or decreasing circumstances. To go about this process successfully, you will need a certain level of time management skills.
4. Learn the Revenue Equation
For owner-operators, the revenue equation is your lifeline, in that it will help you analyze how much a particular job will yield you in net profit. To complete the revenue equation, you need to know how much the company is paying per mile for the load, as well as how much it costs to operate your truck per mile, including maintenance and fuel, and your tax rate. Although the company will provide you with pricing information, it's up to you to research your cost per mile and tax requirements.
Keep all of these planning tips in mind as you begin to embark on your role as an owner-operator to boost your chances of a fruitful career. Contact an organization that provides owner-operator truck driving opportunities for more information.Share