Remember that by developing a better fueling strategy you will maintain your cash flow at a minimum.
An owner-operator truck driver can pick up and choose what they want to haul and when they want to haul it. This gives them the freedom to choose load boards as well. Still, on the other hand, finding loads every now and then remains to be one of the greatest challenges.
Moreover, the most common reason why owner-operator truck drivers fail is due to now acquiring shipments on a regular basis. This can even put them out of business.
Thereupon, load boards as online matchmakers are allowing owner-operator truck drivers to get connected with freight brokers who are posting loads. Hence, on these load boards, truck drivers can enter into agreements to move freight.
Yet, new owner-operator truck drivers should pay attention to the fact that load boards are extremely competitive and every now and then can require the operator to bid for a load.
Load boards are good for beginners, but after a while, owner-operator truck drivers should try to find another major source of freight.
I am suggesting this because after all load boards are in general dependent on where the truck driver and the one in need of load transportation are situated geographically.
Budgeting and Record Keeping
Budgeting and record keeping is pretty much interconnected with changing your mindset and developing good habits.
Henceforth, budgeting is the only thing that can contribute to the success of your business. You can improve your owner-operator business by making changes, such as:
- Projecting profit and losses;
- Making aware decisions for purchasing trucks;
- Deciding on a carrier to work for, and so on;
In general, owner-operators should be able to have sufficient financial funds at any time.
Having a cash reserve can save them from any surprises and emergencies that might cross their way. That is why when one is becoming an owner-operator truck driver should have in mind that class 8 truck is an enormous expense- no matter if you buy it or you lease it.
In reality, it seems that leasing can become even more complicated for owner-operator truck drivers.
When leasing a truck owner-operator truck drivers have to pay a monthly fee for the use of the equipment, even some truck leasing companies will set them to owe the equipment after the last payment.
There are numerous options for leasing a class 8 truck. What owner-operator truck drivers who want to lease a truck should do is to have a pair of legal eyes review of the paperwork before they sign any contract.
100 THINGS TO KNOW ABOUT GPS AND FLEET MANAGEMENT
Hey! I'm George J. Magoci and I will send you a FREE eBook where you can learn 100 Things To Know About GPS and Fleet Management.
Yet, in order for an owner-operator truck driver to maintain a good budgeting and record keeping, he/she should track virtually everything pertaining to the truck, including:
Get Familiar With OOIDA
OOIDA stands for Owner-Operator Independent Drivers Association.
Moreover, this association is fighting for the rights of professional truck drivers in the USA for more than 42 years so far. In addition the Owner-Operator Independent Drivers Association is as well supporting Canadian owner-operator truck drivers as well.
This organization thanks to their endless support and dedication has written their own history of effective representation. OOIDA via advising and assisting their trucker members are providing help and improvement in their businesses, legal matters as well as safety.
Thereupon, if you decide to become a member of OOIDA know that their membership fee is $45 for one year, and it comes with $10 subscription to Land Line Magazine.
Become A Businessman and Remember That Business Isn’t Personal
Becoming an owner-operator truck driver businessman and remembering that business isn’t personal means that truck drivers should never let their emotions or anything else get in their way.
Moreover, truck drivers can become successful businessman by properly investing into their trucking business and maintain it wisely.
Hence, foreseeing, budgeting and planning is where the main focus of owner-operator truck drivers should be. Abiding to the rules that come with owner-operator’s trucking business is a must.
Making the right decisions can lead an owner-operator to become a businessman and to remember that the business isn’t personal.
Doing your business in a more magnified way will definitely lead you into success.
Few Things That an Owner-Operator Truck Driver Should Fully Understand Before He/She Enters In This Field Of Trucking
Truck drivers who enter the career of an owner-operator before knowing which the crucial things for entering in this field of trucking are can lead them to disaster.
Few of the things that owner-operator truck drivers should pay attention to are:
- Cost per mile of operation;
- Permits and DOT Regulations;
- Truck and Trailer Maintenance;
- Freight Brokering;
- Load Factoring;
- HOS and Weight laws;
- Federal, State and IFTA fuel tax laws;
Remember that starting a trucking business without giving much thought to it can lead truckers to bankruptcy within the very first year of operation.
Last But Not Least: Remember That Becoming An Owner-Operator Truck Driver is a Process
Becoming an owner-operator truck driver is a process and it might take over a month before he/she can earn the authority by the Federal Motor Carrier Safety Administration FMCSA.
If the owner-operator truck driver is persistent enough he will experience a trucking business that will pay off and allow him to enjoy unlimited earning potential.
Moreover, truck drivers who want to start a new career as owner-operators should remember that it requires a huge amount of cash up front. This cash should cover all operational costs, including the potential repairs and taxes.
In addition, becoming an owner-operator truck driver will leave you a lasting impact on your career.
DISCOVER 100 BEST TOOLS TO RUN TRUCKING BUSINESS
Hey! I'm George J. Magoci and I will send you a FREE eBook where you can Discover 100 Best Tools to Run Trucking Business.
So, becoming a successful owner-operator truck driver is a long process to go through but luckily, in the end, it will pay off if you are giving your best every single day, as well as if you care enough for your customers.
Make Sure That You Have A Stable Relationship or No Relationship at all
As I mentioned before, owner-operators have a better freedom than company truck drivers have, but that doesn’t mean that they cannot get unexpected loads to haul, or to stay for weeks on the road.