In the trucking industry, there are two types of professional truck drivers – company drivers and owner-operators. As for company drivers, they are employed through a trucking company, owner-operators run their own business. While both careers can earn you a great living, there are some differences between the two. Most drivers are company drivers – however, there are still some out there who are independent.
To be an independent driver or owner-operator, you will need to have the right skill set and both financial and personal goals before hitting the road to be successful. In this article you will find tips on becoming a successful owner-operator at Americas Best Trucking.
Benefits of Being an Owner-Operator
As an owner-operator, you have the option to lease on with many different trucking carriers. However, it is important to find the best trucking company that best fits your needs. Below are some benefits of being an owner-operator.
Having your own vehicle and equipment
As a company driver, most drivers will share trucks as they are not assigned specific ones. But, that is not the case with being an owner-operator. As an owner-operator, you have full control over the type of vehicle you drive and trailer you haul. You do not have to share with other drivers. This is your “office” to run your shop.
Control over your income
Many owner-operators have the potential to earn up to $221,000 per year. If you manage your loads properly, as well as your revenue and expenses, owning your own truck and running your own business can be beneficial. As an owner-operator you have more control over your income and how you want to run than a company driver.
Be your own boss
Being our own boss can have its advantages and disadvantages. The advantages are that you get your own freedom. You can run how you choose and not have anyone to answer to. You can choose when you want to go on vacation without permission, you have more flexibility, and more time at home with your family. This is true if you lease on with Americas Best Trucking – a Landstar agent who is 100% non-forced dispatch. However, some of the disadvantages is the bigger expenses fall into your lap and not on the company.
Important Tips in Becoming a Successful Owner-Operator
Becoming an owner-operator is not something someone just wakes up and does. For some it is not that easy, and for some it can take years of planning and budgeting to be successful. Being an owner-operator does require the right business mindset to become successful on your own.
Below are some helpful tips to keep in mind if you are thinking about becoming an owner-operator.
Budget your money
You will need to ensure you have a stash of money saved back for your expenses. As an owner-operator, bigger ticket items will fall on you. One of your biggest investments will be your truck. So, it is best to pay as much of your truck off as possible. However, if you do not have the money right away to make a large down payment for your truck, it may be harder to start up your business. Paying more towards your truck can keep your payments low and affordable. That way you can put money towards other business expenses.
Credit Score Rating
Having a good solid credit score can help you in the end. One of the biggest mistakes owner-operators do is begin their business with little to no money and a poor credit score. However, there are financing companies who can help you even if you do not have the best credit rating. But you may also take the chance of backsliding financially if you do not have the money to pull yourself out of any debt that you acquire. Having good spending habits can really make or break your business.
Supporting Family
Having a supporting family or relationship many owner-operators don’t think of. Being away from family or a spouse can take a toll on not only the driver, but the family back home. Being away for long periods of time can cause issues and can be devastating for kids. However, having a supporting family or spouse who understands your job and your time away can make things easier. There are different types of technology now that can keep families connected even 1,000 miles away.
Good Health
Before hitting one road, you must first consider your health. If you have health issues now, being away from doctors or not having the best eating habits can cause more health issues. Being on the road for numerous days can take a toll on anyone – and truck drivers are known to have many health issues. If you begin noticing a decline in your health, it is best to reach out to a medical professional.
Choose the right trucking company
Finding the right trucking carrier is essential to your success. While there are many good trucking companies out there, there are also bad ones. When looking for a trucking carrier, it is best to look for one that you can see yourself being with for the long haul. When looking for a carrier, you might consider one that is not forced dispatch such as Americas Best Trucking.
There are may other characteristics that go into being a successful owner-operators. However, if you have questions, do not be afraid to reach out to other veteran drivers who have been driving for years. More experienced owner-operators can give you reliable advice and help you reach the success you strive for.
If you are ready to take the next step in becoming an owner-operator with Americas Best Trucking, contact our recruiting department today at 937-982-5305.