You’re the boss behind the wheel when you hit the road in your big rig. However, you’re not really in charge unless you’re an owner-operator. Do you want to make your own schedule or choose the loads you run? Maybe you’d rather avoid routes that keep you away from family for weeks. Owner-operators can decide which shipments to take and create a work-life balance that fits their lives. Because of the many benefits involved, the dream of owning your rig can be incredibly persistent. But is now the right time to take the plunge? Transitioning from being a company driver to an owner-operator also comes with big responsibilities. Thinking of going solo? Keep reading for four clear signs you’re ready to own your rig.
You’re Comfortable Managing a Business
Owning a truck means running a business. You must consider bookkeeping, taxes, compliance with regulations, and handling contracts. Business management will be easier if you have a knack for organization, but that’s not required. Plenty of business administration tools are available that can help you. For instance, you can use software to handle your accounting.
You Have Industry Experience
Experience is a huge asset for owner-operators. You’re already a step ahead if you worked as a company driver and feel confident handling different types of loads and equipment. This confidence doesn’t mean you need decades of driving experience. Generally, three to five years behind the wheel is a good minimum for those thinking about becoming owner-operators. Experience also means you likely have a network you can leverage for load opportunities. Focus on connecting with load brokers or direct shippers if you’re still growing your network.
You Have Financial Stability
Owning a truck isn’t cheap. One of the clearest signs you’re ready to go solo and own your rig is having your finances in order. The upfront cost of buying your rig can range anywhere from $40,000 to over $200,000, depending on whether you choose new or used. Then, there are ongoing expenses such as fuel, insurance, maintenance, repairs, and equipment. Some of these expenses are mandatory, but most advice for determining if a piece of equipment is necessary revolves around conducting cost-benefit analyses. You’ll need a deep understanding of your finances to make good decisions and generate positive cash flow.
You Know How To Maintain a Truck
Maintenance is constant for any truck owner. While most companies handle repairs for company drivers, it becomes your responsibility as an owner-operator. Therefore, you must understand your truck inside and out. Do you know the signs that you need to upgrade your track scales? Can you spot potential issues such as failing brakes or worn tires? Knowing how to care for your rig can save you thousands of dollars in the long run.
Take the First Step Toward Ownership
It might be time to seriously consider becoming an owner-operator if you’re nodding to most (or all) of these signs. Evaluate your finances and research the best rigs for your needs when you’re ready to take the first step. With the right preparation, owning your truck can open the door to a more flexible and profitable trucking career.
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