How to Get Through Your First Year as an Owner Operator?
So you’ve decided to leap from being a company truck driver to become an owner-operator. It is not the easiest decision, and your life will completely change, but it’s worth it! By the way, you can read more about the pros and cons of being a company trucker vs. owner operator here.
First of all, you should understand that being an independent contractor is not only about buying your own truck. Now you are running your own business and should change your view of your work and think like a businessperson. So there are several tips on how to get through your first year as an owner operator and succeed.
Plan your finances
You definitely need a business plan for your first year! You should know your budget and cash flow projections. Understand that money you receive from your services is not completely yours. First, you should pay your bills, taxes, etc. and only then you can count your salary. And don’t forget to monitor your fuel consumption. For you to be safer, it would be better to have savings account for unexpected costs, like a truck repair.
Start with a used truck
Buying an expensive new truck can be a fatal mistake for your business because credit payments are likely to exceed your income. So let’s start with a used one. Buy a truck brand that has a good reputation. And it would be useful to take a course in diesel mechanics to better “understand” your truck.
Hire an accountant
Don’t do everything by yourself. Delegating a task can be the key to your business success. Trust your finance flow to accountants with experience in the trucking business. They will help you to create a realistic budget, file your taxes, and save your money. By the way, Owner Operator Land provides such a service. Find out more about it here.
Set realistic expectations
In the first year, you will have a lot of spending. That’s why we advised you to have a savings account. Do not expect to earn a lot right away. Everything will be but in the future. For a better understanding of what to expect, chat with fellow owner-operators on the forums without being afraid to ask for advice. Read all the news in your sphere, and advice about running your business.
Cooperate with trusted recruiter agency
Of course, you can find loads independently, build a customer base, advertise your services. You may need the help of factoring companies to get your money on time. But if you want to spend less time searching and more time at work, a recruiter agency will help you. Owner Operator Land cooperates with many trucking companies that are ready to give you a chance to get the most out of your truck. For more information, call us (855) 805-5262, (855) 528-1818, (866) 907-9068, or apply here.