Are you an owner-operator or thinking of becoming one?
The trucking industry can get competitive and as it grows, there are more opportunities to make money independently. Becoming can owner-operator presents the chance to be your own boss. But being your own boss comes with guidelines to follow. Here are some trucking tips to help you out!
What is an owner-operator?
An owner-operator is an individual who owns and operates their own trucking business. They may lease on to a carrier or they may operate under their own authority. To identify as an owner-operator, you are required to have a DOT (Department of Transportation) or MC (Motor Carrier).
What is the annual salary of owner-operator truck drivers?
According to Indeed, the average salary for owner-operators in the United States us $146,636 per year.
We’ve compiled a few trucking tips to ensure you remain competitive in the world of transportation:
- Drive carefully
Stay on top of weather conditions, road hazards and employ safe driving tactics. If driving conditions are unsafe, pull off the road. Never feel pressured to drive in unsafe conditions. - Live a healthy lifestyle
Staying healthy and getting enough rest is critical to your business success. Drivers must meet certain physical requirements to remain licensed, so it’s important to include healthy eating and physical activity into your routine. - Budget wisely
Knowing what to buy, where to expand and where to cut back can mean the difference between business success and failure. - Maintain ELD
Make sure to use your ELD to stay in compliance with DOT requirements. - Regular vehicle maintenance
Perform regular maintenance and address any needed repairs as they arise. Quick action and preventative maintenance will do wonders in avoiding expensive repairs in the future. - Be picky when choosing loads
Never accept more loads than you can handle. You understand your budget the best. If the load isn’t profitable enough to be worthwhile – don’t accept. - Timeliness
Deliver loads promptly to guarantee customer satisfaction. If unforeseen events put you behind schedule, see tip number 8. - Communication
Expect the unexpected. Conditions may arise that make it impossible to be on-time. Poor weather, mechanical problems and traffic jams are par for the course. Keep customers informed if there are any delays. - Never stop learning
In order to be competitive, owner-operators must stay on top of industry trends and understand their competition. Learn the basics of business, industry trends, etc. Check out the websites and social media of small trucking companies. Compare your profit margins and data against other owner-operators and trucking companies. Are they doing anything that you are not? Keep close track of your business performance to determine what is and isn’t working for your operation.
Remember these trucking tips!
Getting more funding for your owner-operator company
Finally, owner-operators should be aware of trucking factoring options to help get them through when cash flow becomes tight. There’s no reason to pass on a high paying load because you can’t afford cash up front to cover fuel costs.
Our owner-operator truck factoring programs provide fuel advances upon pick-up of the load. Factor Finders specializes in factoring for truck companies.
Get started today by simply giving us a call or filling out the form below for a free factoring quote.
