Feeling a bit overwhelmed by all of the costs associated with being an owner-operator?
As you can see from the infographic above, there are a myriad of costs that owner-operators must shoulder as they try to make a name for themselves as an independent small businesses in the transportation industry.
But the expenses can be managed. Take a look at these tips for owner-operators. (Also, if you’re new to the trucking industry, we’ve compiled a guide to starting your own trucking company.)
Be Patient as Your Salary Grows
You won’t start raking in $100,000 per year overnight. It takes time to get there. According to the OOIDA Foundation, new owner-operators should expect to gross closer to $50,000 per year while they make a name for themselves within the industry.
Keep Track of Your Earnings and Spending
Cost sheets aren’t just recommended—they are essential. Start using one right away, and ditch the old-school method of recording everything by hand. Find an online program that can keep track of your spending and earnings. Electronic venues will cut down on the potential human error that could cost you cash.
Never Turn Down a Load
The fastest way to earn a great reputation in the business is to display your ambition and impeccable work ethic—therefore, if a job presents itself, take it! Check out our article on finding loads using online load boards.
Take Advantage of Alternative Financing
We hope these tips for owner-operators help. Although, the reality is that funding is very hard to come by for any small business, especially an independent trucking company. Luckily, though, there is an alternative financing method called freight factoring that can get owner-operators fast, debt-free cash at a moment’s notice. Interested? Get in touch with a representative from Factor Finders and see to it that your new trucking company gets off to a great start.