An owner-operator is a business owner who owns a tractor and, on other occasions, a trailer or fleet of trailers. The Owner-Operator Independent Drivers Association (OOIDA). Being an owner-operator can be a satisfying experience if you are the type of person who likes to travel, spend time away from home, and enjoy driving large vehicles. The owner-operators are an important part of the economy since many goods are transported across the country. In addition, owner-operators can make a financially successful living by being independent truck drivers with their own trucks. They are the driver and the employer at the same time.
The pros and cons of being an owner-operator
This is certainly an exciting and rewarding experience for many. Yet, you must be aware that the owner-operator trucking job is a hard one and it brings great responsibility. Think about your options and take a look at our list with pros and cons.
Pros
- Tax savings. You’ll benefit from a number of tax deductions that the company truck drivers don’t have. For instance, expenses such as maintenance or bank fees, and essentially any expenses related to your business are tax-deductible. If you decide to lease your truck, the lease payments will also be deductible.
- New people. Get ready to meet new friends in all corners of the world! Wherever you go and stop to get rest (hotels, distribution centers, truck stops, or restaurants), you’ll enrich your experiences by having conversations with different people.
- Independence. The freedom that you get when you are an owner-operator is priceless. You can choose your loads and the destinations. In addition, you get flexibility with your off-duty hours and you can go on holidays whenever you want.
- Income control. Talking about salaries, the owner-operators can make $400K+ per year, which is a lot more than the truck drivers who work under companies. This means that the trucking business can be a fruitful one. As an owner-operator, you’ll get more control over your income and business, and you’ll be able to manage your revenues.
- Networking. Being your own boss will enable you to get networking opportunities. Once people get to know you as an owner-operator, they will start contacting you for new business partnerships.
- The current shortage of drivers. The demand for drivers right now is really high. This is a fact since the drivers basically move all retail items and food. The shipping rates continue to climb because the shortage is getting worse. Having this in mind, this is a great time to start building your trucking business.
Cons
- Time and responsibility. Being your own boss can be positive, but it also comes with a lot of responsibilities. As an owner-operator, you’ll need to pay attention to government regulations and be on top of your work. Since you’ll need to cover the workload on your own, you’ll work more than company truck drivers do.
- Pressure. As with any new job, until you establish a good reputation in the industry, the beginning can be a bit difficult. It's not just the funding, you’ll need to run until the profits start, but also, you will have to do some research to find a great carrier to work for.
Become an Owner-Operator
If you’ve reviewed the list with pros and cons and you still want to become an owner-operator, you’ll have to follow some steps to get the job done.
Evaluate your lifestyle
This is more than a career. You may spend several weeks on the road, away from your family and home. It’s a difficult career choice so you need to be aware of the whole process. Also, you don’t need to first become a company truck driver and then owner-operator, but it certainly helps. It’s a lot easier to get the road experience without the financial risks if you start by working for a company.
Find out more about the industry
Talk to owner-operators you may know about the business or others who know how to run a trucking business. They’ll be able to give you info about what you can expect and offer advice based on their own personal experience. Think about whether you want to lease or work completely alone. Leasing is helpful because companies supply loads, and working independently will allow you more flexibility.
Get insurance
You’ll need truck insurance. However, many drivers opt to have their insurance provided by the company they work for, as we offer at Road Legends. The insurance includes:
- Non-trucking Liability Insurance - covers you if you are not performing duties directly for the motor carrier
- Physical Damage Coverage - covers damages to the vehicle if it’s been involved in a collision.
- Lease Gap Coverage - covers you if the value of a totaled vehicle is less than the remaining amount due to the lease.
- Motor Truck Cargo Coverage - covers the goods in the case of theft or damage.
Maximize profits
Your goal is probably to minimize the expenses and maximize the profits. In order to do just that, you’ll need a strategy. Your focus should be the larger expenses, such as vehicle insurance, fuel costs, repairs, and compliance with regulations. You can minimize the fuel expenses if, for example, your speed limit is within 65 MPH. Also, poor driving behavior can lead to additional fuel expenses.
Find the right truck
Your trucking equipment will mainly depend on your finances. You can lease or buy your truck. Take your time to consider your options, and if necessary, find a bank with a low-interest rate.
How to land owner-operator trucking jobs?
Landing a job is why we go through all this trouble, right? Let’s learn how to find owner-operator jobs with some basic strategies described below.
- Become a dependable driver
This comes without saying, but being a trustworthy person always comes a long way. If you provide great customer service, you’ll be able to get high-paying freight. Make sure you create favorable partnerships with your clients, and others you work with. Also, be reliable by shipping your loads on time. Making this happen forges your relationships and enables you to become the go-to driver.
- Find a quality carrier
Working for a carrier with a good reputation is essential. The carrier has the responsibility of providing operating authorities and permits, securing insurance, license plates, trailers, and of course, the freight. Additionally, they often provide credit card systems for cash advances and fuel purchasing. When looking for a company to work for, make sure they are without forced dispatch, like we work at Road Legends. An owner-operator job requires patience, determination, time, and hard work, so make sure to look for a company that stimulates and appreciates just that. At Road Legends, a family-owned business founded in 2007, we strive to maintain a positive work environment and focus on our driver relationships, interactions, and experiences. Pick a company that keeps its contractors busy with consistent and steady fright, securing maximum earnings every week.
Let us help start your own business.
In addition, it can come with a lot of headaches, but luckily for you, we at Road Legends are here to help. We are a family business with a promise to defend the interests of our owner-operators, so you can be confident that you are stepping into a package with your success in mind. We are always on the lookout for trustworthy [owner-operators](https://www.roadlegends.com/jobs/job/owner-operators) with their own trucks to come and join our FLATBED /CONESTOGA, VAN Divisions for OVER THE ROAD (CDL Class A). The gross earnings would be up to $12,000 weekly and you’ll get 88% from the gross pay. In addition, you’ll earn a sign-on bonus of $10,000. With us, you’ll be able to gross $400k+ a year. We have a great reputation for keeping our contractors busy and with great earnings. Feel free to apply at https://www.roadlegends.com, and to call us for additional information at 773-377-8721.
Road Legends Team
Post created: November 18 ,2021
Post updated: January 23 ,2024