Being on the other side of the business as an owner-operator seems easier and more convenient when it comes to the numbers in your bank account. Truth be told, since the stigmatization of being a company driver started, more 0and more lies about being an owner-operator were born.
Working as an owner-operator is not a job to be done by anyone – the industry focus is directed towards how much money you can make putting in less effort than a company driver and because of that less attention is being paid to the complexity of an owner-operator job.
The real story of pursuing an owner-operator profession is most of the time followed by lies that create confusion within the industry and spread misinformation to those who are just starting out.
Lie #1. Only excellent drivers can become owner-operators
Just because you have prior experience and you are well-skilled when it comes to driving trucks, it doesn’t guarantee you will be a skilled owner-operator too. First and foremost you are going to operate a business, which means that just having excellent driving skills won’t lead you to an efficient process of running the business.
You need to be ready to give proper attention to your profession as you will be the only creator of your success. Be sure you are equipped with more than excellent driving skills and you are ready to have a support system that will ensure long-term results.
Lie #2. Being an owner-operator will make your life easier
If you feel burned out as a company driver and you are thinking that making a switch to an owner-operator position will improve your life in terms of workload, you are making the wrong turn. As mentioned previously, as an owner-operator you need to be ready to create a support system that will ensure the well functioning of your business.
Owner-operators are not only responsible for safely driving their trucks over long distances, but they are also involved with loading and unloading, planning routes, interacting with dispatchers, and logging all trucking activities. In order to keep these basic responsibilities rolling, it will be necessary to ensure the functionality of your truck. This is a major aspect that should be managed by you as an owner-operator since you are the only person in charge when it comes to keeping the business running.
It is crucial to know that as an owner-operator, you will be driving a lot. You’ll be on the road for long periods and you’ll spend a lot of time away from home. You need to make sure you have a good relationship with your family before pursuing this profession as you will need their constant support and encouragement to help you cope with the challenges of life on the road.
Lie #3. Owner-operators make easy money
This is one of the most heard affirmations that flows among those who are not aware of what it means to be an owner-operator.
Owner-operators are paid by the load, so their income varies depending on how much they work. They also incur many of their expenses, such as fuel, maintenance, and insurance which means that even if the cash flows, the profit is not always as stable as it would be for a company driver.
As an owner-operator, you must remember that the money that hits your account on a weekly or monthly basis is not your full profits. Being on your own has specific obligations that lead to expenses. Take into consideration that part of this money is directed to maintenance, insurance, and fuel. In order to earn the amounts that everybody is rumoring around you should be capable to create a clear structure for your expenses and be ready to put in the work, because without focusing on the latter you might be in the position to earn less than a company driver.
Want to become a millionaire as an owner-operator? Check out this article.
Lie #4. Owner-operators don’t need any type of education
As an owner-operator, you need to know exactly what your financial obligations are. You certainly won’t need an academic diploma to become an owner-operator, but make sure you have the proper financial knowledge, along with some business basics. To learn as you go is another option, but you would rather work smarter, than harder from the very beginning.
As an independent owner-operator, you’ll have more control over your income, but also on the way, you can scale your business. You need to make sure you have enough information on how to operate this type of business to reach your target profit ahead of schedule.
Even if you have a team that is in charge of your business structure, record-keeping, income tax returns, and various legal issues you should be able to understand how these work because if you know how the system works, you can bring improvements that can benefit your business.
Lie #5. Anyone could do it without prior experience in the industry
As mentioned before, this is not a job for anyone, but more than that, this is not a proper job for someone without prior experience with trucking services. Of course that a reorientation in a career is very much possible, but if you are considering it be aware that you might face some challenges.
You’ll need to obtain the necessary permits and licenses. You’ll also need to find a trucking company to lease on to, which might be tricky if you don’t have any connections in the field. Finally, you’ll need to discover people that are eager to hire you, which might be challenging if you’re just getting started and if that is the case you can begin by using load boards.
A load board is a real-time online marketplace where shippers, owner-operators, and brokers can post and find freight for hauling. Load boards are an excellent place to start since it gets your wheels moving quickly.
Here, you have the advantage of telling brokers your location and dictating the routes you want to follow, the disadvantage being that load boards usually make for short-lived, transactional relationships.
A few last words
Be aware of what kind of information is spreading within the trucking industry and make sure you do verify everything before taking any major decision in terms of buying your truck and hitting the road as an owner-operator.
Before taking on the increased stress and financial commitment, remember that planning, research, and determination are the initial necessary elements for a successful career as an owner-operator.
Becoming a new owner-operator and owning a big rig for the first time is exciting but filled with challenges and changes, so make sure you are the type of person who is ready to face all these.
