Almost every truck driver, whether they are experienced or new, has fantasized about driving their own big rig and hitting the road to make the big bucks. We put together a list of 9 owner-operator tips for you to consider, should you desire to achieve those goals.

Everybody wants the independence, liberty, and profits, that come with being an owner-operator, but before becoming an owner-operator and entering into the realm of financial freedom, there are a lot of things to think about and take into consideration:

Owner-Operator Tip #1. Don’t buy a truck from the company you want to lease on to

If you are thinking of buying your own truck and getting leased to a company because you are not ready yet to get your own authority, make sure you do not purchase the truck from the trucking company and haul for them at the same time. 

In most cases, they will offer you a low percentage to work for them. Usually, the trucking companies have these lease/purchase programs set up to take advantage of the situation and make more money off of you than when you were a company driver for them.

Tip #2. Make sure your credit score is on point

Before looking into a truck lease, take a look at your credit score. It is important to understand how your credit rating will affect your application and make sure you are aware of every detail of your financial status. 

Your credit score doesn’t need to be absolute perfection, but it is recommended to have  600 or more. A lower credit score will also influence your minimum payment, down payment, and interest rate. So, having good credit is a big advantage.

Tip #3. Consider a bookkeeper to help you with paperwork 

As an owner-operator, bookkeeping is a crucial component of managing your business. It gives you a sense of how your company is doing and enables you to keep your financial statements organized. 

You could find it challenging to maintain accurate records when driving a truck. For this reason, it could be wise to consider employing a bookkeeper for your company. Look for someone that specializes in working with owner-operators.

Tip #4. Learn how to manage your cash flow when the price of fuel rises

It’s crucial to plan your fuel-ups according to your payday, whether you’re just getting started or trying to recover from a significant truck repair bill. It can be very challenging to budget effectively if you decide to fill up when you don’t have enough money rolling in.

Before settlement day, it’s common to see operators top off their trucks. However, you can place yourself in a difficult situation if you don’t initially obtain the funds so that you know how much money you have to work with. 

When this large fuel expense is factored into their settlement payments, it ends up leaving them short of what they need in order to stay afloat cash-wise for the next week. This leads to the driver needing to take a cash advance in order to keep their business operating that week. 

A better strategy could be to only fill your tanks up halfway. Alternatively, you can wait until the day after settlements are finalized to preserve cash.  

Also, make sure you are driving your truck at its maximum fuel efficiency. Implement techniques such as:

• driving slower, but constant: steady speed means steady fuel usage
• find the sweet spot of your engine
• stay in a higher gear
• feather the throttle
• take the most efficient route with the least stops to your destination.

Tip #5. Get ready to pay for all of the truck’s maintenance

You know what they say: it takes money to make money.

The trucking industry is by far one of the businesses that require a lot of money to make money.

As an owner-operator, you are responsible for the repairs and maintenance of your truck. This means you shouldn’t wait until you can’t operate your truck anymore, but perform regular maintenance and repairs before any serious breakdowns happen.

In order to ensure the good functioning of your business as an owner-operator, you should set up a Maintenance Account. Not only will you have the money to fix any minor issues, but you’ll eventually have enough money saved up to handle major repairs that will arise as your truck ages.

Tip #6. Get ready to provide your own loads

As an owner-operator, you should be able to find loads constantly in order to keep your business running properly. Using load boards in order to find your freight and collaborating with a freight broker go hand in hand. With this method, you won’t run out of loads. If you get the chance, you can also source them directly from the shipper. This is a great option if your priority is to spend more time at home.

Tip #7. React to change and take decisions quickly 

This is an absolute must if you want to run your business successfully as an owner-operator: become a better problem-solver as time goes by. It is no secret that being on your own in an industry full of competition will bring up challenges, but also problems that you haven’t encountered before and will need to be fixed by you. 

Take into consideration that you might be on your way to getting a big load and your truck breaks down. How do you react to this situation? What could be the best decision for you in this case? These are the kind of situations you need to be prepared for and react to in an efficient way. 

Owner-Operator Tip #8. Consider your health condition

Tip #9. An understanding of the family is a must

Family support is vital in an owner-operator job because you will be on the road for a long time, which means that your family won’t get the chance to see you that much. 

Being on the road most of the time will put a toll on your personal life, but if you have the right support system waiting for you at home, it will make the situation easier for both your family and you. 

Do you have any other owner-operator tips you want to share? Comment below and let us know!