Thinking about becoming an Owner Operator?
First of all I want you to be successful. I want to
sell you multiple trucks over the years not just your first and last truck.
Becoming an owner operator and being successful at it is tough.
This is what I want to tell all my prospective Owner
Operators. Read over these bullet points and think about each one.
- How much driving experience do you have?
- Do you have a business plan?
- Do you have an accountant and a lawyer who can assist
you in deciding how to set up your business? Do you understand the legal
and tax ramifications of each type of business?
- Do you know where to get the best rates on insurance?
What about other types of insurance? Dental? Medical? Life? Etc.
- Do you know your cost per mile?
- Do you have a few months of income set aside before
you start? I learned in the landscaping business that most of my bills
were due at a different time than when people paid me.
- Do you have a record keeping method in place for
- Have you spoken to other Owner Operators and how
they are operating?
- Most Important: If you have a family, are they in
full support of your career?
Let them know of your plans and goals beforehand.
Tell them upfront the sacrifices that will need to be made.
Most important no load is worth losing your family.
- Financing a truck can be difficult. For first time
buyers good credit and 20% down are the norm. Do you have the 20% down
and a few extra months of income needed for startup?