How to Get Started as an Owner Operator in the Trucking Industry

How to Get Started as an Owner Operator in the Trucking Industry

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Being a truck driver offers plenty of benefits, including job security and competitive wages. But you can really boost your earning power by taking things to the next level by becoming an owner operator.

Develop a business plan. You’ll essentially be in business for yourself, so you’ll have to come up with a business plan pertinent to your niche, and determine your estimated cash flow, expenses, start-up costs, and so forth. Make sure this plan is thorough, as you’ll have to refer to it when you apply for financing to get your business up and running.

Identify the employment potential for owner operators in your area. Get in touch with the local industry and large firms that use owner operators. Search our website for employment opportunities with either a price or a bidding range offered. Make sure you can easily get a gig before you invest in your truck.

Buy the right truck you can afford. Identify the niche you’ll be in, and shop around for the appropriate truck. Scope out a number of dealers and financing options, and understand the type of maintenance that will be needed.

Buy insurance that will cover your vehicle. There is significant liability in the trucking industry, so you’ll have to make sure that the insurance policy you purchase will adequately cover your vehicle. The prices will range quite a bit, so make sure to take your time in the shopping process.

Hire an accountant to take care of the books. You’ll be spending all your time working, so leave it to the professionals to take care of all your tax forms and invoices for you. Your accountant will also be able to help you track your expenses, which is important to keep your budget intact.

Learn to do basic maintenance on your truck. You can save yourself a lot of money performing basic maintenance like changing tires rather than always relying on a mechanic.

If you’re looking to make a transition to an owner operator and are looking for related trucking jobs, look to Landstar. We’re committed to helping owner operator hopefuls just like you start off in this business on the right foot.

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Categories: Career Planning