5 Steps to Becoming a Trucking Owner Operator
Being an owner operator in the trucking business can be a really lucrative and profitable career. If this is a career path you’re interested in taking, consider the following steps to get on the road to success.
1. Make a Personal Assessment
You’ll need to take a good look at your ethics and habits, and any other factors that could boost your chances of succeeding (or not) as an owner operator. Some of the personal factors you should examine about yourself include your driving preferences, how much time you want to spend at home, health considerations, insurance, and your short- and long-term career goals.
2. Consider Your Finances
Financial considerations need to be part of the equation. Your finances essentially affect every part of your life, and will be an important component of your success or failure as an owner operator. To make sure you’re ready to make this career change, you should first examine your finances to make sure everything is in order.
3. Consider Whether to Go Independent or Lease to a Company
One of the most important questions that you should ask yourself is whether or not you want to go independent or lease with a carrier. There are advantages to both. Some truckers might prefer to be independent, which allows them more flexibility in their schedule and the jobs they take. Others prefer to give up such flexibility in favor of the perks they get from working with a company. The choice is yours.
4. Think about Your Equipment
The kind of equipment you decide to operate, the type of operation you have, and the manner in which you drive will determine your profitability. Consider the age of the truck, your area of operation, how long you’ll be on the road, and the fuel economy.
5. Consider the Accounting of Your Business
In order to become an owner operator, you’ll have to select a structure for your trucking business and plan ahead for taxes. You’ll need to get in touch with qualified professionals who can give you good advice that can help ensure your success.
If becoming an owner operator is something that sounds interesting to you, contact Landstar today. At Landstar, we’re entirely dedicated to your success.