10 WAYS TO KNOW IF YOU’RE READY TO BECOME AN OWNER OPERATORJuly 15, 2019
You want to become an owner operator right? How will you know if it’s right for YOU? How will you know if you will be successful?
Well there’s no way to know for sure.
But there are several factors which will reduce the odds of problems and increase the chances of your business being successful.
SOLID SURE FIRE TIPS FOR SUCCESS IN ANY BUSINESS
1. Stay well informed and knowledgeable about your area of business. Your area of business is trucking. Know the ups and downs and ins and outs of trucking. Follow the trends and be aware of what’s going on in the trucking industry. Find out as much as you can about it and never stop learning about it.
2. Spend time EACH day on your business, even if only a few minutes. You cannot afford to EVER ignore your business.
There are so many things to consider before jumping in with both feet and buying your own truck. This is something you need to go into with your eyes wide open. Do not be blinded by the romance of owning your own rig and driving off into the sunset!
Being a skilled truck driver, doesn’t make you a good owner operator. Nor does it make you a good business head.
Becoming an owner operator includes the job of a professional driver along with all of the duties and responsibilities of a company driver, AND the additional business responsibilities and liability.
If you’re burned out now as a company driver, don’t think being an owner operator will make your life easier, because it won’t.
Owning your own truck is rewarding, but it takes more than desire to be successful. It’s a lot more work, stress and responsibility.
Here are 10 of basic questions you should ask yourself BEFORE taking the big plunge to buy your own truck.
Related > What You Need to Know About O/O Jobs VS Company Driver Jobs
10 QUESTIONS TO HELP DETERMINE YOUR READINESS FOR BECOMING AN OWNER OPERATOR
- Are you prepared to give the attention to your business after putting in 70 hours a week behind the wheel, getting decent sleep, family time, exercise etc…. there’s not a lot of time left over to take care of business. But that’s part of owning your own truck.
- Do you have a cash reserve? Are you prepared to loose this chunk of cash if things don’t work out? Look forward to a favourable outcome and also be prepared to accept the worst. Can you finance your truck on your own credit? Or do you need your wife/significant other’s signature? Are you willing to risk everything if your business goes down?
- Do you have a plan? Doesn’t need to be complicated but you need for your new business. Do you want to be in business for 5 , 10, 20 or till you die? Or is this a short term plan? Short term and annual goals are a good idea. Doesn’t need to be complicated, but outline it for yourself. Refer to it from time to time, and make changes as necessary.
- Do you have mechanical abilities If so, it will save you some money, if you can fix at least some things yourself on your truck. Be prepared to pay high premiums for truck repairs.
- Do you have the desire to be independent? Becoming an owner operator can satisfy this need to be an independent business person.
- Do you have a good solid understanding of how things work in the industry? How many years have you spent as a company driver? Have you adapted to life on the road? Does it work for you? Be certain a trucking career is for you. Don’t take for granted life on the road and the other challenges of being a trucker are for you, unless you have been a driver for several years. You may learn it’s not what you thought AFTER you’ve bought your first truck!
- Have you talked to other owner operators about their business? Listen to whatever they have to say. There are lessons to be learned from experienced operators.
- Do you know exactly what your financial obligations are? Are you in control of your finances? Do you know exactlyhow much you need to make to cover your bills, how much you need to make for your business to turn a profit? Take into consideration your health, your family, your retirement plans. It’s vital to set up a budget for your personal financial obligations and your projected business expenses. A reliable legal and financial adviser can give you the advice you need. You’ll reap the rewards many times over, by starting your business off on the right foot.
- Do you have a record keeping system in place? Who will do your bookkeeping? You will need professional assistance.
- Do you know of some good, honest trucking companies you can investigate to start out with your first truck? Familiarity with some carriers can be very helpful. If you’re presently working with a trucking company that you like, being an owner operator with a solid, trustworthy company who knows you can be advantageous.
You will be the creator of your success in business. Be sure to give some serious consideration to these questions before making the important decision of buying your own truck.
Planning, research and determination are the initial necessary elements for a successful career as an owner operator.