If you have been thinking of becoming a truck owner-operator, you’re maybe curious how much owner-operators earn and how you’re going to get your trucking business up and running. Independent truckers have a very good salary and becoming an owner-operator is the ultimate way for you to make it a career where you can make a significant effect on your life and feel proud of the work that you do. Essentially, the commercial trucking industry has helped the U.S. economy, skyrocketing more than 70% of the nation’s freight. Trucking is an excellent profession if you know the business very well. There are a lot of factors that need to be considered before making the final decision.
Most of the time, truckers thought that having their own rig and hitting the road as a self-employed operator is enough to sustain the business but they have been missing some points in order to make it successful. You could have an entrepreneurial sense or have gained enough experience as a company driver, but one thing’s for sure, starting a trucking business is full of privileges while carrying a ton of responsibility. To help you thrive as a new owner-operator, having a business plan is a must.
So, here are the basic steps you can follow on how to start your own trucking business.
1. Self-assessment
Self-assessment is really important because running a commercial trucking business is not as easy as you think it would be. It can be draining and exhausting both physically and mentally. Independent truckers spend most of their time on the road compared to employed company drivers. Being self-disciplined is a must since you have no boss looking over you or reviewing your workloads. In order to operate, you should have at least one year of over-the-road experience, in good physical condition, and have an owner-operator trucking software ready.
2. Decide how to acquire your truck
The most crucial and exciting part of your owner-operator journey is deciding how to acquire your truck. You can either buy or lease a truck. Depending on how many assets or capital you have set aside as a startup, a pre-owned heavy-duty truck in optimum shape would cost at least $50,000 and possibly as much as $100,000.
One of the challenges new business owners must face is having the necessary capital to support their initial investment. So, this time you need to think outside the box, one of the best options you could do is to have access to business loans or with the help of financing.
A recommended financing solution partner that works across the US and Canada has been helping start-up business owners. SALS CAPITAL caters to most entrepreneurs' needs in different situations. They have a variety of funding options, everything from startup funding, working capital, lines of credit, or even equipment finance. They also offer consumer financing up to $50,000. You can visit their website or call 332-334-1077 and check if you can qualify for a 0% interest rate.
3. Plan your tax reporting
In order to have peace of mind, you need to have the legal tax planning and paperwork sort-out before you begin. Always consult with professionals in your local area to find out what is needed in your business. You can also use an app or software that helps you track and monitor your IFTA.
4. Record all your expenses
It is understandable that owner-operators make a lot more money than company drivers. But you should be realistic with your expenses such as maintenance fees, taxes, and etc., which most company drivers never thought of. When gathering the numbers, don’t forget to include your personal expenses while on the road. Give a reasonable amount for your meals and miscellaneous items.
5. Take care of your health.
It is very common for truck drivers to deal with irregular sleeping habits, hypertension, high cholesterol levels, and fatigue. Luckily, there are many things you can do to prevent these problems, you don’t need to do heavy workouts or go for a daily walk. Switch to a healthy diet and you’re good to go. Want to learn more about how to get funding for your commercial trucking business? Complete our 2 min pre-qual form & get the approval you need today!