If you're tired of putting your family at risk with the long hours you spend on the road as a truck driver, then perhaps it's time to think about starting an owner-operator business. Or maybe you dream of living on the road, keeping the country running with the necessary goods you carry.
Whatever reason you're thinking of owning your truck, owner-operator businesses give drivers more control over their schedules and lifestyle. However, starting an owner-operator business can be very challenging. Learn more about how to start your business.
Make Sure It's The Right Fit
The first step in starting an owner-operator business is to make sure that it's the right thing for you and your lifestyle. There are a number of factors you need to consider, such as:
- Your skills and knowledge of trucks and logistics - Do you know anything about long-haul trucking or the industry? You'll need to learn a lot in order to make your business successful.
- Family and personal life - Your family will be quite involved in this business since you'll have to spend time away from home. Make sure they're comfortable with the idea of living together on the road before starting your venture.
- Your desire to put in the work - are you able to work alone and be in charge of your expenses?
Starting your own owner-operated business is a big investment — both financially and in terms of your time and lifestyle. Think deeply about whether this is right for you, and if it is, go for it! An Owner-operator business can be a great move for many truckers, but it’s not right for everyone.
Find The Right Truck
Once you've decided that this is the right business for you, think about what kind of truck and trailer you want. Depending on your experience and the type of goods you're transporting, a different size may be best. Your truck will be your biggest expense, and you'll need to ensure that you're getting what you need! You'll also need to decide whether you want to lease or buy.
Keep Your Expenses Low
In a typical owner-operator business, a driver who leases is in charge of maintenance and fuel costs. There are some costs that are out of your hands, but try to plan on how you'll cover meals and where you'll sleep.
Invest In Trucking Insurance Coverage
If you're just starting an owner-operator business, it's essential that you have proper trucking insurance. Before you hit the road, make sure your policy covers accidents and liability. And don't forget about your health! Trucking can be stressful, and it's important to have good health insurance.
Get Certified
You'll need to take the necessary steps in order to make sure your business is up-to-code. You may choose to work with a company that can help you through this process, or you can apply for an Owner Operator Direct program. This will allow you to become certified and start your business quickly!
Review Your Business Plan
Thinking about becoming an owner-operator business? Make sure you create a solid business plan that will help guide your decisions. You'll definitely want to include start-up costs, monthly expenses, and revenue expectations. When it comes to driving, be honest with yourself about how often you'll need to get behind the wheel of your truck in order to make your business successful.
Get Insurance For New Truckers
Here at Prestige International, we specialize in trucking insurance. Every state, every road — we’ve got you covered! Learn more about truckers insurance or contact our trucking insurance company today.