If you’re looking to move from being a company driver to an owner operator, it may seem rosy and exciting to you. The flexibility! The control! Building your own business! Yes, these are all great things and many owner operators enjoy them all, whether they are driving 18 wheelers or straight truck loads. But many more find themselves struggling and disillusioned because their expectations simply didn’t match the cold hard reality they found.
Buying the Wrong Truck
For example, some owner operators buy the biggest, best truck they can find instead of the one they can actually afford. Truck ownership is a huge commitment in both time and money -and don’t make the mistake of thinking the warranty on it means you’re excused from and all maintenance costs.
Expecting Too Much at the Beginning
Another mistake is in thinking you’ll be raking in the cash right away. Like most jobs and businesses it’s not that simple. You will get paid only for the work you do and that’s it. The more work and responsibility you are willing to take on, the higher rates you’ll get. It’s that simple. Do the minimum required and you’ll get the minimum pay.
Not Tracking Budgets
That leads to the third mistake. Being an owner operator is often a fickle business. There will be times when work is plentiful and slow times. Budget for those slow times and keep your revenue expectations realistic.
Forgetting to Network
Finally, don’t underestimate the importance of cultivating relationships with carriers and customers. Research carriers and stay away from ones that have poor turnover rates and/or spotty safety records. Put the effort into building solid relationships with the good ones and stay loyal to them. You will be rewarded.
When you start out as an owner operator you’re going to make mistakes, and that’s okay. But the more you know before you start, the less likely you are to make the really costly ones.
