Independent drivers appreciate that everything they put into their trucks is for them. That’s because they own the equipment, which means they decide what routes to drive. Think of owner-operating as being a small business. As a self-employed business owner, you decide where and when to drive. You also accept the business you want and who to work with. 

If you don’t want a regular route, that’s up to you. Or, if you are looking for a route, you are free to try different ones out before deciding on the best for your needs. Another advantage right now to independent drivers is a shortage of available people. The trucking industry is in a boom period with a high demand for flexible drivers. As a result, finding the right fit with an agency has never been more accessible. 

And of course, the biggest advantage to being an owner-operator is the earnings. Self-employed drivers make more per mile than employees. Of course, added expenses come with ownership, but you can grow your business to meet your needs. 

Company drivers have their own advantages, like no financial commitment. Once you’ve paid for your CDL, you’re on the road in a company-owned truck. 

That means no expenses either. Whatever a company driver gets paid, he/she keeps, except, of course, taxes. As an employee, your insurance and truck maintenance is the company’s responsibility. With many companies, there are benefit plans in effect as well. In addition, you don’t need to think about business when you take time away from the business. Yet, if you feel the trucking business isn’t for you after all and you leave, there’s no lost investment. 

Once again, the driver shortage has affected trucking businesses too. So, there’s plenty of demand and plenty to choose from for company drivers. 

For a new driver, having a company backing your first steps on the road is beneficial. There’s no cost at first except licensing, and with a busy trucking company, you’re on the road right away. Indeed, companies looking for drivers are even offering signing incentives. But, with a company, you drive their truck on their route when they want. In many cases, you have a set route, and time off comes with scheduled vacations. The real difference is you won’t have extra expenses to worry about. 

Yet, as an owner-operator, freedom is the real draw. Not only can you choose your own loads, but also what you will drive. You choose the truck that suits your driving needs. After all, you will be putting on a lot of miles. You want to be comfortable with your ride. Company trucks might be newer with expenses covered. But what if the truck you’re assigned doesn’t match your needs? 

Buying and maintaining a truck is a huge investment. But making it yours is what makes the difference. If you’re prepared to treat your job as your business, owning a truck gives you that option. And independent truckers have many more options. 

Choose the work you like. But, you can also make lease agreements with trucking companies for your services. Work options are for your business to decide. On the subject of business, there are also tax advantages to being an owner-operator. In addition, there are also options for individual benefits coverage. If the investment in your own equipment doesn’t scare you, you can create the trucking life you want. Travel where you want to take freight, and take a companion if you wish. It’s your truck, after all. All that stands in your way is a willingness to tap into your entrepreneurial spirit.  

All that stands in your way is a willingness to tap into your entrepreneurial spirit.  So, if you’ve decided to take the leap into independent trucking, there are a few items to prepare. But, first, let’s look at what you will need to become an owner-operator. 

1. Start With Experience 

To make the most from a self-employed experience, miles under your belt are a great place to start. For newer drivers, some time spent working for a company will give you an idea of what kind of driving you prefer. 

With driving experience, you can better decide the type of truck you want, too. Knowing how the industry works first is a good foundation for starting your own business. 

Some work experience to different regions will help you decide the routes that are best for you in the future. When you become an owner-operator, why not start with choosing work that makes you happier? 

2. Put Your House in Order 

You want to begin a business venture on good financial footing. First, check your credit score and, if possible, put some funds aside for unexpected events. Also, learn to budget your expenses and what you will need to earn to make a living. 

Remember, you are starting a business. So, get insurance quotes ahead of time for your truck and your health needs. Liability coverage and cargo insurance are mandatory. You might look at roadside assistance and personal property coverage as well. But, again, it’s best to talk with a qualified insurance broker who knows the industry. 

You will also need to get the proper CDL licensing for driving as an independent. A physical exam will be part of the test, so see your doctor first. You should also register as a business to enjoy tax incentives and run as a legitimate operation. This includes obtaining a USDOT number to be a registered owner-operator. 

3. How to Get a Truck 

It’s time to shop for a truck, so where do you start? A lot depends on how much you have as a down payment and what you’re willing to finance. Plus, there are alternatives to buying a truck. 

Lease agreements for trucks are common, but leasing is not ownership. If you don’t have enough for a down payment, a lease could be a good entry point into an independent business. 

Try to decide how long you expect to keep this truck. When you buy the vehicle and you pay it down, you build equity for your business. Buy the best vehicle that suits your style of driving with features you can afford. 

4. Start the Work Search 

Some new owner-operators start out with leads for work they already had. If not, then you need to use industry job search applications for work. 

Part of being a good business manager is negotiating skills. When talking to brokers about their freight, show them how you can be the problem solver. Part of owning the conversation comes with being a good listener.  

The broker needs to feel you are there to help them move their freight. But, you also must be clear in your expectations. Have answers ready that you’re willing to live with for each negotiation. 

5. Healthy is Wealthy 

The success of your business depends on your ability to keep moving. So, look after your personal health first. Physical fitness helps your mental alertness. Like any business, yours needs to run like clockwork. 

Your business health also depends on good record keeping. Make sure you have a system for logging trips and getting paid. Make use of factoring companies to keep cash flow moving to your business. 

Since you are your business, you need to plan for time away from driving. Everyone needs a break, but remember your business won’t earn while you’re on vacation. So, prepare to make enough to give you well-deserved downtime.