Becoming an Owner Operator Truck Driver | FTI - A Frederick-Thompson Company

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Becoming an Owner Operator Truck Driver

Whether you have been a truck driver for years or are an entrepreneur looking for something a little more interesting in which to invest, becoming an owner operator truck driver might be a great next step for your personal business endeavours. If you are interested in becoming an owner operator truck driver consider the following:

Your Work Ethics

As an owner operator truck driver you have to be dedicated to your trade and work hard to allow your investment to pay off. This means that if your current work ethic does not involve focus, determination and dedication it is not likely to change just because you own your own truck. Truck driving is a profession you should be proud of, as not just anyone can take on the independence required to be a truck driver. 

Financial Stability

If you have been living hand to mouth for a while than it is probably not realistic to try to plan being an owner operator truck driver now. You will have to focus on creating and living by a budget that provides you with the needs of life as well as a little wiggle room for savings. As an independent truck driver you have to be prepared to cover illness, disability and times when jobs are not available. You will need insurance, emergency funds, life insurance and also plan to pay off any debts you have so you don’t find yourself in dire straits.

Independent versus Leasing

You will have a choice of remaining independent or leasing your truck to a carrier. The benefit of remaining independent is that you remain more flexible in the jobs you take, don’t have to deal with management and politics and choose the loads that suit you. The benefit of leasing is that you continue to receive perks of working for a company such as gas cards, regular work and not having to pay for your own tolls, plates and permits.

Equipment

When looking for your truck you should consider the age of the vehicle, the fuel economy, the comfort of the cab, etc. However, you also have to consider how much the cost of the vehicle will eat into your potential profits and balance it out.

A final thought on owner operators is that you will have to find an accountant you can trust to assist with your accounting and taxes to avoid financial issues and to lessen your tax burden.







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