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5 Things to Consider Before Becoming an Owner Operator

5 Things to Consider Before Becoming an Owner Operator

Looking to become an owner operator?  Take a look at our 5 things to consider before becoming an owner operator.

Consider setting up an LLC or a Corporation

Many carriers require that you are an LLC or corporation before they will work with you. Setting up an LLC on your own is relatively inexpensive and will run you about $150 in processing fees. If you choose to go with a 3rd party to handle the paperwork for you, it will typically range between $300-$600.

Consider running your own finances

Applications like Microsoft Excel or Google Sheets are excellent tools for keeping track of your basic finances. Making sure you have good book keeping is extremely important when setting up your own business. Being able to do this yourself will save you money when you start up.

Consider investing in comforts for your vehicle

If you are planning on trucking across the country, you will want to invest in some comforts for your vehicle. One must-have item is an auxiliary power unit which will allow you to run your electronic devices while you engine is off. This will not only save you hundreds or thousands of dollars in fuel costs and engine wear and tear but it will also increase your quality of life on long hauls.

Prepare your routes in advance

Whenever traveling on new routes, it is important to understand where you are going and plan it out carefully. Spend the time mapping out your route and identify the tolls, weight stations and truck stops along the way to ensure you are not only going to make a profit, but that you don’t get yourself in trouble with the law.

Be prepared to keep good records

Keeping good work records is by far one of the most important assets in your owner operator business. Having detailed records can make a significant difference in how desirable you are to potential employers. Companies, brokers and dispatchers want a partner they can trust and rely on.

Your business will have more of a chance of being successful if you do your job with integrity and with a positive attitude. As an owner-operator, your reputation is your business. When opportunities come along, take advantage of them.

Looking for advice on setting up your own Owner Operator company or looking for your first haul? We would be happy to help!


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