Whether you’re a newbie or a seasoned trucker, your decision to own a big rig and hit the road to make big bucks as an owner-operator in 2022 shouldn’t be taken lightly.
There’s more involved in the success of being an owner operator in the trucking business than meets the eye. It requires a mix of business insight, industry knowledge and an excellent work ethic. But it can be done!
Here are some eye-opening tips before jumping into this endeavor with both feet.
Have Money, Lots of It
Your truck is the key asset. You better be ready to pay a healthy down payment for the financing or leasing of your rig. Otherwise, the whole thing could end before it starts.
You’ll also need a large pile of cash for working capital, insurance, oil changes, pocket expenses, unexpected repairs and backup money for downtime. Remember, trucks do break, whether brand new or an older model.
Do Financial Planning, Get Professional Advice
On deciding to become an owner-operator, ensure you have a firm grasp of your finances.
Be smart. Consider several factors before buying your first big rig, including whether you’ll buy a new or used truck, specs for longevity and reliability, cost and fuel economy.
Accounting and legal issues are better left to the experts. Have a business banking contact and legal and accounting advisers to help you with important decisions about business structure, income tax returns and record keeping.
Get the Necessary Legal Compliance Requirements
You’ll need a commercial driver’s license (CDL) as an owner-operator. CDL allows you to operate any legal combination of vehicles, including truck trailers.
You’ll also fill out the required paperwork with your local government to form a legitimate business and get a license and insurance.
Other requirements may include registering with the Federal Motor Carrier Safety Administration (FMCSA) to get your USDOT and Motor Carrier (MC) numbers.
Choose a Good Trucking Company to Engage With
The carrier you work for matters.
Look for a good carrier with owner-operators who have been working with the company for the long term. It means the money has been good enough to sustain them that long, which is exactly what you want.
Away from the carrier, remember to maintain a good reputation as an owner-operator by providing reliable service and delivering on your promises.
Keep Your Truck in Good Condition
Your biggest investment is your truck. Keeping it in good condition and performing regular repair maintenance is one of the major ingredients for your prosperity as an owner-operator in trucking.
You should also keep a log of all repairs and maintenance. And more importantly, look for a trusted truck repair service shop that you can always fall back to in case of any hitch.
Diesel Truck Repair in Memphis, TN
At United Diesel Power-Truck Repair, we have offered reliable diesel automobile services to commercial clients in Memphis, Shelby County and Nonconnah, TN, since 2015.
We have over 28 years of experience in diesel truck repair, specializing in truck and trailer, bus and fleet vehicle repairs. We’re equipped to tackle exceptional jobs such as complex engine work, transmission services and refrigeration for climate-controlled trucks.
Contact us today and have your diesel truck repair service needs met. We’re available 24/7.
Categorised in: Semi Truck Maintenance
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