Becoming the owner-operator of a trucking business often seems like an easy solution to the struggles of company truck drivers. While owning a trucking business has its benefits over driving under a company dispatcher, there are a lot of factors that prospective trucking owner-operators frequently fail to consider. For a start, some ignore the mandate that states all trucks must have eld solutions installed. Before buying a truck and starting your own freight hauling business, listen to the advice of other successful owner-operators in the trucking industry so that you can be educated before making a serious financial decision. For example, research the heavy trucks for sale in bc extensively before deciding which one to purchase. From avoidable mistakes to rules that should be followed, learn from these secrets of successful trucking owner-operators:
- Never assume that a truck’s warranty will guarantee zero maintenance costs. Though it’s nice to be optimistic, when considering your potential expenses, be realistic, if not pessimistic. It is always safer to assume that a truck will rack up maintenance costs at some point, no matter how good the warranty seems to be. Trucking owner-operators suggest financial planning for the long-term and being ready for the worst.
- Budget for the hard times because you don’t how long they may last. Trucking owner-operators should make sure to have enough funds to live off of for at least 2 months without profit. Expect a truck breakdown along the way and be ready with extra cash for any unforeseen expenses. It is difficult to predict market trends and be ready for maintenance issues, so stayed prepared with an ample amount of extra funds.
- When buying a used truck, don’t automatically assume that everything the dealership is telling you is true. Instead of getting stuck with a broken down truck that could cost you thousands of dollars in repairs and maintenance costs, find a dealership that is a member of the Used Truck Association (UTA). This non-profit, service-oriented association is a leader in promoting professionalism in the used truck industry.
- The harder you work, the more money you will make. Trucking owner-operators have the ability to control their own income. By working long hours, hauling a lot of loads, and taking care of paperwork while remaining reliable and safe on the road, trucking owner-operators can maximize profits and make a decent living. Don’t expect to get rich quick, but know that if you want to make the money, you have to put in the hours.
- Build long-term relationships with carriers that fit your business and lifestyle. Carriers have their own way of doing business, as do trucking owner-operators. It is important that trucking owner-operators find reliable carriers that will provide them with consistent business if they want to be successful. To ensure this, trucking owner-operators should haul loads for carriers with transportation requirements that align with their lifestyle and the capabilities of their trucks.
Still struggling to run and manage your own trucking business? Freight bill factoring gets trucking owner-operators the funding they need to keep their business running even when times get rough. Boost your cash flow and grow your trucking with immediate cash from freight bill factoring companies. Fill out the online contact form or call 1-855-322-8671 to receive a free quote!
Learn more about general freight.