Nobody really has to tell you that starting your own business is a significant step.
You’ve probably done a lot of research to prepare for everything from buying your first vehicle to licensing, looking for jobs, adjusting to becoming an independent contractor, and accepting all the additional obligations.
Being a new owner-operator and having your first big rig is thrilling, but it also comes with challenges and adjustments. As a new owner-operator, there are a few things to bear in mind as you begin your new job.
You’re an entrepreneur
The most crucial thing for a new owner-operator to remember when starting out in this industry is that you are no longer just a driver, but also a businessperson. Driving is only a component of your overall business strategy.
Any independent career needs a high level of dependability. You’ll have to make your own calendar, handle your finances, cultivate positive connections, and be prepared for the worst. It’s good reading up on how to be a strong businessperson and also what practices can set you up for success.
You must reevaluate your job and begin to think like a successful entrepreneur. This entails doing things you may not have considered before, like networking or monitoring supply and demand patterns in order to negotiate the price.
While being an owner-operator provides you with a lot of flexibility, it also comes with a lot of responsibility. Having the appropriate perspective might be the difference between that task being too much for you to handle or driving you to success.
You have to calculate the actual repair costs
Everybody can tell you that your truck will have to be repaired. The most significant aspect of this advice is that you must never evaluate too quickly.
To calculate the true cost of maintenance on your rig, consider the following:
Costs of the parts – If you ever need a part fixed, it’s not a bad idea to look around for a cheaper alternative. Refurbished components might save you a lot of money.
Repair costs – As an owner-operator you could learn how to work on your own equipment, you can save a lot of money – but only if you know what you’re doing. If you don’t expect yourself to do it correctly, take into account how prices differ from town to town. If you start breaking down in a major city, you may discover that prices are drastically different from where you live.
Downtime – Based on how long your truck is out of action, you might be losing a lot of money. To avoid losing money, try to schedule repair during pre-planned downtime. Parts should be replaced BEFORE they break.
To avoid having your vehicle confiscated, have your vehicle payments saved up ahead of time.
Calculate the fuel cost
As an owner-operator there are several tips and tactics available to help you boost your mpg. It’s ideal to transform them into solid habits because long-term savings can be significant.
For a new owner-operator, one excellent suggestion is to keep track of your gasoline use. It has been proved that maintaining your speed between 55 and 60 mph delivers optimal fuel economy for most vehicles.
While driving quicker may bring you to your target sooner, it may come at a significant expense.
Network
As an owner-operator, your task now is to build a strong network in order to have access to the top shippers and brokers.
Choose a specialized market and work to become active in it. Maintain positive ties with prior shippers and avoid making enemies with former employers.
Act professionally since you’re marketing yourself as a company.