How to Become a Successful Owner Operator
If you are thinking about becoming an owner operator in the trucking business, there are several things you ought to consider. The time has come for you to launch your own business and become an owner-operator. Be your own boss. To become an owner operator requires several necessary steps. We will give you our tips which you can follow as a guide.
Starting your own company requires cash upfront to cover your operational costs and includes the payment of fees, taxes and any potential repairs.
1. Get Licensed and Registered
The first thing to you will need to become an owner operator is to have a registered USDOT number as well as a Motor Carrier (MC) number which provides you the authority to operate. There is a one-time $300 federal filing fee to request an MC number with the FMCSA.
Your transition from being a truck driver to an owner-operator can easily depend on whether or not you’re complying with road regulations. The trucking industry is heavily regulated.
If you already have a U.S. Department of Transportation number, let’s move to the next step.
2. Get the right truck for the best price
As an independent owner-operator, you can either lease or buy your truck and trailer outright. Lease is a good option for starters. If you are considering leasing a truck from a trucking company, then you can look into the possibility for a lease-to-own truck purchasing option. Choosing to lease a truck can save you on the biggest upfront cost to become an owner-operator. Look for a bank with a low interest rate. The following are factors that may affect your interest rates:
- Your credit history
- Permanent address
- Stable job background
3. Purchase Trucking Insurance
Having insurance is not just an enforced federal law, it’s intended to protect you as an owner-operator from risking your assets and liability in the event of an unexpected situation.
Take a read to make sure you’re properly covered in the case of an accident.
4. Follow your rules
Think of your day-to-day operations with this equation:
Revenue per mile – Cost per mile = Gross revenue – Taxes = Net profit
Lower your variable costs as much as possible so your business can turn in a profit. There are several ways you can go about doing this. A faster or shorter route can help minimize fuel consumption. Also don’t forget to check your vehicle’s health frequently to avoid severe maintenance issues. Address your vehicle’s maintenance problems as soon as you get wind of them. This would help reduce costs before the issue gets worse.
Owning your own business requires a level of talent and perseverance. Talk to your network of friends and colleagues and ask about their experience and what they find challenging.
5. Find the perfect freight dispatcher
Find the best freight dispatcher to have the best load and rates on the market. At AllFreightDispatch.com you will find how easy it is to find a load for your truck. We are providing freight dispatching services throughout the US 24/7.
Why to choose AllFreightDispatch.com?
- Minumum 10% over DAT market average
- Our dispatchers will provide you with routing help to ensure your safely and efficiently operation
- We charge the best commission on the market
- Our Rate per mile is $2.50+
- We have a young team of professionals to support you in any case
- All of our dispatchers have 5+ years of OTR experience
Get 1-week free trial for one of your trucks now!
It’s easy to get started
- Sign contract (Only 2-pages long)
- Send us your docs (MC Authority, W-9, Insurance, and NOA)
- Done! Get your first load
Here are some useful links for all owner operators
- Checkout our freight dispatch services (Loads Search, Negotiate Best Rates, Calculate Hours, Set-up Packets, Detention/Layovers, Send Monthly Analytics)
- More About All Freight Dispatch (Loads Booked count, Weekly Gross Revenue, Average Rate per Mile)
- Our Pricing List (Best Price 4%, Great Price 4,5%, Good Price 5%. Select your price now!)
- Get 1-week Free Trial for one of your trucks today!
- Get in touch with us for any questions you might have. Use the Contacts page link.
- Check our news pages. Don’t forget to subscribe for more news.
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