Thursday 18 July 2024

How To Make the Switch From Truck Driver To Owner-Operator

If you are an experienced truck driver you may have started craving some upward mobility. You may also be looking for a way to increase your salary. Maybe you are beginning to plan for retirement. There is a direction you can go; become an owner-operator of your own trucking enterprise!

Acquire Your Own Truck

This is no small task, but you may have been saving for this moment a long time- trucks can cost upwards of $100,000. If you don’t have all the money right away, there are other financing options. You can work out a payment plan or you can work for one of those lease to own truck driving jobs. The former is a great alternative because you will still be earning a paycheck while paying off your vehicle. This usually takes between 3 and 5 years.

Pick Your Market

While you are working off your truck, you might want to start thinking about your business plan. What kind of market do you want to serve? Each comes with its own set of regulations and operating licenses to navigate, so you should decide on this beforehand. Niche markets like hazardous materials, logging and grain hauling may offer a better opportunity for breaking in.

Become a Business

Once you have a truck and a plan, you’ll need to become a business. There are many business structure to file as, but Limited Liability Company (LLC) is one of the most common for small businesses. You will also want to get all jurisdictional operating licenses and the proper tax forms in order. Insurance is another logistic to consider. If you are planning on hiring employees make sure to organize a plan for that.

It’s pretty liberating to be your own boss, although it comes with more responsibility. You may also have the chance to mentor less experienced truck drivers. Who knows, you might even end up kicking your feet up on a beach somewhere while other people drive for you.