No one needs to tell you that becoming a new owner-operator is a big step.

From buying your first truck, to licensing, finding work, transitioning to independent contractor status, and taking on all new jobs, you expect to do a lot of research to prepare for it

Becoming a new owner operator and owning a big rig for the first time is exciting but full of challenges and changes.

As a new owner, here are some things to keep in mind as you move into your new job.

1. You are now an entrepreneur

The most important thing a new owner needs to know when starting this job is that you are not just another driver, you are a business person. Business becomes your big picture, while driving is only part of it.

Any freelance job requires that person to be very reliable. You will need to manage your own time, manage your own finances, foster healthy relationships, and prepare for the worst. In your spare time (if you have it), it’s worth reading about how to be a successful entrepreneur and the qualities that can set you up for success.

You need to change the way you think about your work and think like an entrepreneur. This means doing things you might not have thought of before, like networking or looking at supply and demand trends so you can negotiate your price.

Although being an owner gives you a lot of freedom, it also puts a heavy burden of responsibility on you. Keeping the right mindset will make the difference between the task being overwhelming or leading you to success.

2. Calculate the true cost of repairs

Everyone will tell you that you need to get your car repaired. The important thing to remember about this trick is that you don’t have to calculate too short.

To calculate the correct repair cost on your rig, you should consider:

Cost of the part + cost of repair (labor) + downtime + payment on your truck

Cost of parts – If you need a repair part, it doesn’t hurt to shop around and find the cheapest one. Replacement parts can save you hundreds.

Repair Costs – If you can learn to work on your own rig, it can save you a lot of money – only if you know what you’re doing. If you don’t trust yourself to do it right, be sure to consider how prices vary from city to city. If you happen to be in a big city, you may find that the prices are very different from those in your country.

Downtime – Depending on how long your platform is down, you can lose a lot of money. Try to plan your retirement around the time you plan to retire so you don’t lose money. Replace parts BEFORE they break.

Payments on your truck – If you want a new truck that breaks down (or goes to the wreckage) shortly after your year, remember that you now have to pay for the car that is not available. does not make you money. Secure your truck payment upfront so your truck isn’t repossessed.

3. Calculate REAL fuel costs

There are hundreds of tips and tricks to improve your mpg. It is best to turn them into good habits because the money, in the end, can increase.

A good tip is to watch your fuel consumption. Keeping your speed around 55-60 has been found to give most trucks good fuel economy. According to CardLog.com,

“For every mile per hour you travel over about 60 mph, your fuel economy drops by 0.1 mpg. For $.50, you’ll pay $2,000 more than if and you drive at 80 km/h.”

Driving fast can get you to your destination faster, but it can cost you a lot of time.

4. Call the cashier

Any “key to success” guide will tell you that good entrepreneurs know when to delegate. A big part of running a business is knowing that you probably won’t be able to do everything all the time. Your taxes are a big part of it.

Accountants know how to optimize your budget, create a proper budget, manage your expenses and save you thousands of dollars. After all, having someone else file your taxes and stick to your budget can be a huge stress reliever.

5. Finances

Money, money, money. It is what makes or breaks a business. Managing your finances well will make a difference in whether you pass or fail your first year. You have to carefully calculate your budget and make sure that you can account for these costs if you cannot run on the road.

Calculate the actual cost of your truck, repairs, fuel, taxes and more, and add a reserve factor to that in case you’re totaled or in an accident. Buy a truck that is less expensive or gets better gas mileage. Choose the right insurance plan. Money for repairs.

Managing money is a never-ending task and can be stressful. The goal is to live below your means and make a good profit.

Finding the right balance can be tricky, but it gets easier with practice.

6. Consider buying a used car

If you haven’t bought your truck yet, consider buying a used one before spending big on a new one.

Buy a reputable brand of truck. Aim for this one that is less used but still has enough miles to bring the price down a bit.

See if you can still qualify for a warranty for maintenance coverage.

You’re taking a risk buying a used car, but if you can get a maintenance record, inspect it before you buy, or get a warranty, it can be worth it.

7. Network

As an entrepreneur, your task now is to create a good network so that you can market yourself to the best suppliers and retailers.

Choose a niche market and try to get involved in that market. Maintain a good relationship with previous senders and do your best to avoid old users.

You are selling yourself as a business, so be polite.

 

Become a new owner-operator

My best advice is to be careful before becoming a truck owner and pursuing a trucking career.

Yes, it can be a very lucrative and rewarding career option, but it comes with a lot of responsibilities and challenges.

You will take on more responsibility, and it will be necessary to adjust the way you think about driving.

Either you were made for this or you weren’t. But if you are motivated and determined, you will succeed.

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