At Pay4Freight, we strive to keep truckers, owner-operators, and anyone else who may be involved with the trucking industry as well-informed as possible. Here are our latest snippets for December 2018.
Thinking about becoming an owner-operator in the trucking business? There are several things that you must consider first. Whether you’re new to trucking or a seasoned vet, there are certain helpful hints you should keep in mind before pursuing your goal of hitting the road and making great money.
Here are a few of them.
☑ You’ll need a good amount of money to start with. The single biggest investment involved is your truck. A hefty down payment will assist in keeping the equipment payments more affordable. You’ll also need this “starting cash” for out-of-pocket expenses, independent trucker’s insurance, expected repairs, oil changes, and meals, among many other potential expenses.
☑ Consider your family situation first. Being away from your spouse and/or family can cause a great amount of stress and numerous other issues. Long periods of separation can be extremely hard to get through, to say the least. You need the support of your loved ones. Be sure to discuss this at great length with whoever may have to be going through the ups and downs of being an owner-operator alongside you.
☑ You’ll need sound professional advice, including legal, accounting and business advisers. These kinds of issues are best left to the experts. Stay ahead of the curve and be sure that you’re prepared ahead of time with a reliable business banking contact, accountant and legal adviser that are ready to help you through various critical decisions at a moment’s notice.
☑ Be sure you’re in good health. Serious health issues such as sleep apnea and diabetes can cause your license to be taken away. On top of that, being on the road for long stretches of time can be a major hurdle in multiple ways. If you need prompt medical attention or become ill in any way, those equipment payments we discussed before will still be due. Be sure you have money set aside in case of emergency, as well as health coverage and even travel coverage.
☑ Be ready for a long-term financial commitment. Things that you should consider before purchasing your first big rig include the pros and cons of buying a new or used truck, how to “spec” your new ride and, of course, fuel economy.
Keeping these simple tips in mind can go a long way in determining whether being a trucking owner-operator is indeed right for you.
Pay4Freight is your trusted source for budget-friendly freight factoring programs and an assortment of resources designed to help you do what you do more efficiently and affordably. Check out our website for more details.