The question of becoming an owner-operator always shows up if you are a company driver.
Growing into an owner-operator position is a natural decision for someone who wants to explore that career. However, deciding involves a lot of consideration.
This article discusses the advantages of becoming an owner-operator and whether the career leap is worth it. The article also discusses what you need to do to become an owner-operator.
Who Is An Owner Operator?
An owner-operator of the truck can own and operate the truck. The owner-operator, therefore, enjoys the advantage of owning everything along with earning.
However, the accountability for the truck also falls on him. Therefore, as an owner-operator, you shoulder the responsibility of the truck.
The earnings of the owner-operator are all his. However, the expenses that emerge from the truck operations also relate to the owner-operator. The owner-operator pays for the expenses from his pocket.
The expenses arising from the truck operations include insurance, maintenance, etc. The fuel expenses linked with the truck operations also count as expenses.
However, if you successfully manage the expenses and income from truck operations, the career of owner-operator is lucrative.
The Role Of Owner-Operator And Its Advantages
- #1 You Work On Your Terms
As a person, everyone wishes to work with freedom. When you become the owner-operator of a truck, you work freely.
You work with your truck the way you want. You do not bind yourself to company hours but work according to your own rules and schedule.
- #2 Work-life Balance
The work-life balance of a company truck driver stays unbalanced due to long working hours. As an owner-operator, you work the hours you want.
You spend the time you wish at home, and their career offers much flexibility. The owner-operator job, therefore, offers you a great work-life balance.
You say goodbye to long work hours and do not deal with fatigue as a consequence. You work healthily and focus on every area of your life in a balanced way.
- #3 Your Choice Of The Truck
If you possess a passion for trucks, you should always go for the owner-operator role. When you know your trucks well, you choose the best truck according to you as an owner-operator.
You look beyond the limitations of operating a company-owned truck. You drive a truck that is your choice and enjoy the work experience.
- #4 More Respect
As an owner-operator, you command more respect in the field than a hired driver for a company.
The respect you get as an owner-operator makes the role worth it. As an owner-operator, people see you with more respect as they see you as an experienced person.
You gain more standing in society and operate as an individual. You create your own identity separate from a company when you operate your truck.
- #5 You Earn More
Company drivers earn a fixed amount as a salary. The salary often does not justify the effort they put into the job. When you are an owner-operator, you earn more.
You earn as much effort as you put in. Therefore, The role of an owner-operator is very rewarding. Owner-operators earn around $100-$150 per year.
The Things You Need To Be An Owner Operator
- #1 Finances
You need solid cash reserves when you start as an owner-operator. Right from the start, there will not be much cash flow. Therefore, solid cash reserves into which you can tap help you.
You need loans to buy the truck and equipment if you do not have cash reserves. You will need strong financing as even with everything in place, you may go without payments for a long time.
- #2 Experience
Before you start working as an owner-operator, you need experience by your side. A new truck driver can also become an owner-operator. However, experienced truck drivers are better at the job.
Experience helps as you know the issues you run into on the road or when dealing with a client.
Your work as a company driver acts as a safety net before you are on your own. Experienced drivers know how to float their operating services.
Experience also helps knowing people who help you out in a difficult situation. When you have been a truck driver for a long time, you have the network necessary to become an owner-operator.
- #3 Niche
As an owner-operator, you will identify the niche you want to work in. You will identify the equipment and tools you want to work with. You need to research your niche and find the figures that help you work.
You need awareness about the field and conditions under which you operate day to day. Awareness about the expenses and operation rates also works as a great aid.
- #4 Scheduling
Scheduling the trips as an owner-operator is a major task you complete daily. However, the schedule depends on you and your time. The number of trips you take and work days goes according to your choice.
You take time off when you want when you are an owner-operator. However, you must put in hours and effort if success is the goal.
The role of owner-operator is good when you approach it with a plan. You need good finances and good decision-making abilities for the same. The owner-operator role is the best if you plan to start something of your own.
When you work as an owner-operator, you are your boss. The role also brings you wealth when you work hard and smartly.
The best way to start as an owner-operator is first gaining experience on the road. When experience and finances work out, an owner-operator becomes very successful.
The switch from company driver to owner-operator looks difficult. However, when the transition is smooth and well planned, it reaps many rewards. The decision to become an owner-operator is a natural leap for a truck driving career.