Starting your own business and being your own boss can be very appealing, no matter what industry. Many freight truck drivers make, or even just consider making, the transition into becoming an owner-operator. Being your own boss can be super rewarding, but there are a few things that you might not have thought about before. In this article, we’ll talk about a few things you should know about becoming an owner-operator.
Every Dollar Counts
Many people in the trucking industry become numb to dollar amounts because things can get pretty expensive. If it costs $500 for tires and another hundred or so for fuel, it’s pretty common to overlook a $20 fee that happens on a regular basis. Charges like that might not seem like a big deal in the moment, but you’d be surprised at how much money you’d spend in a year paying that $20 fee. We’re talking about unnecessary fees here; you continue to pay them yet it seems like you’re not getting anything in return. Work with partners who don’t add any random, unnecessary fees that will add up over time.
Once you’re an owner-operator, money spent on fuel begins to directly impact your earnings (and sometimes your savings). Reasonable speed and well-maintained equipment really makes a difference when it comes to fuel efficiency. Companies who offer programs such as fuel cards are good partners to have.
Getting Essential Equipment
When you’re employed by a trucking company, you never think about the needed equipment, since you’re not the one taking care of it. When you decide to go out on your own, you have to consider what equipment you need and what you can afford. There are several options available to you, including purchasing out of pocket, using loans (traditional and nontraditional), and leasing.
Starting a new business in any industry can get tough sometimes. If you’re ready to become an owner-operator, consider factoring your invoices with us at CoreFund Capital. You’ll receive the money you’re owed by customers sooner, allowing you to take care of any costs along the way. You can take advantage of our EFS fuel card program, as well. To find out more, contact us today!