According to the Owner-Operator Independent Driver’s Association (OOIDA), in the United States today there are approximately 350,000 registered owner-operators.
The average has been on the road as an independent for 18 years. A trucking career as an owner-operator is an achievable goal—both for those already behind the wheel as company drivers and those who are just beginning to think about getting a CDL. It's a dream with an undeniable allure: Becoming your own boss, relying on your own efforts and taking the reins of your own destiny are classic American values. However, any time you reach to achieve any goal, along with the rewards, there are also challenges. Here are four tips that may optimize your chances of finding success and minimize the pitfalls along the way.
1. Choose your first big rig wisely.
Don’t be seduced by the flashy big-ticket option unless you’ve got the budget to match. Ask other owner-operators about their real-world experiences with the reliability and performance of certain makes and models and be realistic about what you can afford. Perform due diligence and research the fuel economy data on the most common diesel engines, keeping in mind that adding even one MPG to your average fuel economy can contribute substantially to your profits. Also inquire about reputable truck and trailer dealers and, once you identify a worthy prospect, start working on building a relationship with that outfit. You’ll be needing their good advice and reliable service in the future.
2. Keep up with the industry.
And not just from truckers' forums online—though those are usually a good place for sound advice from other independents who’ve already been there and done it. Read reputable industry publications and national financial pages, as well. Stay informed and flexible in order to position yourself to take advantage of new opportunities elsewhere, such as targeting carriers that service sectors of the economy currently in an upswing. Cultivate contacts and sources within the industry wherever you find them, including drivers at other carriers.
3. Be pragmatic about your finances.
Particularly early in your transition to owner-operator status, you’ll need deep pockets to cover expenses like insurance, meals, routine maintenance and any repairs that may pop up. Maintain a well-funded emergency account to take up the slack in slow periods or in case of unforeseen events that take you off the road. Keep your credit record as squeaky clean as possible and avoid carrying big balances on plastic.
4. Think, act and look like a professional.
After all, you’re representing yourself now, so project a positive, businesslike image in all phases of your daily work experience. A true pro isn’t rattled by the unexpected hitches that happen in the regular routine of any job. Stay calm and positive and cultivate an image of someone who brings solutions to problems. Remember to look the part, too. Take the time to check your dress and appearance when you’re going to be out of the truck and entering the premises of carriers or shippers. Leave behind an impression of someone who is competent and reliable and always follows through on commitments.
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