Still on the fence about becoming an owner operator? Well, there are many factors to consider. Just because you are an experienced driver doesn’t necessarily mean you’ll make a good owner operator. Owning your own rig comes with many challenges and responsibilities. However, it also comes with great reward. Therefore, we’ve put together five questions you should ask yourself before taking the big leap.
Question #1: Do you have enough time and attention?
The life of a truck driver can be demanding enough. It doesn’t really leave much room for anything else. However, owning your own truck requires time and attention, even after you’ve put in 70 hours of driving time this week.
Question #2: Do you have money in the bank?
Additionally, owning your own truck comes with expenses. It is a major investment. Also, you are taking on a huge risk. Therefore, having spare cash on reserve for incidentals is important for those unexpected mishaps that may occur.
Question #3: What’s your plan?
Furthermore, having a plan in place is also key. Are you in it for 5 years, 10, or maybe 20? An outline of your goals will help keep you on track. It will also determine whether you’re in it for the short, or long haul.
Question #4: Do you have a firm understanding of how the trucking industry works?
Moreover, you should have extensive knowledge about the industry overall. Having trucking experience on the road is helpful. You don’t want to find out it’s not the career for you after you’ve already invested in your first truck.
Question #5: Do you know the cost?
Lastly, your finances are a major factor in determining whether you should become an owner operator. Be sure that you aren’t neglecting other financial obligations that could lead you into a bind. Furthermore, setting up a budget for both your personal financial responsibilities and your business expense is ideal. It is also a good idea to consult with a financial advisor beforehand.
Ultimately, the success of your business falls on you. Do your homework before jumping into becoming an owner operator.