Does your personality fit trucking?

Personal assessment goes a long way in becoming an owner-operator; therefore, it is imperative to consider your habits, work ethic, and other individual factors that may affect your activities as a trucker. Will you be able to drive for several hours without losing focus? Are you disciplined enough to not text and drive or stay off of the internet, and avoid other distractions for a few hours when you are behind the wheel? If you do not have a strong work ethic that can keep you well grounded and focused on the task of driving for several hours, this may not work for you. There are many restrictions that come with truck driving that may impact your driving experiences.

How will you structure your business, and should you hire an accountant?

Structure your business as a Sole Proprietor DBA (Doing business as), or LLC (limited liability company), or Corporation, or Non-profit. Hire the services of a qualified professional who has the experience.

What are your particular family needs?

If your family has any special needs that need to be catered to, you need to consider whether or not it will affect your work as an owner operator. Do you have to stay at home during the weekends with your family members or your partner? If that is the case, it will affect what days you can be on the road and limit the amount of money you can make. Do you have shared child custody, a child that may be left at the mercy of a stranger if you are not around, or any other special family needs that must be taken care of? You must remember that being owner-operator comes with an unusual work schedule that may cause you to be absent from home for a long period; therefore, these factors must be considered. Consider your family challenges so you can help make plans on how you can manage them.

What are your health needs?

Do you have any health problems that could demand emergency medical attention? Are you healthy enough to survive sleeping in the cold or other unfavorable weather conditions in your truck? Do you have any health conditions that affect your ability to drive safely? Are you taking any medications that affect your ability to stay awake at the wheel for extended periods of time? If you have any health needs that may affect your work as an owner-operator, instead you should become a company truck driver.

What are your short-term or long-term goal for trucking?

Before becoming a truck driver, you should analyze your goals. Do you have plans to be a truck owner-operator for a long time or just a few years? Where do you see yourself in the next three or five years? Your answers to these questions will shed some light on whether you have a short-term or long-term goal of being a trucker. If you only have a short-term goal for trucking, it is highly recommended for you to work for a company rather than commit yourself to be an independent truck owner.

What are the types of trucking authority?

Two types of trucking authority are available for owner operator truck drivers – contract or common trucking authority. With contract trucking authority, you have a running contract with a particular company; you work as an exclusive truck driver for the company. A common trucking authority, on the other hand, allows you to work with any broker, company or business of your choice. There are many benefits to each option, but the freedom to choose whom you work with is one reason many truckers decide to become owner-operators.

What are your financial considerations?

Without a doubt, finances play an essential part in becoming an owner-operator as it will be what will determine if you are going to be successful in your business. You will have to manage your income and expenses as a trucker so that you can optimize your operation. Whatever decisions you take concerning your finances, you should ensure that your budget is suitable for your financial strength without accruing any excessive debt. You should also consider setting aside an emergency fund that can come to your rescue if any unforeseen expenses turn up.

What are the different options for getting a truck?

Generally, there are two methods of getting a truck when you are starting off as an owner-operator. You can either buy the truck outright, or lease from a truck leasing company. Both options have their advantages and disadvantages. Although you will have to pay a significant upfront cost when you buy a truck, the freedom and sense of owning it outright are worthwhile. As the outright owner, you can consider the truck to be an asset which can be sold if any financial obligations must be fulfilled. On the other hand, leasing a truck does not require a huge down payment and allows you to work as an independent owner operator for a short period without stringent financial demands.

Things to consider before buying or leasing?

• Age of truck

• Mileage of truck

• Warranties

• Amenities

• Fuel economy