So, you’re thinking about becoming an owner operator and cutting ties with your dumb jerk of a manager for the freedom of the open road in your own truck? Well, at least you’re doing one thing right, by putting some actual thought into it. It’s a big step and can sink your finances pretty quickly if you make the wrong moves. Let us help you out by sharing some tips about rookie mistakes to avoid.
They Don’t Run The Numbers
Plus, can you take on more monthly payments? Part of being an owner operator is owning your own rig, and they’re expensive. You’ll also have to get insurance for your rig, and for yourself, adding two more monthly bills.
Don’t forget that hours also add up. Can you handle the longer routes? Are you prepared for overtime? Will your family understand the increase in the amount of time that you're gone on the road?
Rookies Don’t Save Money
Business could get slow and you’ll need your emergency fund to pay the bills or your employees before they bail and your entire operation falls apart. Plus, we know you’ve seen your fair share of wrecks, what happens if your truck gets involved? Can you cover the major repair costs? Will your business sink if you’re without your truck for a month or more for repairs?
New Guys Waste Down Time
Doing simple tasks during your down time will save you time during your days off. Clear out your fast food trash, attend to spills, and clean up sticky messes to keep your cab neat and clean. Put on your oil suit and go under the cab for a little maintenance. Plan out your next route, complete with food stops. It only takes a little less goofing off to be an efficient planner for your business.
Tenderfoots Buy New Trucks
Starting off in a used truck helps you squirrel away a lot of money with cheaper down payments and cheaper monthly rates. Plus, if you discover that being an owner operator isn’t your thing then used trucks often have a better turn around rates for your wallet. When the time is right and your finances are in order you can upgrade to a brand new truck.
They Skip Out on Regular Maintenance
You’ll actually be surprised by how good you’ll feel by sticking to deadlines instead of taking the lazy day out and driving extra miles in between oil changes.
Is It Time To Become An Owner Operator?
If you have rookie mistakes to add to our list be sure to comment in the section below. Also, check back with ExpressTruckTax.com for more trucking tips.