In the trucking industry, there are two types of professional drivers; a company driver and an owner-operator driver. The difference between these two is — a commercial driver is someone you hire to provide transportation service. Meanwhile, an owner-operator truck driver is someone who transports cargo and freight. You own and operate your own carrier vehicle rather than working for a trucking business. You choose which jobs to accept and supervise the pickup and transfer of responsibilities.
Advantages of an Owner-Operator Truck Driver
Being a leased owner-operator has significant advantages and benefits of its own. And it may be a lot of work, but the good thing about it is you can manage everything on your own and balance the things you do in your own comfort.
- You Run Your Own Business
One of the main benefits of being an owner-operator is it allows you to run your own business in any way that will benefit you greatly. By being an owner-operator, you can choose what business you want to work with, and you can always have other choices for better opportunities. You have more freedom in your business, and you get to make your own decisions.
- You Can Create Your Schedule
As an owner-operator truck driver, you can have flexible home time, and you can manage your time depending on your schedule preference. You can choose the company with whom you work to provide you with loads. This will cut down on the amount of time you spend between loading and deadheading. Some companies will compensate you for all miles driven, whether or not you are carrying a load. That’s why it will be more efficient for you to balance your other errands aside from driving if you’re an owner-operator.
- You Can Make Your Own Money
This is also one of the advantages of being an owner-operator since you can handle and know the flow of expenses in your business. Also, as an owner-operator, you'll be paid a per-mile fee that covers your fuel, maintenance, taxes, and net profit or chooses a company that pays you a % of the load.
- High Demand for Truck Drivers
High demand for truck drivers is in these days since there is a severe lack of qualified drivers in the business right now. Truck driving may be a challenging career for many individuals, and it certainly has its drawbacks. However, you may not find this an issue because truck drivers' benefits outweigh the disadvantages.
Surely these advantages above will get you thinking that being an owner-operator truck driver will be very beneficial. But you can't be an owner-operator in just a snap, so let me tell you how you can become a leased owner-operator.
How to Become a Leased Owner-Operator
Many drivers aspire to have their own business, but only a few have the financial resources to do it. As a result, lease-purchase options are highly appealing. They aid truck drivers in overcoming credit limitations and reducing costly one-time payments on equipment. If you have decided to enroll yourself in a lease-purchase program, then these are the tips on how you can start your journey as an owner-operator.
Lookup for Load Board Carriers. You may schedule your freight on your own time using a load board, often known as a freight board. Always take advantage of the load board provided by your carrier. To learn more on how to start booking your own loads, click here.
Communicate with other drivers. Having connections with other owner-operator drivers will significantly benefit you. Make contact with other drivers who have worked in the business before. They will identify the actual carriers that can provide you with legit loads and an appropriate amount of pay for your work. You may also become a member of a truck driving group. It's an excellent location to meet other truck drivers.
Have Your Own Loads. Even if you are a leasing company's independent contractor, you do not have to accept every load that they tasked you to deliver. It is advisable if you will have a lawyer that is familiar with the trucking industry who will check your contract before you accept and sign with them.
Learn about the Industry Regulations. Every work or job has its own rules to follow. Ensure you're up to date on new transportation rules, particularly the ELD (Electronic Logging Device) mandate. According to federal requirements, an ELD aids in the recording of hours of service and duty status information. Administrative tasks like log audits and IFTA reporting are also made easier with ELDs.
Be Business Minded. Have the initiative to learn the how-tos of the trucking industry and learn how to make sacrifices and priorities. You have to act smart so that you can make the best decisions for your business.
We at Advanced Trucking hopes that these tips will help you to become a successful owner-operator in no time!