Ten Tips to Becoming a Successful Owner Operator
How to Boost Your Business as an Owner Operator
Should I become an owner operator? It’s a question that crosses the mind of many company drivers. The freedom to create your own schedule, take the loads you want and work towards a paycheck that grows your business. At Navajo we’ve developed positive partnerships with hundreds of owner operators, which is why we are confident with our top ten tips for becoming a successful owner operator.
Determine Realistic Goals
There is no doubt one can have financial success as an owner operator. But in order to do so, it’s important to set goals while understanding costs. Owner operators will have to pay expenses such as meals, repairs, insurance and other out-of-pocket expenses. Set goals high! Just be sure to recognize realistic expenses.
Spending habits can make or break an owner operator. Spending less than what is being brought in is easier said than done. Avoid keeping up with the Joneses, practice living within means and save up for big purchases rather than relying on credit cards.
Emergency Funds are a Must
Whether it’s a family situation, unforeseen maintenance or health issues, an emergency fund can bring peace of mind down the road when needed most. A good rule of thumb is to have three to six months’ worth of expense put away.
Focus on Your Health
This is sound advice for all professional truck drivers. Long periods of time on the road can be hard on both physical and mental health. Make sure to receive regular checkups, because health issues can lead to time off the road.
Be Proactive on Tractor Maintenance
As the lifeline of an owner operator’s business, a truck needs to receive daily and thorough inspections. Much like taking care of one’s health, don’t push small issues aside.
Educate Yourself on the Industry
Owner operators are business owners so having a pulse on the industry is essential. Whether it’s connecting with industry leaders or understanding the latest rules and regulations, knowledge is key for growing a business.
Utilize Guidance on Taxes
As an owner operator, taxes become more challenging than for those who are company drivers. The good news is there are a lot of items that can be written off. Consulting with a tax advisor ensures that nothing is overlooked.
Maintain a Strong Safety and Work Record
This is by far one of the most important and appealing assets as an owner operator. A solid safety record gives carrier and clients trust in their partners. This success will take time, patience and dedication to achieve but can pay off in a major way.
Don’t Job Hop
It’s vital that a carrier and owner operator’s goals align. Long-term, positive partnerships give owner operators a better chance at stable and growing success.
Positive and Passionate
Being a business owner doesn’t come easy. A good attitude, determination and patience can take a business a long way!
If you are interested in becoming an owner operator at Navajo, feel free to reach out through our main line!