As with anything worthwhile in life, running an owner operator truck driving business isn’t easy. It is full of traps that often snare people because of human nature and the nature of the trucking business. Avoid these traps by planning not to make these six mistakes:
Failing to Keep a Spotless Driving Record
While it may seem a bit extreme to completely avoid getting traffic citations, that should be your goal. Being relaxed about it and saying that mistakes will happen will almost guaranty that your driving record will get tarnished. It doesn’t take many traffic violations to make you uncompetitive because many carriers only want to deal with professionals with a clean driving record. A poor driving record also drives up insurance costs. Serious violations can get your CDL revoked.
Spending as Though You Have a Steady Paycheck
Free spending is a luxury for the young and single with no debts and who work for a paycheck. It’s also a mistake not to factor in lean times into your budgeting. You can’t assume that times will always be good. Know exactly what your costs are and live within them. Budgeting should include expenses on the road which can easily get out of control. Eating at restaurants and spending nights in motels rather than in your truck will get expensive fast.
Assuming That Home Time Is off Time
The truth is that your business has no off time. When you are home, you should be doing activities that you can’t do on the road. You will have to find time to fulfill both business and family obligations. This is true for many small business owners who work week days and week ends. Your local mom-and-pop corner store is an example of this.
Failing to Research Carriers
Understand their requirements and other factors that will affect your owner operator business. To ensure plenty of work, look for carriers that service growing business sectors.
Wasting Money on Fuel
Beyond looking for the best fuel prices, you can save a lot of money by not burning it needlessly. This means not allowing your owner operator truck to sit around idling for long periods. It also means avoiding aggressive driving such as rapid acceleration, hard braking, and speeding which can increase fuel consumption by 33 percent on the highway.
Being Underinsured
Not getting adequate owner operator insurance is a gamble that nothing bad will ever happen to you. This isn’t realistic because you can’t control the driving habits of motorists who share the road with you. Accidents of any kind can happen out of the blue and the right insurance is the only way you can protect your livelihood and family from these risks. If you require or have questions about owner operator insurance in South Carolina, we can help. Contact us today.
