Once you have decided to get started as an owner-operator, it can be a very scary time. You have a lot of decisions to make, with a lot riding on them. You want to be able to jump right in so you can start making money but it isn’t always so easy.
Here are some tips to help you get started.
Buy a good truck and trailer (if needed). The best thing that you can do when starting out is to buy the best rig that you possibly can. If you buy a cheap truck, you may spend more time broken down on the side of the road, instead of getting your loads delivered when you said that you would. However, you also want to watch your spending. You are going to have a lot of expenses until you get yourself up and running so you don’t want to get a loan that you can’t afford.
Make sure that your finances are under control. You are going to have a good handle on your finances, especially in the beginning. It helps to have a good amount of money in savings, until you know for sure that you will have money coming in regularly. You are also going to want to pay off as much debt as possible so that you won’t struggle as much trying to pay your bills.
Surround yourself with people that you will make you successful. A good trucker has a lot of people on his or her side. You are going to need to have a good relationship with your bank (especially if you have to take a loan out for your truck). It is also helpful to have an accountant to help you set up your books correctly (and keep them that way). It never hurts to have a lawyer that you can talk to. You may also want to build relationships with other drivers, brokers, and other people who can help set you up for success. Good relationships may make a one-time haul a regular and convenient gig.
The best investment that you can make when you are just starting out is a good truck. Though you don’t want to get in over your head, if you buy a cheap truck, you may spend more time on the side of the road than on it. You are also going to need to get your finances under control and start saving for the lean times. It also helps to build good relationships before you get started. You never know where you might find your next haul!
Don’t hesitate to contact us for all of your commercial truck insurance needs. We offer insurance for commercial trucks in Florida, Georgia, Texas, North Carolina, South Carolina, Tennessee, Illinois, Iowa, and Nebraska.
