Are you considering ditching the dispatcher and becoming an owner-operator? It’s no small feat, so we’re here to give you all the ups and downs before you dive in.
Pros of Becoming an Owner-Operator
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Independence
You get to call the shots in your business, decide which loads to carry, whether to team up with a carrier or go alone, and which carriers you’ll work with. Also, you choose if you’ll be the one to handle all the driving yourself or bring in additional drivers.
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Increased Pay
Typically, owner-operators make more than company drivers because they get to keep a larger slice of the earnings from each load. They own their own truck, handle shipping contracts, and take care of deliveries, which means they manage everything themselves and keep more of the money they make.
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Choose the Equipment that Works Best for You
As your own boss, you get to decide exactly what kind of truck fits your business needs. Whether you want a manual or automatic transmission, a specific brand, or extra features, it’s all up to you. You can also decide how to get your truck—whether that’s leasing a new or gently used one from a company and financing, buying a pre-owned truck, or purchasing from a dealership. This allows you to set up your business with the equipment that works best for you.
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Growth, Growth, and more Growth!
With your own trucking business, there’s huge potential for growth, by adding more trucks and bringing on additional drivers. This potential for expansion lets you build a fleet and boost your earnings, helping you move closer to reaching your long-term goals.
Cons of Becoming an Owner Operator
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Unpredictable Finances
As the condition of the freight market ebbs and flows, your income may do the same. Budgeting and planning your finances can be a big headache amid an unpredictable market, but this doesn’t make it impossible.
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Staying Compliant with Industry Regulations
As an owner operator, you hold all responsibility for ensuring your compliance with regulations. You will need to fully understand policies and stay up to date with all procedures required by the FMCSA. Meeting and maintaining driver requirements and understanding federal drug and alcohol policies are among the many responsibilities you will take on in this role.
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Daunting Work Schedule
It is likely that you will end up working longer hours as an owner operator than as a company driver, because they tend to have more weight to pull on their own. Maintaining trucks, hauling freight, setting up contracts are just a few things you’ll need to fit in with your schedule.
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Regular Maintenance
Unexpected breakdowns happen, and as an owner operator, they are your responsibility. Breakdowns can lead to downtime and costly repairs.
Deciding to become an owner operator is no small decision. It’s exciting to think about being your own boss, earning more, and building something of your own, but there are also some serious challenges to consider. The ups and downs of income, the need to stay on top of all the rules, and the longer hours can make it tough. But if you take the time to really think through what matters most to you, you’ll be able to make the choice that feels right. Whether you stay with a company or decide to go out on your own, understanding what’s ahead will help you move forward with confidence.
