Buying Your Own Commercial Truck: Is An Owner Operator Trucking Company Right For You?
Many commercial truck drivers dream of buying their own rig and making the switch from their traditional driving jobs to an owner operator trucking company. However, company ownership will not be right for every driver. Below you will learn more about a few of the most important factors for you to consider before starting your own owner operator trucking company.
Long Hours
One of the most attractive parts of being your own boss is the ability to set your own schedule. Unfortunately, many prospective business owners believe that this means they will get to work shorter hours and take every holiday and weekend off. This simply is not the case.
When you first start your own trucking company, you will need to work long hours in order to build your company's reputation. You may also be prevented from taking time off by the need to meet customer deadlines. This is especially true when starting a company with just one rig and just one driver.
Lower Pay
You may think that you are going to make a ton of money by switching from your traditional driving job to an owner operator trucking job, however, this may not be true. Eventually, it is possible for you to greatly increase your earning potential by choosing to run your own business. This will not happen overnight.
When you are first starting out, you will likely bring home a very low hourly rate. This is because not only will you be limited in the number of jobs you can take on with just one driver, but you will also be required to cover all of your own overhead. This includes maintenance and repair costs, as well as advertising, fuel, and supplies.
If you do not have a significant savings to help get you through the first year, you may wish to consider pushing off your entrepreneurial dreams until you are more financially settled.
Industry Regulations
While your trucking company may be quite small, you will still be required to adhere to all of the same industry regulations as the bigger companies. This includes limiting the number of hours you can drive in a week, and having your rig inspected on a regular basis.
If you are unfamiliar with all of the regulations that govern the trucking industry, you will need to take the time to learn more about these laws prior to starting your business.
The Bottom Line
Starting your own trucking company can be an extremely beneficial business opportunity. If after considering the factors above, you are convinced that this is the right career move for you, it may be time to start looking into the purchase of a used commercial truck.