Updated: Dec 17, 2021
Many employees dream of becoming their very own boss in their respective industries. Just the thought of managing your own time and not following someone’s orders seems exciting. However, not all jobs can offer employees a great opportunity to start their business.
Fortunately, for commercial truck drivers, the transition from an employee to becoming your own boss is relatively smooth and straightforward. Becoming a successful owner-operator in the trucking industry involves just a few steps, here’s what you can do:
1. Secure necessary licensing and registration
The first thing that you should know is that the trucking industry is a heavily regulated business. Since you’re dealing with huge vehicles with massive loads of goods while traveling, there are many risks and hazards involved. This is where the government steps in and decides if you can start and continue your business operations.
What you’ll need is a registered USDOT number and a Motor Carrier number. Securing these basic requirements guarantees that you are authorized to operate.
2. Purchase or lease a truck
Becoming an owner-operator also means having your personal truck but there are things you should consider before getting one. Leasing a truck is the best option if you’re still testing the waters. You may consider a lease-to-own option later on. Just find a bank that offers low-interest rates to avoid spending a lot as you start your business.
3. Ensure proper vehicle maintenance
To achieve great business results, you should always look for ways to avoid unnecessary costs. One great example is truck repairs or maintenance. Always ensure that the truck is in good condition. This can help prevent minor issues from getting worse.
4. Get appropriate trucking insurance
Getting comprehensive trucking insurance is essential. This is a requirement according to federal law, as this layer of protection can prevent huge expenses brought about by accidents. Choose the insurance that best suits your business needs. Consider the benefits that come with it as well as your budget.
Starting your own business is undoubtedly a milestone. However, there are challenges you may face along the way. If you are all set to tread this new path, make sure to take note of these essential steps. This way, your chances of succeeding in the trucking industry increase!