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Want to Start an Owner Operator Trucking Business?

Here’s what you need to know. 

Starting an owner operator trucking business isn’t for everyone. Trucking involves a unique skill set, love for being on the road, and dedication to the many rules and regulations involved. So, before investing in truck driver training or quitting your company driving job, ask yourself the following questions:

• Are you willing to put in the very long hours behind the wheel that are necessary for success?
• Can you deal with the many aspects of running an owner operator trucking business?
• Do you have the credit needed to finance your own big rig or explore the lease-to-own options?
• Do you have basic computer skills?

Company drivers rarely have to deal with aspects of the business such as finding clients, handling repairs, billing customers, or managing other people. Yet all those duties are part of an average day when you run your own owner operator company. You will need more than just driving skills, you will need business savvy, financial responsibility, and, the right trucking software. An owner operator must think about fuel and road tax, licenses and permits, accounting, keeping track of you and your other driver’s miles, and so much more.

But there are businesses out there, like Glostone Trucking Solutions, which want to help you manage the business side so you can focus on driving. These companies may include helping owner operators find loads, keep the driver and business compliant, handle various reporting, and more. Turn to these companies to help you get started on the right foot and keep you on the right path for your business.

Once you have done the research or explored what it means to be an owner operator, the only step from here is to get your business ready to go. Below are eight steps to get you started:

1. Sign up for a commercial trucking school in order to receive your CDL (commercial driver’s license). You will need an endorsement that covers all of the materials you propose to deliver in your business. For example, you will need an endorsement H to carry hazardous materials.
2. Write a comprehensive business plan. Include in your plan how you will operate, how you will generate revenue, expansion plans and an expense breakdown. Include a mission statement that outlines your goals and values. With this business plan, search for start-up funds that can help you get started.
3. Obtain business licenses and permits required by trucking industry regulators. Verify the following with federal and state licensing authorities to see if new laws require you to obtain credentials in addition to IFTA decals, fuel tax reporting workups, MC numbers, 2290s, IRP tags and USDOT numbers.
4. Purchase or lease-to-own a truck that meets the needs set out in your business plan.
5. Open a business checking account with a national bank to simplify cash withdrawals from varying locations. Open gas credit cards in a national chain for the same reason.
6. Use existing customers as springboards for attracting new business. For instance, you may wish to offer referral discounts on a future hauling job if you land a job courtesy of a current client’s recommendation. You will also find new business by attending regional conferences, setting up co-op relationships and instituting barter agreements.
7. Hire a strong, safe team of drivers by obtaining thorough background checks on everyone with whom you contract. Using independent contractors mediates liability risks and saves you from the burdensome documentation required of trucking firms hiring full-time drivers. Husband and wife teams offer stability and the assurance that even if one becomes ill, the other can drive to meet your time and delivery commitments.
8. Keep thorough records by using one of the many software programs on the market written exclusively for people who run or own trucking companies.

Truckers are never alone on the road. For questions, advice, or help managing your business, we at Glostone Trucking Solutions are here for you. Call us at 503-607-1088 or learn more below.

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