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How to be a Successful Owner Operator

How to be a Successful Owner Operator

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  • GLI Dispatch Services
  • March 10, 2023

How to be a Successful Owner Operator

Guide to be a Successful Owner Operator?

1. Assess your situation

Consider your current situation and what you will need to succeed as an owner-operator. Consider how much you know about the trucking industry and how many people you know in the industry. Examine your finances to see if you can afford everything you’ll need to start your own business.

2. Investigate the industry

Consult with other business owners and owners you know, as well as tax professionals and small business owners. They can tell you first-hand what to expect as an owner-operator and offer advice based on their own experiences. Consider whether you want to lease onto an existing trucking company or work entirely independently. Leasing can be beneficial for new owner-operators because companies frequently supply loads to transport, but working independently can be more profitable and flexible.

3. Obtain a commercial driver's licence (CDL)

You might already have a CDL if you have prior experience in the trucking business. Regardless of whether you currently have one, be sure your CDL is in the appropriate class for the cargo you intend to transport. You must a hazmat endorsement on your licence, for instance, if you intend to transport hazardous materials.

4. Purchase the necessary equipment

Consider what equipment or tools you might require for your business. For example, a truck and trailer are required for most loads, but specialised equipment may be required for long or wide loads. You can buy a truck and trailer or lease one from a trucking company, which offers lease, lease-to-own, and purchase options.

5. Secure the necessary license

Verify all applicable local rules and regulations, including any that cross state lines. A motor carrier (MC) number and a U.S. Department of Transportation (USDOT) number are typically required. You might also require an interstate licence for your truck if it crosses state borders. Apply for these licences well in advance of when you need them because the processing time for them is typically four to six weeks.

6. Buy trucking insurance

To make sure you have the proper trucking insurance, check the local legislation, and think about speaking with an insurance broker to go over your possibilities. Owner-operators typically need general and primary liability coverage in order to lawfully drive their trucks. In the event of a collision, these insurance plans will pay for damage to another vehicle or driver as well as any loading dock or cargo damage.

7. Wherever you can, cut costs!

By keeping your equipment in good working order to prevent repairs and altering some of your habits, you can reduce your costs without compromising critical items in your budget. By keeping your speed consistent and near to the posted limit, you can increase your fuel economy. Additionally, you can prevent idling by selecting routes with little traffic or delays and driving cautiously by slowing down and braking gradually. Look for quick and direct ways and think about looking for employment that start close to your goal.

8. Learn about the latest market information through load board every day

Load boards compile data from businesses in need of product transporters and offer the jobs available to drivers. While many of them can be accessed through a website, others of them are apps you can check on your phone. Some load boards are free to use, while others need money. When choosing which employment board to use, think about which choice would be more practical for you. Jobs might pay by miles or a percentage of the load you move.

GLI Truck Dispatch Services offers one of the best truck dispatch services to owner operators and carriers across USA. We offer other back-office solutions such as compliance and accounting to carriers in addition to our truck dispatch services to help our carriers succeed in this competitive yet rewarding trucking industry. At GLI, our truck dispatchers don’t just dispatch, they go the extra mile to help build relationships to help carriers grow their business. Its where professionalism meets quality. Visit www.glitruckdispatchservices.com to learn more about our processes and how our method of truck dispatching can help you succeed and grow your business. 

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Trucking Tips & Articles

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  • Major Cost Breakdown for Owner Operators
  • Truck Driving Safey Tips during the Winter Season
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