Want to become an owner-operator?
The independence. The open road. It’s an awfully exciting prospect.
And understanding the financial aspects of launching and operating your trucking company will help you navigate around the business lane potholes—accelerating your path to success.
Start out on the right foot
We share the critical financial insights you need with our quick guide, Your On-Ramp to Owner-Operator Success.
In just four minutes, you’ll learn how to avoid common pitfalls and put yourself on the path to profitability, including:
Just you, your truck, and the open road. There’s a special sense of pride that comes from owning your own business—not to mention being part of an industry that impacts the lives of literally everyone.
But we urge you: Enter with your eyes wide open. This is a risky proposition if you’re not well-prepared. And you’ll have to work hard—really hard. In fact, you’ll likely need to generate $3500 in revenue per week just to stay afloat and $4000 before you become profitable. (For most, this means working all but four days a month.)
If you’re not afraid of the hard work, though—if you’re a planner who thinks three and five years down the line and you’re comfortable letting go of your employee perks, this can be a tremendously rewarding venture.
Financial advice that set you up for success
1
Start with a financial safety net
Want to be around for the long haul? Set aside money for that business-saving cushion that will get you through the lean times, because there will absolutely be lean times. We advise keeping one-and-a-half times your fixed charges, principal, and interest in savings. While that figure can come down as you grow, as a small fleet, your liquid cash needs to be substantially higher than your fixed charges.
2
Mitigate your liability exposure
Sole proprietorship, LLC, or corporation: What’s right for you? In most cases, an LLC is a good fit. This business structure is cheap and easy to set up, and it’s pretty simple from a tax and reporting perspective. It also limits your personal liability—which is critical to protecting your personal assets from bankruptcy or lawsuits. A business attorney can help you fully understand your options and their implications.
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“When you’re a brand new trucking company, you’re doing things you’ve never done before—and that can trip a driver up. Like everyone starting something new, sometimes you just don’t know what you don’t know.
You’re why we put this guide together—to see more hard-working people just like you live out the American dream. We really look forward to partnering with you and helping you grow.”