When you become an owner-operator, you’re essentially in business for yourself. While you might land a few great hauls that pay really well, take into account all the costs associated with running the business. Here are a few startup costs you’ll need to keep in mind after seeking out expedited shipping jobs and running your own trucking business.
Carrier Costs
The first thing you’ll need to do is consider the carrier you’ll be leasing into. Each carrier will require you to take care of certain things on your own, while others will cover them for you, such as insurance, maintenance, and your training.
Truck and Equipment
What type of truck are you planning on getting? The type will have a lot to do with the types of loads you plan on shipping. In addition, will you be buying or leasing? Each of which comes with its own sets of pros and cons — as well as expenses — so be sure to weigh them out carefully before making your decision.
Insurance
There are many types of insurance that you may need to cover yourself. Insurance policies like these require a paid premium:
- Truck insurance
- Medical insurance
- Occupational accident insurance
Electronic Devices and Software
You’re going to need some level of technology to run your business, including a cellphone, laptop, tablet, or any other device needed. You’ll also need some sort of software to help keep logistics streamlined and in order. There is also software available that can help you keep track of your finances so you can be sure you know where you stand financially at all times.