Are You a Business Owner Who Drives or a Driver Who Owns a Trucking Business?

When a truck driver decides to make the move to owner-operator, one of the biggest changes they must make is in their perspective. The change does more than cut out “the man” who controlled your work destiny, though that often spurs the decision. Once you start operating independently, every bit of responsibility lays on your shoulders. Now you are running the business. If you drive, then you now have two full-time jobs.

So how do you transform yourself into a business owner who drives, and avoid being a driver who owns a business?

Have a Business Plan

Know from the start what your fixed costs and variable costs are, and set a revenue goal for the year that covers them — including your own salary.

Market Yourself

Ideally you have a reliable customer base that you know you will get regular work from. Still, you want to build from that foundation and let potential customers know you exist. A good website is a worthy investment, and you don’t need to spend a lot to build one. Trade shows expose your company to others in the industry and build name recognition. Targeted email campaigns can help you reach potential customers. Whatever your method, you want to deliver a clear message of your company’s strengths and specialization.

Know Your Competition

Which trucking companies are getting the loads you want? Who is undercutting your rates and how do they do it? Understanding what other companies are doing well can help you make adjustments to be more competitive. Knowing what they do poorly helps you recognize your strengths in comparison.

Find Your Niche

A small company can’t compete with the big guys on rates, so it needs to appeal to customers looking for something beyond savings. Whether it’s discovering a hole in the market that your trucking company can fill, offering exceptional customer service or specializing in a specific type of load, you can become the go-to fleet if your company makes itself distinct.

Set Goals and Check Progress

Your business plan is the framework, but you have to have a good sense of how you will implement it. It’s not enough to say that you must take in $500,000 this year to keep your small trucking company solvent. You must know throughout the year if you are earning enough to meet that goal, and make changes to income or outgo if you aren’t.

Be Ready to Invest in Yourself

Be fiscally responsible, but don’t be too skimpy when it comes to opportunities to grow. Beyond making sure that the company’s equipment is maintained properly and that staff gets paid on time, you will come on times when you need to spend a little now to reap the rewards later. Have a clear plan of how you will do this, whether it’s long-term saving, bank loan or factoring to maintain a steady cash flow.