Be Your Own Boss: Pros and Cons of Becoming an Owner Operator

 

Let me guess… You’re an experienced truck driver and you’ve spent a long time hustling, managing your time, and putting in the miles just so you can be underpaid for your hard work. Sound familiar? Maybe it’s time for you to be your own boss and explore the idea of becoming an Owner Operator. Initially, the idea of “owning your own business” seems overwhelming, taking into consideration the costs, risk, and uncertainty. However, looking at this opportunity from a different angle, may paint a clearer picture of all the benefits that come with it.

The Cost

It’s true, purchasing a truck and obtaining insurances and licensing can add up to costing a pretty penny. On the other side, you MAKE MORE MONEY. Because you are investing in your own insurances and equipment, you make substantially more than a company driver would (an average of 52% more).

Finding Freight

As an Owner Operator it is up to you to find the freight that will make you the big bucks. Solution? Sign on with a company. Some trucking companies, such as ours, bring in Owner Operators to transport their freight at a lower cost to the company, and a much higher compensation to the contracted driver. This way, as a driver, you wouldn’t need to spend unnecessary amounts of time trying to find and book loads for yourself.

Driving Expenses

Being an Owner Operator means you are your own business, which comes with expenses. Money that you make needs to be able to cover all these expenses, and take-home pay, not to forget taking taxes into consideration. This may be true, but *BRAINBLAST* you also get to manage your own schedule and choose which freight you haul, and which loads you turn down. This means you can, within legal guidelines and regulations, plan your time and trips to fit your needs and desires.

Insurance & Benefits

Not being listed as a company employee results in having less access to insurances and benefits. It’s no secret that benefits are extremely costly, especially when purchased individually, not through an employer. What may not be so obvious though, is that some companies, such as Paul Miller Trucking, offer their contractors benefits and insurance options to assist in saving costs.

Truck Maintenance

Owning your own truck means that you are responsible for the upkeep and maintenance of it, leading to a decrease in take home money as well as time and energy.  The good news is that there are companies, like Paul Miller Trucking, who have an in-house shop and maintenance department, and can offer services, inspections, and repairs at a discounted cost. Owning your truck also has its perks! You can completely customize and upgrade your truck in any way you like, AND you get to decide who rides a long with you, whether it’s a friend or family member, furry members of the family included.

It’s true that there are additional risks and responsibilities that come along with becoming an Owner Operator. There are unlimited benefits that can be accounted for too! Making the move is a big decision that only you can decide based on your wants and needs. Curious if it may be the right choice for you? Give us a call at Paul Miller Trucking so we can answer your questions and help you meet your goal of becoming your own boss. We have Lease Purchase options for start-up driver, as well as increased pay rates for established Owner Operators. We would love to talk with you!

Comments (2)

Are you Saying your Are Hiring Owner Operators now. But no Lease Purchase?

We still have Lease Purchase, limited amount of trucks available.

Leave a comment