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Chapter 1 - Becoming An Owner-Operator

Take time to prepare in every way for this big step.

As an owner-operator, you enjoy more freedom from supervision than a company driver. You’re able to set your own hours and can take time off when you want. But those freedoms come with a big trade-off: the need to be financially responsible and self-disciplined. The challenge is great, but for those who are successful, the rewards are greater.

Why do you want to be an owner-operator? If your answer is to work hard, make more money, and have a more rewarding life, you have a good chance at success. The successful owner-operator is driven above all else by the prospect of financial payback for his time and investment.

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Chapter 2 - Selecting a business services provider

Picking this financial lifeline involves more than just tax prep concerns.

As an independent business owner, your primary goal is to make more money. That’s why you made the decision to purchase or lease your own truck. The challenge lies in holding on to more of the money you make, especially as expenses increase. You have to pay for your own plates, permits, fuel taxes, federal highway use taxes, maintenance, insurance and more.

Keeping track of it all takes a substantial amount of time. Some owner-operators are fortunate enough to have a spouse or partner on whom they can offload the paperwork. But even if this is the case, your spouse probably does not have the resources or experience necessary to help you maximize your take-home profits -- or to warn you when your costs are unreasonably high.

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Chapter 5 - Profit and loss statement

How to interpret your monthly financial scorecard.

All your records should be accumulated throughout the month and turned into a profit and loss statement, also called a financial statement or a statement of earnings. All your settlement statements and receipts should be sorted into like categories and added up for a total at the end of the month. Then all your operating information should be incorporated into a consistent format called a profit and loss statement. The statement should tell you how many miles you drove, what your revenue was, what your costs were and how much money you made during the month -- your profit or loss.

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Chapter 19 - Choosing a carrier

It’s expensive to switch carriers, so pick your partner carefully.

You constantly are bombarded with recruiting ads and posters promising more revenue and better opportunities at another carrier. You hear it from other drivers at the truck stops as well. Increased revenue is easy to understand, but what often is overlooked is the cost involved to switch carriers. And when you look at gross revenue, instead of just pay per mile, revenue typically isn’t any better at the new carrier.

Compensation packages for owner-operators have increased markedly in recent years, and these increases were way overdue. However, the new pay packages are tempting some owner-operators to frequently switch carriers. It seems like a straightforward decision when pay per mile is 2 cents to 4 cents higher at another carrier. But it isn’t always that simple. There are other compensation and cost issues you need to consider before making the switch.

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