Steps to Becoming an Owner-Operator
The promise of owning your own rig may have you embarking on the path to becoming an owner-operator. Before you get ahead of yourself, it is important to step back and take a look at what you need to do in order to successfully make the transition from company driver to owner-operator.
Owning your own rig requires you to make yourself available to haul loads as much as possible, so you will have to take this lifestyle change into consideration. The transition is ideal for drivers who are particularly ambitious, and you may have to be willing to trade some of your personal time with your family and friends to spend more time on the road.
The move is also one that requires a financial investment, so now is the time to evaluate your finances. Are you dealing with a lot of debt at the moment? Are your finances stable enough to be able to handle the curve ball of buying your own rig? If you feel that your finances can take the risk, then you can feel confident with your decision to proceed.
You’ll also have to decide whether you want to lease your rig from a company or stay completely independent. Equipment costs should be taken into consideration, and you will need to hire accounting and legal professionals to ensure that you comply with tax regulations.