How To Start an Owner Operator Trucking Business

Transitioning from company driver to owner-operator is a serious decision and a big step. Being owner-operator means being your own boss, scheduling your own time, and choosing your own loads. However, there are many factors you need to consider, and you also need to be well prepared before becoming an owner-operator in the trucking industry.

Here is a list of things you need to do to start your new trucking business:

What Steps Do You Need To Take To Become Owner-Operator?

  • Write your business plan. It is the first and most important step. Your business plan should cover the basics and answer the following questions: what type of trucking business do you want to run? Are you planning to run a dry van operation? How is your business plan different from others? Are you thinking of purchasing more trucks in the future and hiring drivers? You need to answer all these questions first. Moreover, if you put your ideas on paper, it will be easier for you to implement your plan. 
  • Decide on the kind of entity. Think about the business structure of your future trucking company. You can choose one of the three types: limited liability company (LLC), S corporation, and sole proprietorship. To choose a business structure, you should also consider such factors as income taxation and owner liability. 
  • Decide on the carrier you want to work with. When deciding to become owner-operators, most drivers prefer leasing with carriers rather than getting their own authority. To choose the best carrier for yourself, you should decide first what type of operation you want to run. You also need to make sure that the carrier you want to work with pays enough per mile and always has loads available for you. 
  • Purchase your truck. It might be difficult to purchase a truck upfront. The good news is that you have two options: you can purchase it through a truck financing company or do a lease-purchase program with your carrier. 
  • Hire a business services provider to assist with your new business. It is smart to hire a professional with rich experience in the trucking industry and has already helped many owner-operators succeed. An experienced business services provider will help with truck financing and business permits, choosing the right entity, etc. 

J & M Trailer & Truck Repair, Inc – Your Reliable Service Center in Ocala, FL 

Being an owner-operator also means taking care of your truck so that it can serve you well for many years. J & M Trailer Repair has provided quality truck and trailer services since 1997. We serve a wide range of large commercial vehicles, and the services we offer include semi truck repair, semi trailer repair, semi truck parts, box truck parts & repair, and others. We also provide roadside assistance, truck and trailer parking, and DOT truck and trailer inspections. If you have any questions or want to know more about our services, feel free to call us.