Table of Contents

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 experiences. You’re able to set your own hours. You can take time off when you want. But those freedoms come with a big trade-off: the need to be financially responsible and selfdisciplined. The challenge is great, but for those who are successful, the rewards are greater still.

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 - Pick a business services provider

There’s more than tax preparation involved in this financial lifeline.

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, state 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 profit or to warn you when your operating costs are out of line.

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Chapter 3 - Creating your financial map

How to build a strong owner-operator business plan.

A business plan is one of the most effective business tools you’ll ever use as an owner-operator. Think of it as a roadmap that allows you to track income and expenses over time, with the goal of reaching your desired financial rewards. Just as every load you pick up requires a bill of lading with a consignee or destination that tells you where it goes, your business requires a business plan to successfully move forward.

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Chapter 4 - Bookkeeping

It’s critical to tracking progress, filing income taxes and maximizing your bottom line.

Don’t judge the performance of your business by the size of your settlement check. Once your business plan is in place and you have a month’s worth of actual performance history to review on your profit and loss statement, you can look closely at your spending habits and come up with ways to reduce your expenses if necessary.

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