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This question is about owner/operator and what an owner/operator does.
How do I become a successful owner-operator?
To become a successful owner-operator, you will need to set up a successful business plan that minimizes expenses and maximizes profits.
Coming up with a good business plan is the first step for any new business aiming for success. Creating a solid business plan for a trucking company means taking a detailed look at the financing and operational specifics of the business within the needs of the industry as a whole, and of course, the individual goals for that company.
Understanding major expenses will be important to minimize them as much as possible. A few major expenses include:
Fuel costs
Truck maintenance
Road use taxes, tolls, and fuel taxes
Personal and corporate taxes
Insurance
Almost as important as understanding how to minimize cost is knowing how to maximize profit. As an owner-operator, there are two different ways you can get paid. One way is by being fully independent. This means that you're a freelance driver, and you can haul loads for anyone at any given time.
The other method of income is by leasing yourself to a carrier. This means that you dedicate yourself and your equipment to the carrier and haul exclusively for them. Understanding your experience level and ability will help you choose which option will allow you to make the most money.
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