Here are 5 money-making tips that truck owners swear by that you can use to turn your owner-operator trucking business into a money-making machine.
Did you know that an average truck driver makes around $50,000 a year?
Did you also know that truck drivers can make even more money if they plan their work and trucking time strategically?
It’s true.
If you’re an owner-operator for your trucking business, then it’s possible that you’re looking for ways to increase your income.
So, how do you plan on increasing your income?
Well, the tips that we’re about to discuss, aim to help you earn more, and look at things from a fresh perspective.
So, let’s get started.
5 Useful Tips For Owner-Operator Truck Drivers Who Want To Earn More
Here are 5 money-making tips for owner-0perator truck drivers.
Be the first to take the best load
Being a truck driver is not easy. And if you’re one, you already know it. The job is more than just picking up and dropping off the load. It’s about the initiative.
Most companies are looking for someone (anyone) who is available for the right load at the right time to safely transport the goods. Reach out to the best load assignments first and get on board.
The demand around holidays is usually higher than on regular business days.
Take advantage of the demand and make it your opportunity. Most short-notice loads are priced better than others, especially when the turnaround time for the shipping company is limited.
There are certain tools available online, which help you choose the best load based on distance, load weight, and time. This helps you calculate your profit over cost and even save some time.
Build reliable relationships with your brokers
Being a truck driver that everyone “recommends” comes with some effort.
You have to be “visible” to your brokers, and build a healthy and friendly relationship with your brokers so that they think of you as soon as an order comes in.
Just do your job within the required timeframe, and you’re already your broker’s favorite.
Committing to your job shows that you’re a reliable professional that companies and brokers can trust.
So, you being good at your job will serve you well.
What’s even better is that it helps build a good profile, boosts reputation, while helping you financially.
That’s a win-win.
Connect with your fellow truck drivers. You’ll need someone to take your load in your absence. Being an owner-operator is not easy. You will have other responsibilities that will need your time and attention.
Similarly, you could take the initiative to help out another truck driver who’s packed in between two loads. You’re an owner-operator. So, who’s going to stop you from taking some extra load and getting paid for it?
Socializing and building good relationships with your connections is an added advantage.
Plan your routes in advance
If you’re not signed up with an online load planning app, that’s okay. You can still manually figure out the best route for your destination.
You will need the following information.
- Start point and the destination
- Distance or miles
- Fuel costs
- Availability of fuel stations on the route
- Cheap gas stations for quick breaks
- Restaurants for a quick bite
- Availability of motels (depending on the distance)
Doing this will help you estimate your fuel costs and check if the load order will give you a profit.
Pay attention to deadhead miles
This is both a profit check-point and loss-prevention technique.
Deadhead miles eat away your hard work, drink up your fuel, and wear down your vehicle.
Deadheading is basically when a truck driver drives a truck with no load. So, you’re just driving solo on an empty truck, which is costing you money.
When planning the best routes, look for brokers at the drop location where someone is willing to assign some load for your vehicle.
You can also talk to your broker and ask them to assign orders that need loading from both points of the transit cycle.
This way, you’re making money or at least covering the costs of fuel as you make your way back to the original dispatch facility.
Reduce fuel consumption to save costs
Fuel consumption is a given in any assignment.
You can’t ignore it.
However, when the cost of fuel consumption is concerning, it’s time to evaluate the factors that are leading to the rise in fuel consumption.
Look for reasons that have contributed to a sudden jump in fuel consumption
- Check if it’s the distance or your vehicle that’s demanding more fuel.
- Repair your vehicle as soon as you notice something abnormal
- Analyze the months in which the fuel consumption was less but profits were more. Drive home those strategies or routes to save costs on fuel.
- Choose an alternative, cheaper fuel option.
- Switch to an electric vehicle that doesn’t rely on fuel.
- Take routes that don’t need your truck to stop every few minutes.
Making a profit doesn’t have to be stressful and “hard”. You just need to work smart. Look for repetitive routes, distances, locations, and other repetitive actions you’re taking which can help optimize your business.
At the end of the day, you’re making someone’s life very easy by transporting the heavy loads on time while putting your body through an awful lot for hours together.
So, don’t hesitate to ask the brokers or the companies to pay you better, especially when the going gets hard.
Being an owner-operator for a trucking business is difficult.
We get it.
But do you know what else is difficult? The pressure from the IRS when you don’t comply with the truck tax filings.
So, we want to offer you something that will make your truck tax compliance journey a tad bit easier.
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