Becoming an owner-operator can be a freeing part of your career as a trucker. It can be a complicated journey, but once you figure it out, you have the ability to run your own business and make your own money.
What are the steps you need to take to become an owner-operator? With the right help from Real Truckers, you can get started right away.
What Do You Need to Start?
The first thing that you need for your trucking business is maybe the most fun part: the name. Once you have completed this important step, you will need to register your business with your state’s Division of Corporations. You will have a registration fee to pay that may range in the hundreds of dollars. This is a critical step for your trucking business as you cannot legally operate without registering first.
Once you have your registration, you will be able to receive a Federal Tax Identification Number. This number can be retrieved from the IRS website and it is essential for you to have in order to open a bank account in your business’s name. It will also be necessary for any financing you may need for your truck and other business permits you may have to apply for.
Equipment & Insurance
The next thing that you are going to need is your truck. Trucks can range anywhere from $110,000 to $125,000 with a trailer included. This can be a significant cost if you are just starting out in the industry. Thankfully, you do not have to opt for a new rig. Purchasing a used rig can save new truckers a lot of money, and there are usually favorable leasing options that can make the cost work for your financial situation. There are even lenders out there that will finance your truck completely. However, even if you do not qualify for this type of financing, you can still typically lease a rig with a down payment.
Of course, being a part of a network like Real Truckers can help you bridge that financial gap. Real Truckers offers trailers for drivers, so you have one less thing that you have to worry about when you are starting out.
Finally, you need insurance. Without the appropriate amount of insurance, your business could be in jeopardy in the case of an accident. That is why it is required that you obtain a general liability and cargo policy with a minimum of $750,000 in coverage. In addition to this, you will also need to apply for a surety bond in order to get your licensing.
Build an Owner-Operator Network
Once you have everything in place that you need, your license is registered, and your DOT number is ready, you will need actual cargo. Without loads, you will not be able to make the money that you need to offset your costs. At first, this may seem like a difficult task, especially if you have not developed relationships within the trucking industry. That is why having networks like Real Truckers is so vital to a trucker’s livelihood. Real Truckers provides all kinds of support for owner-operators, including finding loads. This is perfect for truckers who are looking to get started because it means you spend less time looking for cargo and more time earning money.
At Real Truckers, we understand that becoming an owner-operator is a way of life. There are many steps that you will need to take to get to where you want to be, but we are here to help. With our suite of services, we give truckers the support they need to succeed. If you are interested in learning more about us, contact us today.