Being an owner-operator means freedom to run your business the way that you see fit, but it also means an uptick in costs. There are ways that you can reduce expenses so that you can maximize your profit. This is especially true when you use services like Real Truckers. Real Truckers can help you better understand where there is money to be saved, and how you can better succeed.
Use an Advanced ELD
An ELD is an electronic logging device and they are required by law under the congressional mandate MAP-21. These types of devices were instituted in order to keep working environments safe for truckers and ensure that they could accurately track their hours and driving time. Being compliant with your Hours of Service is much easier when you employ an ELD, and there is no shortage of ELDs to be found. Just by searching on the Federal Motor Carrier Safety Administration’s website, you can see there are hundreds of different types of ELDs. Many of these will offer advanced features for drivers to keep track of other metrics besides their HOS and driving time.
Invest in a device with high accuracy and advanced features such as integrating vehicle diagnostic data that can help you plan when to perform maintenance to avoid costly roadside repairs. You can also look for an ELD that helps you sort out your paperwork for your IFTA reporting. Doing these reports manually can be time-consuming, but if your ELD keeps track of your total miles driven and allows you to upload your fuel purchases into its system, you will be able to save yourself quite a bit of hassle.
Consider Used Equipment
To grow a trucking business as an owner-operator, you will eventually have to invest in more than one truck. This may be something that you do as soon as you register as an owner-operator or it may be something that you plan for down the line. Regardless, purchasing a new truck each time can be very costly. Buying used equipment can allow you to purchase more for your money.
Consider the cost of a new truck. It can cost nearly $200,000 for a good rig, and you may not always be able to finance it completely, meaning that you will have to come up with a down payment in order to complete your purchase. A used truck can cost you less than a third of the cost of a new truck, which means that you can purchase more trucks. Also, when the time comes to insure these trucks, you will end up paying less because used trucks are cheaper to insure.
Shop Around for Insurance
Insuring a truck can be just as costly as buying one. The best thing that you can do as an owner-operator is to shop around and make sure that you are getting the best deal for your insurance. Be sure to look for insurance that rewards safe driving. Some companies will allow you to get reduced premiums or other bonuses when you meet certain safe-driving criteria, and they may even integrate with your ELDs. Ask these questions to insurance companies and see which ones can offer you the best quote for your fleet.
Are You An Owner-Operator? Contact Us Today
If you are looking for ways to save money as an owner-operator, you are not alone. The right help can have you worrying less about your expenses and focusing more on what you love to do. That is what we do at Real Truckers. With a number of different benefits to assist truckers to earn more and spend less, we are the best way to get your business where you want it to be. If you are interested in learning more about us, contact us today.