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You need to research,research,research. Before you even think of becoming an owner operator you better make sure you more than think you will have work. You better know you have work. There is a big difference from being a driver compared to an owner operator. Being a driver you just have to be concerned about driving. When you are an owner operator you have to drive and know the business end. That is where many owner operators fail. They are excellent drivers but, are not good business men. You have to be excellent at business because your profit margin is so slim, usually 20 to 13 cents on every dollar produces. There are many good articles on the internet about becoming an owner operator,there is a book "becoming an owner operator" and "cost per mile" they are both excellent books!I can not cover everything you ask because your question covers so much and is so broad. I will gladly answer more specific questions. As far as hidden costs. There shouldn't be any if you have a good business plan and researched. My advice is don't make the change to quick and make sure you know the business inside and out. When you do then make the switch. Concerning insureance. The minimum you will need is collision, plus bobtail and deadhead,I would also have a small cargo policy that doesn;t cover the deductble of the company you will end up leasing onto. There is no standard or I would advise you on what amount. Most companies if you lease on to them will provide you a plate,ifta and other compliance. They will deduct them or provide them. Good Luck! Hope I helped. |
