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Owner Drivers - Reduce Your Operating Costs!
Being a truck owner driver is a great way to be your own boss. There are currently350,000 owner drivers delivering everydayin the U.S.A. They earn an average of $50,000 annually. The advantage of running your own truck business is that can choose how much you want to work and all of the profits are yours. You will have keep track of your business expenses though - these are your operating costs. By reducing your operating costs, you can directly reduce the taxes that you pay andhave a higher profit margin.
Reducing fuel costs
There are two ways to reduce the cost of fuel for your truck. The first is to be savvy with when and where you purchase fuel. Use a price comparison website such as Gas Buddy tocompare the cost of fuel. If you are on the road, you can download an app to your smartphone to use on your journey. Prices can vary greatly from one gas station to the next.
The second way to reduce fuel costs, is toreduce the fuel consumptionby driving economically. You can do this by not waiting until the high revs of 1800 rpm and above before you change gear. Instead change gear between 1200-1400 rpm. You will accelerate quicker too, than you would have done if you left it later before changing gear. You should also look to cut down your idling time. If your engine is idling, then you are using fuel necessary. If your engine is idle for an hour, your fuel efficiency will drop by 1%. You canincrease your business profits and wealthby making some simple changes to your driving.
Shop around for insurance
All owner drivers need truck insurance. For every type of business, the amount of cover that you need is different. You cancompare the cost of insuranceonline before you buy, just make sure that you have adequate coverage for your business requirements. On top of basic coverage, you will need collision coverage and anything extra depending on the type of cargo that you are transporting.
Journey expenses include food and sustenance as you are travelling, as well as the cost of any overnight stays. Taking meals from home with you is a good way of cutting down food costs. You would be surprised how much the cost of restaurant and diner meals add up over the course of a long journey. Plan your overnight stays well in advance you may be able to get early bird rates for booking motels, if you are not sleeping in your truck.
Reducing your operating costs if you are an owner driver has a direct affect on the profits that you make. If you cut down costs, you can make more money for your thriving trucking business.