As a trucking owner-operator, you know that running a successful business requires you to wear many hats. You’ve got to be thinking about everything from gas mileage to depreciation to cash flow.
The new year is here, and that means this is a good time to look to the year ahead and think about what you can do to make it your most successful year yet. We’ve put together a list of seven tips that can help you thrive as an owner-operator.
#1: Manage Your Fuel Costs
Regardless of what your truck is carrying, one of your biggest expenses is fuel. The mistake that many owner-operators make is confusing the lowest pump price with the lowest fuel cost. They’re not the same thing.
The reason, as you know, is that you must pay state taxes on the fuel you use as you drive through the state. When you buy gas, the pump price includes the base price per gallon plus that state’s taxes.
To save money on fuel, look for the lowest base prices and plan your fuel purchases to take advantage of them.
#2: Support Your Rates
Creating a budget as an owner-operator means estimating both your fixed and variable costs. You may need to justify your rates to potential clients. For that reason, it’s important to understand the trends both in the trucking industry in general and in your niche in particular.
One thing that can help is getting a handle on fuel prices. The US Department of Energy has a fuel price tracker that you can find here. You can also back up your prices by knowing the going rates for specific lanes and any other influencers that may impact your pricing.
#3: Focus on Fuel-Efficient Driving
There’s a lot of debate among owner-operators