Understanding the Finances of Becoming an Owner Operator


As a truck driver, you work hard to increase your experience as well as improve your driving skills. Once you have decided that becoming an owner operator is in your future, it’s only fair that you find the right opportunity to suit your needs.

You deserve the chance to succeed as an owner operator and with owner operator companies available to work for, you’re allowed to narrow down your options to find the best match for you. Preparing your finances before you become an owner operator will ensure that you’re ready for anything that comes your way, but also will provide you with peace of mind in case you’re not satisfied with the company you’ve chosen to work with.

There are things that you are going to pay for and then there are things that the company will be covering for you. Figuring these things out before becoming an owner operator will help you better prepare your finances for the transition.

As an owner operator, partnering with a company who is going to be offer you discounts on items like fuel, tires, and parts will make things a little easier on your wallet. You’ll also want to deal with a company that is going to increase your settlements if the freight rates increase.

There are expenses that you’re probably already aware of, but adding them into your budget will ensure that you’re ready in case of an emergency. For example, factoring in food and gas for your trips will help you stay organized and anticipate what your monthly budget will be like.

If you’re purchasing items for your truck, don’t forget that these items can generally be tax write-offs, so receipts should be saved for items like fluids, truck washes, and more.