There are many factors to consider when deciding whether or not to become an owner operator truck driver. For one, the financials are very important. Trucking is a business with a high cost of equipment, so it is important to make sure that you are able to afford it before you get started. Another factor is the type of operation you want to run. The decision to become an owner operator may not be the best choice for everyone.
Once you have decided to become an owner operator, you will need to determine what type of authority you want to have. This may be under contract with a motor carrier or under your own authority. Each option requires different trucking insurance coverages. When choosing an authority, it is important to learn about the various types of trucking insurance.
You will also need to establish a business plan. The plan should outline your goals, list any staff, and set up a financial strategy. This plan will also be important in the event of a mishap. It may also be beneficial to keep an emergency fund set aside. Finally, you will need to make sure that your vehicle is in good condition. You should also maintain a record of the maintenance, repairs, and paperwork you perform.
Before becoming an owner operator truck driver, you need a commercial driver’s license (CDL). While a standard license is relatively simple to obtain, getting a CDL requires more effort. You must pass the DOT physical and pass a knowledge and road skill test. You will also need to account for specialized endorsements.