Owner/Operator jobs are plentiful and drivers are in high demand. There are many advantages working as an owner/operator. Among them is the opportunity to set your own schedule, plan routes that you want to take and earn much more money than if you were a company driver.
Many owner/operators fail due to failing to pay attention to company policies and contract details prior to signing on with a company. It is very important to carefully research companies before making a decision. Company policies vary however, companies which offer some or all of the following benefits will help to assure your success.
This is important because even though you are buying the truck on a lease purchase agreement, the company provides the trailer for you at no additional cost.
Load and freight consistency.
Think of this as operating a business. You must be able to count on having consistent loads because you will have fixed truck payments deducted weekly from your settlements. It is very important to be able to accurately estimate your income.
Higher pay for shorter loads and minimum pay per dispatch
It takes more time with descriptionshort loads waiting to be loaded and unloaded than if you had been driving longer miles. A higher pay rate is a way to compensate you for the waiting time. It is important to negotiate a minimum pay rate that you will accept per dispatch.
Average 2500 miles and more per week
You will be paid primarily based on the number of miles you drive each week. This mile consistency will allow you to know that you will have the funds you need to be able to operate successfully.
If you have made your lane preferences known, your dispatcher can plan your loads accordingly.
Authorized tolls reimbursed.
You may have to pay tolls while on the road, but all authorized tolls should be reimbursed by your company.
Paid permits, base plates, reefer fuel, and lumper fees.
You will certainly have more money if your company pays for these fees.
Company fleet rates for the insurance you need to operate your truck
This will save you money compared to what you would have to pay to buy an individual policy for your truck.
Company provided fuel cards, advances and money transfer systems which allow you to be paid on the road.
Weekly settlements with direct deposit option available You will be assured that funds will be deposited into your bank account if that is your choice.
Stop pay and detention pay
Drivers are paid for miles and stops. Detention is extra pay based on an hourly rate that is paid to you when you must wait longer than the required wait time to be loaded or unloaded.
Driver referral bonus
You can often earn extra income just by referring other drivers to your company. If they are hired the company will pay you a bonus.
Working as an owner/operator is essentially running a business. Careful attention to all details will help to assure your success.