Is it good to be an Owner/Operator ?

It's great to be an OO, you get to decide where you will run and how and when you take time off. Just don't lease on to the big carriers or all you will be is a company driver with truck payments.

 

being an owner operator is great if you know how to handle every aspect of the business, knowing when a load is good or not, simply saying $2 per mile wont cut it, some high paying loads bring you to dead areas, so you got to make sure load pays enough knowing getting out of there is not great, once you have that figured out, you have to control spending, depending on what segment of trucking you will be doing a truck can easily pull between $20000 and $40000 per month gross, you have to account for fuel and maintenance, unexpected breakdowns, unexpected layovers, cost of permits if required, insurance blah blah blah... you wont have that much left over.... get that figured out and a decent truck that doesnt break down, basically a pre-08... unless you need to run Cali... and like Freddy57 said stay away from mega carriers, they are there torape you

 

For some it's great, it gives them a lot of freedom and potentially a lot more income. Those who are relaible/dependable and don't settle for cheap rates can make pretty good money. There is a lot more responsability when you're am o/o, but the rewards are great!

 

not a good time anytime if you are not a good money manager and know a lot about running a business, you also must be a good mechanic, you can't make it most times if you don't do basic stuff like replace altenators, batteries,, the big stuff like major engine repairs or trans repairs you will need a good shop,,stay away from dealers unless you have big bucks for their high flat rate labor,
Remember that if you plan to haul what the big fleets haul and companies that hire lots of rookies or what the rail road hauls if will be hard to make as much or more that 45 cents a mile profit over the life of the truck,

 

Being an owner operator is good for some and a disaster for others. If you have a head for business and numbers and are disciplined, then you may do well as an owner operator. I have done well owning trucks as have several friends. But, I have also interviewed and employed a number of former owner operators who have lost their shirts once they bought a truck. Like most businesses, there is a high failure rate. You need to do your homework before you start spending money and buying a truck. This is not a business where you decide to become an owner operator and immediately go out and buy a truck without having a plan and money. Many drivers are much better off staying a company driver rather than being an owner operator. There is much to consider. If I had it to do over again, I would still go out and buy a truck. I have owned several over the years. Owning trucks and running my own authority works best for me and my objectives. But, I don't necessarily think it is the best direction for everyone.

 

With everything said here Pros/Cons. I could not go back to being a company driver. The freedom of doing it my way can't be duplicated by a company. I have had the worst year of my working life in 2014 but I still would not trade it.

 

Hell yeah. Drive an awesome truck, make enough money to sit at home half the year.

 

My current truck cost me $6,000 the person I bought it from put $45,000 in repairs the previous 2 years. My trailer I bought for $10,000. I have been using this setup for 5 years.
My equipment is paid for and it hauls the same as a brand new rig. May not ride as smooth as new or look as nice, but having no payment is right.
Have been o/o with my own authority for most of my driving career. Employed as driver for a couple years, to learn. Went self-employed after that and haven't regretted a day. Last year averaged 2.97 all miles.
I learned a lot of tax information from SCORE. I use a tax lawyer for my yearly tax preparation and use a financial planner to help with the everyday decisions. I know how to drive, they know how to use the tax code.
For the mechanic work I can't do myself, for the motor I go to Cummins for the rest I go to Freightliner dealer. But I do most of the work myself. Including Front cover gasket and changing clutch and tranny.
I just don't go inside the motor. I can turn a wrench but I'm no mechanic.
My truck is a tool not a fashion statement. Good luck.