As an owner-operator of your own small trucking business, it can be difficult to compare to other fleets that are much larger than you. However, having a larger fleet means more trucks and larger fleets can offer competitive prices, hire more drivers, and get discounts from suppliers.
So, what can you do in the trucking industry to set yourself apart from the larger fleets, grow your business, and still be able to compete with the big guys?
Below we have compiled the Top 6 things you can do today to pave a smart path to grow your trucking business as an owner-operator.
Know the Trucking Industry Regulations
The trucking industry is forever changing; nothing stays the same. As these new changes, alterations, and regulations come to light, you know when these changes are happening and stay compliant. The year of 2020 began with five new regulations that greatly impacted the trucking industry. Do you know the changes that will take effect this year in 2021? There are still questions in the White House administration that can take effect in the transportation industry.
Stay Up to Date with Transportation Technology
As an owner-operator and owner of your own trucking business, you are responsible for a lot. Often, it can be hard running your own business all while still driving over the road. However, with today's technology, you can receive the help you need to stay organized, reduce stress, manage your finances, and still navigate the road.
Some common trucking apps that many over the road drivers use include:
KeepTruckin – is one of the most rated electronic logbooks for drivers. You can receive violation alerts, keep track of hours, and send logs via email. Other features include HOS alerts for breaks, electronic DVIRs, and automated IFTA reports.
Trucker Tools helps give you real-time traffic information, including directions, truck stop locations, weigh-scale status, weather conditions, and diesel prices.
Fuelbook – with this app, you can search for over 7,000 truck stops nationwide and view their diesel prices. This fuel app also helps you save on fuel.
Control Your Business Finances
Owner-operators must know all things related to their travel and their money. When controlling your finances, you must know the following.
Where you have been – such as what you are spending.
Where you are – what your current balance is.
Where you are going – this includes your income, expenses, and financial goals.
And how you will get there – execute your plan.
The U.S. Small Business Administration created a business plan that can be effective for owner-operators and can be found here.
Provide the Best Service
This may seem easy; however, it can be difficult when you are competing against larger fleets. Since you are an owner-operator with a smaller fleet, you may be more eager and don't have many clients. So, instead of rushing to move on to the next client to cash in that check, treat each client as if they are your most important and most valuable. By doing so, this will keep your name in their head and keep you in business.
Finding Clients
Load boards or freight boards are an excellent way to help yourself find loads near you or where you are going. Owner-operators and fleet owners use these load and freight boards to search for specific criteria that match themselves with the types of loads they are interested in moving and what works best for their trailer type. This is also a good way to begin building friendships with shippers.
Work Smarter – Not Harder
If you have heard it once, you have heard it twice – as an owner-operator, you need to stay out of the company driver mindset. Instead, work smarter so that you can earn more revenue. To do this, you must refrain from hauling loads that require you to drive deadhead miles. Instead, find loads that require you to drive less but still pay the same amount. As a result, you benefit by driving fewer miles, and less money is spent on fuel. You also have less stress on maintenance on your truck, less time working, but still putting profit in your pocket.
Growing any business can be difficult. However, if you follow these tips, they can help take your trucking business up to the next level. Also, these tips can help you be profitable and stable, make the most out of your business and be more successful on your own.