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There are definite advantages to having your own authority and being your boss: setting your own schedule. But, how to become an owner-operator? Following these tips on how to start an owner-operator trucking business.
Be realistic
In your first year, expect to lay out a lot of cash for working capital, out-of-pocket expenses, insurance, meals, oil changes, repairs, and many other expenses.
Budget
Buy or lease a truck you can afford, and set aside money for insurance, repairs, and maintenance – even for a brand-spanking-new one with a warranty.
how to start a owner operator trucking business
Consider the truck’s fuel economy and its age
Get real-world input from other owner-operators with similar trucks and engines. Also, focus on reliability and longevity as well as maintenance requirements and overall performance.
Avoid bad credit or excessive personal debts.
Minimize your credit card debt. Maintaining good credit supports your ability to keep rolling and access necessary capital for equipment, fuel cards, and investment in your business.
Consult with professionals on accounting
Seek out reputable professionals who can advise you properly for your specific circumstances.
For more tips on how to be an owner-operator, visit Triumph Business Capital.
My Website: https://www.invoicefactoring.com/factoring-blog/how-to-make-it-through-your-first-year-as-an-owner-operator/
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