Owner operator salary is the very first reason a company driver decides to become his boss.
There’s a lot of owner operator trucking jobs available today, and the demand is increasing by the day.
Along with the higher-earning possibilities, it comes with a great benefit of having your own truck and getting that independence that many truckers would like to enjoy.
How much is owner operator salary different than company drivers’?
Owner operator salary is significantly higher than the one that company driver can reach. That’s why it’s so attractive to many truck drivers.
Based on our company’s survey, when asked on the first interview what would they like to change about their position, the drivers’ first response was to get their own truck through a lease.
As of July 2019, truck drivers’ average salary goes as high as $71,000.00, while owner operator salary is around $195,000.00.
It’s obvious why truckers are rushing and saving money to buy their own trucks. Because in the end, they get a lot more money in the bank.
When is the right time to think about owner operator salary?
- Only you know what’s best for you
- You should have enough experience to know how the industry works
- Put everything on paper and see is it good enough for you
First of all, it depends on your personal choice and a few other situational things.
On one hand, there is no exact right time you should think about owner operator salary and hopping in your first personally owned truck.
On the other hand, the best time, would be the moment you find a good lease deal.
Depending on the company that offers you the lease, and the requirements you need to fulfill, you will have to wait more or less to get that truck you wanted.
In our case, for example, we require our drivers to drive for us at least 3 months, before they can get a lease.
Or even sooner, if they prove to be good and responsible drivers!
What will change when you become an owner operator?
As we already concluded, the pay will be drastically higher. But that’s not the only thing that’s going to change.
You will be enjoying a lot of independence and freedom, but as always, with more freedom comes more responsibility.
The truck you lease to get that owner operator salary will technically be yours from the start, so all the expenses regarding the truck are on you.
But, that’s only if your truck breaks down unexpectedly. Which will hardly be the case if you lease a brand new truck.
From the experience with our owner operators, their biggest dilemma is which truck to lease.
On one hand you have a brand new truck that is priced more than a used one, and on the other hand, you have the truck you have driven as a company driver and you know exactly the good and bad things about it, plus it’s a lot cheaper.
Leasing the truck you’ve already driven is great because you know that trucks’ heart and soul. Getting a used truck in good condition is usually the best solution you can get.
What’s the next step for owner operators?
To keep going the path of growth for your business, the next big step would be to get your own authority and buy a few more trucks.
As an owner operator, you do have more independence, but you still operate under someone else’s company.
The next big thing for you would be:
- Get a couple of extra trucks
- Form a small fleet
- Hire drivers to operate in those trucks
- Outsource other parts of the business
Now you’re beginning to realize what it is like to be a true businessman. You will have to manage your team of drivers and trucks you bought for them to drive.
Luckily you don’t have to learn every single part of the business you’re going to run, nobody does that.
There’s a lot of companies that exist for that sole purpose.
You will need 3 key things to keep your business running and profitable:
Depending on your current knowledge and experience in the trucking industry, you can choose which services to use.
But, have in mind that most of these companies offer those services in a package, so if you know how to dispatch but you need help with accounting, you will have to pay for both.
Owner operator salary is something that will encourage you to advance further in the trucking industry and become your own boss, with your own truck.
Nothing to stand in your way of a better position, salary, and future!