7 Habits From a Highly Successful Owner-Operators

If you’re an owner-operator in the trucking industry, it’s important to learn from successful people in your field and imitate their habits. To help you with this, our team has compiled seven habits from a highly successful owner-operator who has been in trucking for over 50 years. This owner-operator still trucks two-thirds of the year but also takes time to relax with his wife. They have been very successful and are able to do extensive world travel because of the practices outlined below.

1)Manage Your Money Well

As an owner-operator, managing your money is critical to your success. It should be your number one priority. This means saving money for repairs, taxes, and retirement. As a self-employed individual, you need to save for your own retirement. It’s important to start young and to ensure that your spouse understands and respects your spending philosophy. Don’t forget about equipment depreciation; rotating your equipment every three years can help you save money in the long run.

2)Be Conservative with Your Personal Expenses

Every penny counts when you’re an owner-operator, so be careful with your personal expenses. Don’t buy anything one piece at a time, and buy in bulk to save money. Purchasing items at a truck stop or convenience store can add up quickly, so be mindful of your spending habits. Small savings can add up over time and help you reach your retirement goals.

3)Don’t Get Distracted by Shiny New Things

It’s easy to get distracted by the latest and greatest equipment or accessories, but it’s important to consider their profitability. Don’t assume that you’ll make your money back in resale value if you purchase an expensive accessory. Keep track of your costs and do the math before making any major purchases. Also, avoid adding extras to your truck that won’t make you more money.

4)Don’t Put off Truck Maintenance

Preventative maintenance is key to avoiding costly breakdowns on the road. Don’t put off needed repairs, as they can cost you more in the long run. It’s important to stay ahead of repairs and keep your truck in top condition.

5)Take Care of Your Health

Your personal health is critical to your success as an owner-operator. Don’t fall for health gimmicks or shortcuts to good health. Get up and move every day, even when you’re at a shipper or receiver’s location. Watch what you eat and drink, and make time to take care of yourself.

6)Plan Your Trip Before You Leave

Leaving early and giving yourself plenty of time to plan your trip can save you money and stress. It allows you to drive at ideal speeds, reduces stress on you and your equipment, and gives you time to deal with unexpected issues. Plan your trip ahead of time, including fuel stops and breaks.

7)Know Your True Costs of Operation

Understand the true cost of fuel by backing out the state tax and comparing fuel prices. Don’t let the price on the board dictate where you purchase fuel. Drive at different speeds to determine what’s most cost-effective, and track your savings. Put the money aside or in a special account that you can use to purchase your next truck.

We trust that these habits have been beneficial to you. If you’re in New Jersey, be sure to explore the DRS Truck Sale excellent selection of used trucks by checking out our inventory today!