Getting started as an owner driver

I’ve been driving on class1 for a couple of years for a company. But now i’m seriously considering getting my own unit and becoming an owner driver. Could anybody give me any advice on the best way to go about it. i.e if i should rent, buy or lease a truck. What is best■■? :confused:

I thought about doin’ this about 10 years ago. After a bit of research I decided that the risks/returns was too tight, so not worth the risk.

What you need to do is do your own research, taking your time and being as thorough as you can. Botch this bit up and you might find yourself in deep debt and deep trouble.

You need to consider who will be taking money off you for everything,
ie Wages, fuel, tyres, maintainance, rent/repayments etc. How long you will get grace to pay later if needed.

You also need to find out about what income you will be getting.
ie Rates per mile? or load to destination payed on a radius from pickup point basis? or whatever. Who decides on the milage (tacho miles or their computer)?
How long you will have to wait before you get paid, is there a surcharge for wanting quick payment.
Do they load you both ways or do you need to find your own backload.

Once you have got every piece of info you can get. Write it all down and make it up into a couple of business plans, one being your worst case possible and the other being your best possible outcome. Then look at your results and decide how much you want to be your own boss.

There are plenty of O/Ds about who will no doubt be able to tell you far more of the pitfalls and highpoints than I can think of. Bear in mind that haulage is a cut throat business, the rates have been cut to the bone so profit margins are pretty slim.

Best of luck.