Tips to Make More Money as an Owner-Operator

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Tips to Make More Money as an Owner-Operator

Are you an owner-operator who wants to make more money with your existing business?  The trucking industry is very dynamic and growing and requires a strategic approach. Owners need to implement technology and do a little planning to establish business growth.

Whether you are a single truck owner-operator or have a whole fleet, these tips can be applied to anyone who wants to make more money in this industry.

Best Load Boards

Grabbing those best-paying loads is challenging in this sector, so you must have good freight-matching tools. This ensures you get the best loads and lanes first. For this, you need to invest in the best load board. However, finding one might be challenging.

Finding the best load board means that you will be quick on the draw to obtain loads with the help of reliable brokers. It provides access to decision tools and important insights to plan and save time.

Load boards can provide assistance in managing and covering every aspect of the business quickly and efficiently. This contributes to achieving higher owner-operator reach. A good load board should be comprehensive and cover all areas you need.

It has everything in one place, so you won’t have to hop from one board to another to keep track of everything. The traditional approach takes time to process the information. By the time you make a final decision, the load might already be taken.

Work with the right brokers

Establishing a relationship with the right brokers can help you increase revenue. Before starting, ensure you are working with verified brokers and checking their ratings. With so many opportunities, owner-operator jobs have become very popular.

Negotiate the highest rates

Having the proper decision tools means you already have all the information needed to make quick decisions. Having insights such as loads-to-truck ratios and truck activity, you can negotiate better rates without increasing your hours. This helps you check whether the load is favorable or unfavorable.

Focus on earning more money per mile rather than working more hours as an owner-operator. Also, keep your cost per mile as low as possible and find the best load that allows you to maximize your profits.

Focus on people

In the trucking industry, establishing reliable relationships is what keeps you moving forward. For example, if you have a trusted broker, they will always call you first when they have a rate. Your business will always have full trucks and pay.

Route planning

Owner-operators should plan their routes in advance to earn more money. You can use advanced tools to plan different trips and devise the right strategy to maximize your earnings. Identify the optimal routes and pick the cheapest fuel stops for a cost-efficient process. Minimize deadhead miles.

Deadhead miles refer to driving with no freight on board, which costs you a lot. At the same time, you save fuel, costs, lodging, and meals without having a load to pay for those. Therefore, owner-operators should minimize the deadhead miles by arranging backhaul loads for those return trips. It is important to note that this won’t pay as well as the initial trip, but you can expect to at least cover the operational costs and earn a small amount.

Reduce fuel costs

Fuel is one of the biggest costs in the trucking industry. If you want to make higher earnings, you must do your best to reduce them. First, you can consider joining a fuel card program, which helps save you money with every fill-up with a specific station. Next, you can consider carefully planning the routes for maximum efficiency. Also, planning the fuel stops is another thing to consider. Find the cheapest gas stations and plan them on your route accordingly.