Owner Operators - The Dock: Tips for the Owner Operator

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In this tough economic time, being an owner-operator seems to be more work than any kind of fun. Believe or not, it doesn't have to be. All it takes is honing the business skills and desire that drove you to become an owner-operator in the first place.

You can begin with the basics of business management: knowing where every penny of your hard-earned dollars is going and knowing what your operating costs are. Most drivers own a laptop computer these days and if you are one of the few that do not, now is the time to purchase one. And of course, the purchase is a tax-deductible business expense. There are several good trucking accounting programs to help you track your expenses.

Another good business practice is to only buy what you need and not be an impulse buyer-which means less stops at your favorite chrome shop. I know that can be hard to do sometimes when you have your mind set on that one piece of chrome that you have been dreaming about for weeks! What I like to do before making a purchase is to ask myself "is this a need or a want? " If it is a "need," you will force yourself to examine the impact of the purchase to your business and if that impact is positive, of course make the purchase. If it is a "want," you will see that right away and you can wait for a better time to make that purchase.

If you have a refrigerator in your truck and a couple of basic appliances, you could save money weekly by eating most of your meals in the cab of your truck which adds money to your bottom line. With the number of WalMart Super Centers located across the country and, in many cases, right off the freeway with ample space to park a rig, you should have plenty of opportunity to stock up. You will be surprised at the amount of money you can save by buying groceries and preparing your own meals.

With each meal that you eat in your truck, estimate what that meal would cost you in the truck stop or diner including tips and put that money in a jar or a box. At the end of each month or whenever you get home, put that money in a separate savings account. After one year, deduct what you spent in groceries from what you have in the separate savings account. You will be surprised at the amount of money you've saved!

Another way to stretch our dollars is being more fuel conscious. The way you drive can increase or decrease your fuel mileage. Always remember to pull off slowly from a stop and use progressive shifting. Driving aggressively decreases your fuel mileage and puts unnecessary wear and tear on other components. With the high cost of fuel, anything you can do to increase your fuel mileage adds money to your bottom line.

Try using cash or a debit card over credit cards whenever possible. You may have intentions of paying the credit card off in full when the statement comes in, but things come up where you cannot pay the statement in full and then you are stuck paying the high finance charges.

Be sure to add regularly to your maintenance account. It is always better to be financially prepared for the unexpected than not being prepared and have to borrow money or use a credit card.

Trucking and being an owner-operator is still one of the most rewarding professions to be in. Although it is more financially challenging these days, you can still have fun doing what you love.