Hey all, this is a question I receive a lot from many different people all over the country at many different events.
“I am thinking about taking that leap into the next phase of my trucking career and I want to become an owner operator. What’s the best thing I can do?”
Well, let’s be honest here and ask why? Why give up steady income from your employer? Why give up all your spare time? Why work double the hours of your mates? Why miss every special occasion?
The list of “why’s” has more in it than the rare word ‘Syzygy’.
So, let’s step back and look at why I did it. We have been a fully independent owner operator business for around 13 years now and, to be honest, on wages we just didn’t have that spare money. If the washing machine stopped working, or if we need to buy a big-ticket item in a hurry, the spare money just wasn’t there. I was also working 70 hours a week for another company and, funny enough, loving every minute of it.
I was also making good money and, with some other business investments going along nicely, why would I stop all that and start again? Because I love truckin’.
I just can’t get enough of the job; I eat sleep and breathe trucks. I, too, wanted the name on the door and to chase that Australian dream of owning a truck.
I also love to work, so all those ‘why’s’ went out the window. Let’s be honest, if you want something bad enough that you would pull yourself out of a very comfortable position and open yourself up to a world of complete uncertainty, why not?
Why not try hard and think one day I might just be a little bit better off?
Why not save that coffee date and make some lunches the night before you go to work so you can have cash flow to fund your dreams? Why not set up a proper saving account that means you will save spare money and only touch it when its required? Why not work extra jobs on the weekend or pick as many extra shifts as you can to make your financial position just that little bit easier?
A lot of good and bad thoughts go into owning your own truck, but I have loved every minute of this adventure. Let me just point out some things to consider and definitely think about. If you go into business with someone you love, then make sure you keep loving them. Draw the line in the sand around working with someone and spending downtime with the same person. Push the boundaries because that’s where all the good work ethics come from but understand a work/relationship common ground. I have very good and understanding business partners and, of course, a very understanding wife.
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Always think about money, think about having money paid into your account every Thursday and that allows you to buy nice things, so ‘why’ go on a job-by-job basis and run the risk of getting paid overnight or within 120 days?
Money makes good people bad. Understand money. Don’t chase bad money with good money. Good work ain’t cheap and cheap work ain’t good.
Try and run on the least amount of income you could earn. Make that your budget and remember that number. It’s not what you make, but what you save.
Another point to consider – your normal job allows you to switch off or take some time away from work. Not when you own your own equipment – the constant reminder of payments, insurance and rego is always at the forefront of mind. Why not take some time off, why not enjoy that weekend away, why not go out for dinner are all questions I asked myself early on in our business and the answer was always the same. We have commitments and probably can’t afford it.
Listen to people. Everyone will have an opinion but there could be some wise words of wisdom when it comes to being an owner operator from someone you least expect. I highly recommend joining an association that suits your core business. To be honest, it should one of the first things you consider. Great organisations like the NRFA are full of members who have live and love the industry. Members who will steer you in the right direction to achieve your long-term goals.
We are as real as it gets and helping the industry is our thing.
Anyway, no one knows ‘why’ sometimes and sometimes ‘why not’ is easier, but like the word syzygy, when the sun, stars and the moon line up, then go for it.
Right, now to the fun part – go find a truck! ‘Till next time, catch ya later!
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