Why do some owner operators succeed when owning a trucking business while others fail? I have seen quite a few owner operators come to Lone Mountain Truck Leasing to get their truck and start their own semi truck business. A large portion of our customers take the truck off the lot, start hauling loads, make their payments, and get the title to the truck at the end of the commercial lease. There are countless success stories, even throughout the last two years which have been some of the most troublesome for our industry and semi-truck financing becomes more challenging.
Over time I have seen a large number of truck operators that have struggled to make it as owner operators. Some of these semi truck operators have been first time owners while others have been more experienced. Regardless of qualifications, operators who can't make it on their own share similar characteristics. However, many continue to make the same mistakes over and over again.
The first place to begin when thinking about becoming your own business owner is motivation. When I was younger, sitting in school, I didn't have a lot of motivation to excel. In fact, I pretty much squeezed by because I had little interest and was unmotivated. Later on, I developed a real motivation for trucking and being an owner operator. I enjoyed the lifestyle that trucking could bring and at the same time was interested in running my own business. Is being your own boss and having your own trucking business something that you are internally motivated to do? If not, consider a different vocation. If you are not internally motivated, then when times are difficult you'll be hard pressed to stay focused and be successful.
Successful truck operators have a a number of common characteristics. One of these things is the knowledge that when owning your own business you have to be more than just a truck driver. In addition to driving your own semi truck, you need to play a number of roles. CEO, Accountant, Business Manager, and a variety of other responsibilities have to be handled by you or they simply won't get done. This is where single operated trucking businesses fail. You need to make sure that all key functions are taken care of if you wish to succeed in commercial truck leasing.
The reality is that you can't just do well at the jobs you like, and let the others slide. You need to be motivated to constantly do what it takes to become the best you can be in every aspect of your business. Trying to pick and choose loads based on when and where you like to go is another common mistake. You need to select loads that are going to be the most profitable for your company and start with semi truck financing that effectively manages your monthly payments. Many times these won't be the most fun or easiest trips to make. As a driver, you might not enjoy some trips as much as others. However, as the President of your company, you need to do what it takes to make your company successful.