The Bible teaches that if you live by God’s Ten Commandments, He will bless you. Similarly, if you follow my Ten Commandments for Owner Operators, you’re likely to find success.
What To Expect From Episode 55
These are great rules for an owner operator to live by. You don’t necessarily have to follow them 100%, but the closer you adhere to them, the lower your risk and the greater your chance of success. That doesn’t mean success will be guaranteed, because sometimes things happen that you can’t control.
However, these Ten Commandments will help you focus on the most important things that you can control that will have the greatest positive impact on your trucking company.
My Ten Commandments for Owner Operators
During the episode Craig and I dive deep into each one of the commandments. You’ll notice that the first 4 focus on finances and the last 6 focus on practicing great business principles.
- Build a cash reserve
- A savings for unexpected expenses
- A slush fund for operating expenses
- Pay yourself no more than what you’ve been earning as a driver
- Maximize your revenue
- Direct loads from shippers
- Follow the good paying freight
- Develop great relationships with brokers
- Manage your costs
- Maintenance & repairs
- Know your numbers
- Use a good accounting system and keep it current
- Generate a monthly profit and loss statement
- Know your fixed and variable costs-per-mile
- Maintain your equipment
- Don’t defer maintenance
- Be a problem solver
- Don’t blow off the FMCSA Safety Regulations
- Be stingy with your hours of service
- Constantly improve