Looking to Increase Your Cash flow as an Owner Operator? Here's How!
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Looking to Increase Your Cash flow as an Owner Operator? Here's How!

Apr

,

8

2022

Running your own truck driving business as an owner-operator can be very rewarding. You are in control of your career, from the type of loads you want to haul to creating your own schedule. 

However, while being an owner-operator can be quite lucrative, let’s not forget the hefty charges that one can face as a truck driver. When paying for your own gas and truck services, the bills add up. That’s why it’s so important to maintain a steady flow of cash. 

Luckily there are some tricks to increase your earnings as an owner-operator. 

Select your loads carefully

When it comes to finding loads to haul, think about what will work best for your business. Though longer loads may seem like they will bring in the most money, you must also account for the increase in expenses it takes to make a long-distance delivery. 

Rather than going for the longest, go for the smartest. Set goals for how much you are willing to make (and spend) and select loads that match those goals.

Forget Deadhead Miles

Deadheading is a term used when you drive your truck back with an empty trailer. Rather than racking up miles and burning through a ton of gas, look for backhauls

Backhauls increase your earnings by ensuring that you will not be driving home empty-handed. Once it’s time to turn around and head home, look for backhauls to pick up in the direction you are headed. Though they pay less, it’s better than nothing, especially if you are trying to increase cash flow.

Build Your Business Reputation

As an owner-operator, another way to ensure steady cash flow is through the power of a good reputation built on honesty and reliability. 

Though it may seem self-explanatory, forming a notable reputation in the logistic world goes beyond the capability of pickups and delivery. In order to generate more cash flow, you want to form lasting relationships with your customers through clear communication and reliability fleet managers can trust. 

Cut back on fuel spending

Especially in today’s market, the cost of fuel is a huge burden on owner-operators. With fuel being one of the biggest expenses, finding ways to cut fuel costs can be a major aid in saving  money. 

One way to cut fuel costs is to plan your route ahead of time. Take the time to find the most efficient route that doesn’t burn up gas, and utilize trucking apps that show you where the most affordable pumps are located. Another way to reduce fuel costs is to choose a credit card that provides cash rewards back at the pump.

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