One of the most profitable industries is trucking. There is a lot of money to be made by starting this business, but just like any other business, there are risks and challenges involved. Organizing the startup costs, obtaining licenses and permits, paying taxes, and managing the entire operation are all stressful.
The major challenge begins when you must decide whether you want to be your own company’s driver or delegate this responsibility to other drivers in your company. Some people want to work as company drivers in this industry. Whether you want to be the owner-operator of your own trucking company or a driver in this industry,
Whether you want to be the owner-operator of your own trucking company or work as a driver for another company, we have listed some pros and cons below so you can weigh them and decide which is the best option for you.
Becoming An Owner-Operator
You Have Full Independence
Working as an owner-operator in the trucking industry appears to be more enjoyable and profitable than working as a driver for another company. As the owner-operator of your trucking company, you have complete control and independence. You can choose what kind of goods you want to haul, which companies you want to work with, and everything else.
You Alone Keep The Profit
Because you are the owner-operator of your trucking company, you do everything on your own and do not hire any drivers, which doesn’t add the expense to your budget. You are the one who takes orders, delivers freight, and drives the truck carefully on the roads. You are the one who will keep the entire profit.
You Can Work Flexibly
As an owner-operator, you have the flexibility to work on your terms. You are given your timetable. When your dispatcher calls you, you do not have to rush to the job. Though you must still manage your time for delivering goods and meeting shipment demands, you are solely responsible for getting things done correctly.
You Have To Give More Time Than You Think
If you believe that you will not have to work long hours as an owner-operator, you are mistaken. Though you have your schedule, you must work even harder than the driver because you are the only one who handles everything from managing contracts to taking orders and delivering goods. You have a much larger workload to complete in a shorter amount of time.
You Have To Pay The Startup Cost
You must arrange capital and deal with the cost of purchasing trucks for your business to become the owner of a trucking company.
A Complex Registration Process
You must go through a lengthy registration process if you want to own a trucking company. For your business to be legally recognized, you must obtain certain licenses and permits, such as a DOT number and motor carrier authority registration.
Working As A Driver Of A Company
Working as a driver for a trucking company has its advantages and disadvantages.
You Don’t Have To Deal With The Stress
Being a driver for a trucking company means you don’t have to deal with the day-to-day operations of the company. You are the one who only has to drive the trucks on the highways and deliver goods. The only thing you have to worry about is delivering the goods on time.
You Don’t Have To Pay Startup Cost
You do not need to arrange for capital or pay any costs because you are not the one who is capitalizing the business. Even if you are not the owner, you can make enough money to live on.
No Flexible Working Hours
Because you work for an owner, he is the boss, and you can’t get away from the hectic work schedule. You must be punctual at work and adhere to all instructions given to you by your boss.
No career growth
Because the only thing you’re being taught is how to drive more efficiently. Aside from that, you will not be able to pursue career opportunities. When you run your own business, you get to make connections and watch your company grow, but as a company driver, you only get to keep doing what you’re doing with no opportunity for advancement.