Today we will discuss Owner-operators vs company drivers. Owner-operators are an essential part of the trucking industry. In the U.S., the term owner-operator describes micro and independent businesses.
However, a company driver is a driver who works for a company and drives their trucks. Company drivers are responsible for transporting the company’s products and materials. Here is a description of owner-operators vs. company drivers.
ADVANTAGE OF OWNER-OPERATORS VS. COMPANY DRIVERS
OWNER-OPERATOR HAS THE FOLLOWING BENEFITS
- More control over business
- More time to spend with family
- Flexible working hours
- Hardworking depends upon your goals
- They are independent.
THERE ARE THE FOLLOWING BENEFITS OF COMPANY DRIVER
- Need not spend money to start a driving job
- Free after the completion of the job
- Not responsible for the losses of trucks, fuel, oil exchange, and insurance of lorries.
- They depend on the company.
OWNER OPERATOR PAY VS COMPANY DRIVER PAY
- Owner Operator can earn $100,000 or more each year.
- On average, a company driver can make 40,000$ – 50,000$ in a year.
RESPONSIBILITIES OF AN OWNER-OPERATOR
An owner-operator must inspect issues related to the truck before every trip.
Must have all the papers associated with your vehicle to a company driver like license and recipient slips. Wise calculation of delivery product’s amount is the primary key to success.
RESPONSIBILITIES OF A COMPANY DRIVER
Company drivers are responsible for the safe operation of their vehicles and cargo. They must handle various driving conditions and understand the routes they take. Company drivers are also responsible for managing their time wisely, as they are often on a strict schedule.
HOW TO BECOME AN OWNER-OPERATOR?
There are the following steps to become an owner-operator:
ANALYSIS OF PERSONAL SITUATION
Before choosing owner-operator as a career, you must analyze your handlings. It will become arduous if you are a single parent having an older family. Sometimes, an owner-operator has to spend many weeks on roads.
Evaluate your finance before starting your business. You have to make some savings. Write your all estimation of expenses and salary and then save some money from it.
GET A CDL
You can get your commercial driver’s license by passing a physical exam, knowledge test, and then you’ll get your license skills.
THE FILE HAVING USDOT NUMBER
Before applying for your U.S. Department Of Transportation number, you’ve to make up your business.
PURCHASE OR LEASE A TRUCK
Whether you purchase or lease a truck depends upon your financial situation. The best option is to buy your vehicle.
PLAN YOUR BUSINESS
It would help if you made a spreadsheet of your goals. You can describe your milestone, staff members, profit and loss, etc.
LOAD BOARDS AND FREIGHTS FINDING
To run your business, you need to discuss rates, best routes. You can get it on the website.
GET AN ELD
Connect an electronic logging device with your truck. It helps in recording the time-of-service information.
CASH FLOW WITH INVOICE
You can receive your cash by sending an invoice on the website.
CALCULATE YOUR PROFIT
You would calculate your profit. It will help you in estimation about your business performance.
Your health should be your top priority.
You can manage your tasks on a spreadsheet. It will be beneficial in finance.
We know the main content of owner-operator vs company driver. Company drivers have a much more stable job, with fewer risks involved, while owner-operators are free to drive as they wish. However, owner-operators can make more money than company drivers.