Trucking - How to Become an Independent Owner Operator

Name: Trucking - How to Become an Independent Owner Operator
Rating: 4.2 (181 reviews)

Trucking Business Success - Understanding The Business Of Trucking And Developing The Knowledge And Skills To Succeed!

Created byL.D. Sewell

Last updated 4/2018

English

English [Auto],

What you'll learn

How to build a successful and efficient business with a single truck as an independent owner operator.
Develop goals and plans for success before you start
Understand fundamental regulatory requirements
Considerations in choosing the right name for your company
Business entity choices and other related issues to consider
How to get loads and load selection considerations
Start building your customer database immediately and manage it effectively
How and why so many others fail and how to avoid following them
How to continue your trucking business education and how to get additional resources and support all along the way

Course content

6 sections • 43 lectures • 1h 41m total length

Introduction1:46
Key Points For Section 10:55
Meet regulatory requirements to obtain your deity number and authority to begin operations. Select a strong company name and establish emergency and operating reserves to fund startup and growth.
Why You Should Become an Independent Owner Operator Instead of a Lease Driver2:35
What You Must Know to Be Successful1:36
learn the steps to become an independent owner operator, including forming your company, obtaining authority, managing freight, books, and insurance, and building control over your trucking business.
How to Come Up With The Cash to Start Your Company Debt Free1:41
Choose self-discipline and patience to fund your trucking business debt-free, avoiding high-interest loans, and build long-term wealth by not carrying truck or trailer payments.
Build Reserve Funds - Then Maintain Them3:54
Build and protect an emergency reserve fund to weather truck failures and downturns. Exercise self-discipline to resist dipping into it for gifts or relatives, or risk losing your owner-operator goals.
Deciding on Your Company Name and How It Matters2:08
Choose a company name that reflects your trucking business and future growth. Avoid absurd or offensive options, and consider business image, expansion, and potential sale to keep the name flexible.
Obtaining Insurance - Get The Right Insurance Lined Up First!4:26
Secure trucking insurance that meets financial responsibility regulations, exceeds minimums, with clear per-incident coverage, vehicle valuation, and documented driver requirements. Choose a trucking-savvy insurer with written terms.
Choose Your Goals and Come Up With Your Plan2:17
How to Set Up Your Company1:30
Draft a concise formal business plan and policy manual for your trucking company. Outline your description, growth goals, and steps to turn your vision into reality.
Getting Your DOT Number and Your Authority to Operate1:15
Selecting, Evaluating and Buying Your First Truck2:12
Finding and Buying the Right Trailer2:22
Identify the right trailer for your freight and area, then inspect it inside, outside, and on the roof, review maintenance records, check for damage, and price it by market analysis.

Key Points For Section 20:41
Understanding Rates and Setting Prices and Dealing With the Market4:02
Load Boards - Benefits and Disadvantages3:31
Utilize load boards for survival when starting out; quickly contact shippers or brokers to secure loads. Grow by building direct relationships with customers to reduce broker fees.
When to Use Load Boards1:32
Learn when to use load boards and brokers as an independent owner-operator, while building a customer base, to cover delays or plan changes and keep revenue flowing.
Getting Your Own Customers Direct2:57
Learn to win direct customers, build multiple reliable shippers, and maintain ongoing relationships to secure the best rates and steady loads while using load boards to fill gaps.
Freight Factoring - What It is and When To Use It3:17
Getting Your Money - Billing and Collections3:33
Master billing and collections as an independent owner-operator by choosing in-house, family, or outsourced options, and implement solid recordkeeping and software to track and pursue outstanding payments.
Accounting Methods and Systems2:36
How to Get Help and When You Should3:15

Key Points For Section 30:29
Explore tools and resources to boost efficiency, productivity, and reduce stress, and learn when to use cameras in your independent owner-operator trucking business.
Choosing a Good Cell Plan2:25
Choose a cell plan with excellent coverage, not just the cheapest price. Ensure reliable data and calls across load boards, shippers, insurers, and banks.
How to Use WiFi and Your Own Mobile Hotspot to Access Systems and Information4:55
Use your smartphone as a mobile hotspot to access load boards and information anywhere with strong nationwide coverage. Leverage camera, voice notes, and Google Earth to plan visits.
Load Management and Dispatch Software3:02
Track every load with notes in Evernote, creating a note for each load and a notebook for every customer; then evaluate scalable load management software that grows with your fleet.
Your Online Presence - Start With Your Own Site1:57
Build a current, professional web presence with a basic website and easy contact methods; avoid free sites and costly setups. Customers will google you, so keep information updated.
Using Voicemail and Email Effectively2:16
Set up separate voicemail and email to keep inboxes organized and junk deleted. Check messages at scheduled times and promptly respond to business contacts to maintain opportunities.
Task Management Systems and Options3:16
Adopt simple task management by using a one-page-per-day spiral notebook paired with Evernote to plan priorities, track daily tasks, and boost productivity for becoming an independent owner-operator.
Cameras and When You Should and Should NOT Use Them!5:15
Use dash cams and truck cameras to document real-time events and protect your business, while avoiding posting risky driving that can become harmful evidence.

Key Points For Section 40:20
Identify practical ways to increase revenue and boost profit to grow your trucking company faster and more efficiently. Explore other business related things beyond that.
Choosing the Best Loads For Your Company2:19
Target your lanes and build load loops by researching shippers and brokers in advance, then actively develop your customer base to maximize revenue.
Highly Efficient Trip Planning1:50
Plan trips meticulously to eliminate waste and boost profits by verifying routes with a motor carrier atlas against GPS and writing directions by hand for quick reference.
Become a Rolling Recruiter and Trainer - How and Why1:20
Maximize recruiting referrals or referral bonuses while driving for another company to earn revenue, build your independent owner operator business, and develop recruiting skills to grow a future fleet.
Master the Art of Recruiting and Build a Contact Management System Now1:32
Recruit drivers to grow your trucking fleet and avoid empty trucks. Learn to recruit efficiently, train others, and start developing this crucial skill now.
Introduction to Freight Brokerage - Why You May Want to Consider It Soon...2:17
Discover how starting a freight brokerage secures consistent, good-paying freight for your trucks, while you recruit and retain drivers and partner with independent owner operators and small fleets.
If You Can Run Your Business Successfully Then You Can Run Your Own Fleet1:27
Replicate proven systems to run your business as an independent owner operator, master recruiting, retention, and developing freight lanes, and gradually expand from one truck to a fleet.
Bigger Than That Even - Choosing Your Ultimate Goals2:34
Beyond Trucking - Now That You are an Entrepreneur Consider This...3:37
Investigate real estate after establishing a profitable trucking business by building systems, managing risk, and reinvesting excess revenue to fund new ventures without starving the golden goose.
Course Summary and Closing Remarks1:32
Enjoy ongoing access to this trucking course as we add updates and resources. Share feedback and questions to help you pursue becoming an independent owner operator.
Final Considerations1:32

Understanding How You Will Be Paid and When3:31
This lecture was originally published as a duplicate in error - so it has been removed from active lectures and placed in archive. One of my students was kind enough to send me a message letting me know - which I greatly appreciate - and I will be thanking that student privately along with offering a coupon to a free course just as my way of saying I really do appreciate the help.

Requirements

No prerequisites. Anyone interested can take this course at anytime - However I HIGHLY RECOMMEND at least a good solid year as a company driver before actually becoming an owner operator. This course is intended for people who plan to become actual INDEPENDENT owner operators - not lease drivers or independent contractors, though all are welcome to take the course it is geared to those who will obtain their own authority and start their own company, get their own freight and make their own decisions. People who are willing to accept the risk and the responsibility in order to get the bigger rewards that come with being a successful independent owner operator.

Description

To be an independent owner operator it is necessary to be a good driver - but to be a successful owner operator you will need much more than that.

You must master the essential things that are necessary to run an efficient trucking business - and that is where far too many fall so short. Their dreams fade quickly into nightmares that often end in complete failure. Then broken, disillusioned and financially broke - or worse - deeper in debt, they return to driving for someone else as a company driver. Not by choice but out of desperation to survive. That is tragic.

Instead I strongly suggest that you stack the odds in your favor instead of against you by learning what you need to know before you even get started!

This course will walk you through all the key things you need to know including a complete overview of the business of trucking and some of the many options that are available to you. You will also learn how to get access to additional information, resources and support that can help you build your own trucking business successfully.

We will cover the basics of how to choose your business entity type, company name, getting your authority, regulatory considerations, risk management, freight acquisition, planning, management, customer relationship building and additional revenue and profit considerations as you grow your business.

Trucking is a fascinating and complicated business. No single course, book or manual can ever provide you with every detail you need to know - and neither will this course. But it will give you a very good start in the right direction and the ability to continue your training and education as you build your business. You will know where and how to get the regulatory information that you need, and that frequently changes. You will also have a good basic understanding of the other key areas you need to understand in order to build your business the right way while avoiding the many common mistakes others repeatedly make.

Who this course is for:

Truck drivers, potential truck driver, and other people interested in becoming successful independent owner operators.

Trucking - How to Become an Independent Owner Operator

What you'll learn

Explore related topics

Course content

First Things First13 lectures • 29min

Getting Loads and Getting Paid9 lectures • 25min

Its a Digital World - Key Technology and How to Use It8 lectures • 24min

How to Maximize Your Income and Generate Additional Revenue11 lectures • 20min

Bonus Lectures And Resources1 lecture • 1min

Archived, Superseded And Retired Lectures1 lecture • 4min

Requirements

Description

Who this course is for: