As Georgia-headquartered owner-operator Raeshawn Lucas has it, higher earning potential as an owner-operator is certainly a prime motivating factor for the decision to strike out on one's own as a business in trucking. Yet that's not all when it comes bedrock goals.
Respect, freedom of choice in so many aspects of how you do business. ... Fact is, owner-operators go into business for themselves with all manner of often-overlapping goals in mind, well evident in the discussion I had at the Mid-America Trucking Show with owner-operator Lucas, leased under a longtime friend and associate's authority; Landstar-leased David Nihart, who's worn a variety of trucking hats over a long career so far; and Pete Anderson of Georgetown, Texas, a vocational fleet manager with plans to move into over-the-road as a small fleet owner.
The talk followed Overdrive’s Partners in Business seminar at MATS with ATBS Vice President Mike Hosted and Overdrive’s own Gary Buchs, both of whom you'll also hear in today's Overdrive Radio episode, in addition to the three owners. Find insights on:
- Benefits and tradeoffs of filing taxes as an S Corp.
- Why independents' quality-of-life goals can explain an outsize drop in miles for year 2021, compared to leased owners.
- The value of a large leasing partner in a high-fuel-cost environment.
- Fuel-purchasing strategy to make sure you're getting the best price (minus state taxes).
And more, of course. Take a listen:
Find more information about the ins and outs of safety, maintenance and business processes, among a myriad other topics, in the Overdrive/ATBS-coproduced "Partners in Business" manual for new and established owner-operators, a comprehensive guide to running, and eventually growing, a small trucking business. Click here to download the newly updated 2022 edition of the Partners in Business manual free of charge.