These days, the supply vs. demand in the trucking market indicates that there are far more services and goods that need to be transported than there are owner-operator truckers available to actually transport them. Being an independent owner-operator means that you can have many opportunities with which you can maximize your profitability on a daily basis.
The majority of owner-operator guidelines and manuals are usually quite light when it comes to this particular area. You can read various impressions, such as the Status Transportation reviews, and get a glimpse of how other companies handle their business or go through the contents of this article. Its purpose is to serve as some sort of a guide for you, which will help you come up with some sound strategies, as well as improve your ROI and your compensation.
Charge trip miles on every single load
Any individual owner-operator or trucking company who is not charging round-trip miles on their outbound loads, usually leave almost 50% of their revenues on the table. If a company rents a truck and hire a truck driver, it will still have labor and fuel expenses on the return and outbound runs. Therefore, make sure to charge your clients and customers for round-trip expenses, otherwise, your business will certainly fail.
Make sure your trailer is loaded at all times
Every mile costs money, whether the truck is loaded or not. Once you have delivered a certain load, the costs of your new shipment will include the number of miles and days required to finish the next shipment. Load and shipment planning is one of the most critical aspects of any trucking business, and those who fail to properly handle it are highly unlikely to ensure profits. As an owner-operator, you need to be familiar with the importance of detailed and thorough planning. Load and shipping planning applies to both multiple and individual truck operations. Regardless of the size of your truck hauling enterprise, effective load planning should be one of your key priorities.
Maximize your revenue by combining inbound and outbound loads
A number of recent studies have shown that almost 45% of all owner-operator truck drivers crisscross the United States with partially or completely empty trucks. This is a clear indication that almost half the owner-operators in this country need to review and reconsider the efficiency of their businesses. In order to make your trucking business as profitable as possible, you must carefully look for returning loads, as well. Keep in mind that your shipping expenses include food, gas, maintenance and lodging, all of which do not simply disappear once you arrive at your outbound load destination. Remember that you will incur the exact same expenses on your return trip as well, so always try to pre-arrange a return load whenever there is a possibility.
More efficient management of return loads than outgoing loads
If you are expecting 2, 3 or more shipment in the future, make sure to plan the loads for each truck, so as to assign a load to every trailer, before reaching its destination. Try to match your loads, and determine the shortest route between two locations. Also, try to deviate as little as possible from a straight route line. Remember that every time you stray from that straight line, in order to deliver or pick something up, your expenses and rates will reflect the distance and the time you spent out of the pre-determined route.