If you have been a professional driver now for at least 2-3 years, you may be excited at the opportunity to start your own business as an Owner/Operator with your own truck. The good news is that Patron West has helped men and women just like you, across the country, purchase their first truck! Before going through all the motions, here are some tips and best practices to help you on your journey of becoming an Owner/Operator.
TIPS FOR STARTING OFF IN THE RIGHT GEAR:
Insurance, Plates & Registration: While applying for financing, it’s important to understand the availability and cost of truck insurance/plates/registration. Depending on your province of operation, we will be able to refer you to an experienced owner/operator insurance broker. We find often that clients will find insurance by talking to other drivers in the fleet or the fleet operator to see what options are available. Know the cost of start up.
Timing until first pay cheque: How long will it be before you get paid once you start? When financing your truck, the lender will generally need the first payment 30-45 days from when the contract is signed. Sometimes there are delays in getting paid when you first start a new job. Simply account for this in the amount of cash or credit lines you have available to get off to a good start without any issues.
Bookkeeping: DO NOT underestimate the importance of good bookkeeping. This means professional and timely invoices, keeping records of all your accounts and expenses, and filing proper federal and provincial taxes when they are due. It takes a little time and costs a little more to have someone do this for you, but it will be one of the best investments you make to save time and money in the long run.
Lines of Credit: Having a small line at the bank or open available lines on lower rate credit cards can help cushion against any unexpected costs. Cash is a fine substitute.
Credit Protection Insurance: Patron West offers highly competitive and industry leading Credit Protection Insurance. This insurance can be paid monthly and protects you against having to make large truck payments when you may be forced (even for just a few months) to take leave due to a disability. Life coverage is often important for operators with dependents to consider.
Starting your business is exciting and success is more likely when you get informed. Talk to other owner/operators to find out what works for them. Combine your experience with theirs to find what will work for you.
Ready to get in the drivers seat? Apply Now for a No-Obligation Pre-Approval! Or call 1-888-435-4171 and ask for Ryan Risling
Types of trucks:
Medium Duty -Cube Vans, roll-off trucks, etc.
Standard Highway Tractors -All makes and models
Vocational Trucks -Service Trucks, HydroVacs, Cement Trucks, Garbage Picker Trucks, Trucks, etc.
Already have a truck and want to upgrade, or add another? We can help you do that too.