#55. The Ten Commandments For Owner Operators

As always, head to HaulinAssetsLLC.com for full show notes and documents from this and other episodes! The Bible teaches that if you live by God’s Ten Commandments, He will bless you. Similarly, if you follow my Ten Commandments for Owner Operators, you’re likely to find success. What To Expect From Episode 55 These are great rules for an Owner Operator to live by. You don’t necessarily have to follow them 100%, but the closer you adhere to them, the lower your risk and the greater your chance of success. That doesn’t mean success will be guaranteed, because sometimes things happen that you can’t control. However, these Ten Commandments will help you focus on the most important things that you can control that will have the greatest positive impact on your trucking company. My Ten Commandments for Owner Operators During the episode Craig and I dive deep into each one of the commandments. You’ll notice that the first 4 focus on finances and the last 6 focus on practicing great business principles. Build a cash reserveA savings for unexpected expenses A slush fund for operating expenses Pay yourself no more than what you’ve been earning as a driver Maximize your revenueDirect loads from shippers Follow the good paying freight Develop great relationships with brokers Manage your costsFuel Maintenance & repairs Know your numbersUse a good accounting system and keep it current Generate a monthly profit and loss statement Know your fixed and variable costs-per-mile Maintain your equipmentDon’t defer maintenance Be a problem solver Don’t blow off the FMCSA Safety Regulations Be stingy with your hours of service Constantly improve