Yes, it is worth being an owner-operator truck driver. An owner-operator truck driver stands to earn the most money compared to all types of truck drivers. Although you must also handle all the responsibility of owning your truck, you get the freedom to make your hours, and everything you earn is your own to keep.
The average owner-operator truck driver earns $185,000 a year. However, this amount varies from $28,000 to $358,000 a year.
Your ability to earn money comes down to how much effort and time you put into your business. During the first few years, many owner-operated truck drivers may suffer from financial losses. Most owner-operated truck drivers spend around 70% of what they earn and truck repair, maintenance, and other business expenses.
FAQs
The biggest benefits of being an owner-operator are by far the freedom with time, work location, and finances. Provided your business is successful, you can be in full control of your time, where you spend that time, and how much you make when you work.
Is becoming an owner-operator worth it? ›
For many drivers, the biggest benefit of becoming an owner-operator is the level of freedom and flexibility it provides. When you're your own boss, you get to choose your routes and schedule. You choose which clients you work with, how you operate, and how often you get to be home.
What percent of owner-operators fail? ›
Unfortunately, 90% of new small trucking companies are unable to succeed due to common mistakes made by inexperienced business owners.
How profitable is being an owner-operator truck driver? ›
Recently, solo van truckload owner-operators who lease-on with Schneider have generated up to $160,000-$170,000 in annual revenue. Recently, team van truckload owner-operators who lease-on with Schneider have generated up to $300,000-$310,000 in annual revenue.
What are the disadvantages of owner-operator? ›
Startup Costs
Starting out as an owner-operator can be expensive. There's the cost of purchasing or leasing a truck, obtaining necessary licenses and permits, and insuring your vehicle and cargo. These costs can be daunting and may require taking out loans or tapping into savings.
What do most owner-operators make per mile? ›
How much does an owner-operator truck driver make? The owner-operator pay per mile is around $1.50 to $2.50. Whereas the average rate per mile for owner-operators in 2023 is around $2.51.
What owner-operator pays the most? ›
Top companies for Owner Operator Drivers in United States
- Hugo Hunter Inc. 4.1 $5,920per week. 7 reviews669 salaries reported.
- Bennett Family of Companies. 3.7 $5,096per week. ...
- TRANSWOOD. 2.6 $4,538per week. ...
- CRST, The Transportation Solution. 2.9 $3,880per week. ...
- Hub Group. 2.8 $3,746per week. ...
- Show more companies.
The maximum allowable per diem full-day rate for the 2023 tax year is $69, of which you can claim 80%, or $55.20. Owner-operators deduct per diem expenses on IRS Schedule C, which reduces self-employment business taxes and income taxes owed on the return.
Is trucking worth it in 2024? ›
The anticipated economic recovery by late 2024 or early 2025 also suggests a potential upturn in the industry. Overall, while there are hurdles, strategic adaptation and leveraging support services like AFT Dispatch can make trucking a worthwhile venture in 2024.
Why do most trucking businesses fail? ›
One common reason trucking businesses fail is because they struggle to manage their drivers, finances, or business effectively – Leading to trouble finding and keeping excellent drivers or keeping their finances profitable. Poor management can shut down a trucking business very quickly.
Owner-operator jobs vary from different companies, from trucking companies to freight brokers. They may work as a team, or they may be on their own. The pay structure varies by company and by individual contract. Owner-operators receive two types of compensation for their work: a percentage of the load and mileage.
How much do trucking company owners make? ›
It depends if how many hours you intend to put in to your business. For example, an industry-standard turnover figure for a full time owner-operator of a trucking business would be to make somewhere in the region of between $100K and $140K. But, if you treat it like a side hustle, expect to earn less.
What are the pros and cons of owner-operator trucking? ›
The pros of being an owner-operated truck driver are job security and an independent work day, while the cons include isolation and stress.
