Every industry has a model of success—that organization or person that’s held up as the gold standard. However, oftentimes the keys to success in one industry transcend across others.
Take Nick Saban, for instance. In today’s world of college football, Saban, the head football coach of the Alabama Crimson Tide, is regarded as perhaps the greatest college football coach of the modern era, with four national titles in 10 years. Over the years, when asked about success, he’s provided answers just as likely to apply to owner-operators as to football, including:
- “Winning is an outcome and not something you can control. The more one emphasizes winning, the less he or she is able to concentrate on what actually causes success. Focus on the process of what it takes to be successful.”
- “Our team is not going to talk about what we’re going to accomplish, we’re going to talk about how we’re going to do it.”
- “I’m tired of hearing all this talk from people who don’t understand the process of hard work—like little kids in the back seat asking ‘Are we there yet?’ Get where you’re going one mile-marker at a time.”
- “Success doesn’t come from pie-in-the-sky thinking. It’s the result of consciously doing something each day that will add to your overall excellence.”
The larger point here for owner-operators: Success requires a well-thought-out plan and the commitment to work hard each day to execute it. Having big dreams is wonderful. However, if you want a real chance at success, you need to know exactly how you are going to accomplish the interim steps.
For owner-operators, here’s some key factors to consider when formulating your plan for success:
- Know yourself: What kind of driver are you? Not everyone is cut out to run the show alone, with several kinds of disciplines required including financial, professional, and personal. Is self-discipline your strong suit? If it is, independent status may well be the right path, offering freedom, flexibility, and higher rates. If not, you may be better served by leasing out, with its steady freight base and administrative advantages. Seriously think about which model is right for you.
- Get smart: Basic business skills, along with good money management, are core “secrets” of the most successful owner-operators. These people tend to be adept at: simple accounting; judicious budgeting; strict credit and debt control; maintaining personal health/disability/life insurance; emergency preparedness (road & home); dealing well with agents, brokers and dispatchers; and networking to sustain business relationships. Don’t hesitate to use experts when it comes to legal issues or complex financials. And always remember that in this industry, reputation is everything. Strong partnerships and unfailing professionalism are the pillars of success.
- Love your equipment: Without a truck in good working order, you don’t have a business. If you’re buying a truck, make sure it’s suited to the necessary type of hauling. Go with a reputable dealer. Closely inspect the fundamentals: mileage; warranty; maintenance records; and fuel economy. If your rig is already on the road, don’t drive it into the ground to shave an hour off a run. Take it easy and keep it safe at all times. Obey the law. Make sure paperwork is always in order. Remember that lack of preventive maintenance is the number one cause of breakdowns. You don’t have to be a mechanic, but you need to understand vehicle systems. If you can properly do preventative maintenance yourself then that’s great. If not, find a shop you trust close to home, and scope out others along your lanes. Mechanics are vital strategic partners. When you need repairs, get written estimates and pay with a credit card to cover yourself. Monitor the most common wear-and-tear points on commercial trucks—tires, brakes, electrical systems, oil and coolant systems.
Also bear in mind if you have an older truck, you’ll eventually need to trade up to ensure that you don’t lose out on moneymaking opportunities across the life of your business.
B.C. Forbes, founder of Forbes magazine, once said, “There is more credit and satisfaction in being a first-rate truck driver than a tenth-rate executive.”
Owner-operators who manage their trucking business wisely know this. With a good work ethic and smart planning it’s a profitable, rewarding way of life.
This article was originally features on Ryder.com.