8 Ways to Save Money as an Owner-Operator

Running your own business can be rewarding, but it also takes a lot of hard work, dedication and patience. There are days where it seems you’re putting out more money than you’re taking in. Here at FactorLoads, we built our business on finding affordable and flexible factoring solutions for small and medium owner-operator businesses.

Check out our list of eight ways to save money and take advantage of our tips to make your owner-operator business more profitable:

  1. Regular truck maintenance: Spending a bit of money up front taking care of your fleet pays off big in the long run in reduced downtime and lower overall maintenance costs. Plan fleet maintenance when it suits you and keep your trucks running perfectly.
  2. Adjusting tire pressures: The right tire pressure has a big effect on fuel economy over the long haul. Low or high tire pressure not only affects friction and how much fuel you burn, but can also cause abnormal tire wear, meaning more frequent tire changes.
  3. Route planning: Modern GPS and mapping technologies allow transport companies to carefully plan routes and avoid wasted miles. Group your runs where possible to avoid running your trucks empty and make the most of every mile you cover.
  4. Using a fuel card: The right fuel card can save you money thanks to cheaper fuel rates and other benefits. It doesn’t matter if you’re running a single truck or a fleet of vehicles with different drivers — a fuel card can save big money at every fill-up.
  5. Teaching economical driving: Training can help your drivers understand the best way to drive to save fuel and reduce wear on your vehicle. Avoiding jack-rabbit starts, coasting down before stopping and maintaining a steady speed are just some of the simple driving tips that help save money.
  6. Lower crash costs: The more accidents you have, the higher the insurance pay. Make sure your drivers are aware of the high costs associated with accidents (including insurance premiums, fines, repairs, downtime, etc.) and remind them to drive carefully.
  7. Reduce your fleet size: Through smart planning, many owner-operators can save money by reducing the number of trucks they have on the road. Make the best use of the trucks you have to avoid the exponential cost of adding trucks to your fleet.
  8. Choose a good freight factoring company: With a good factoring company like FactorLoads, you’re getting faster payment with no monthly minimums to keep your cash flow positive and to ensure you have the money you need to meet deadlines and satisfy your clients.

Keep more of your own money in your pocket by following these tips for saving money as an owner-operator. You can contact our team here at FactorLoads to get more information on our freight factoring program, including fuel cards, factoring or to obtain a free factoring quote. We created our business to help small and medium-sized fleets, so come and see how we can help your trucking company can save money and help you compete against the big players in the trucking and transportation business.