Are you considering taking a new route in life? After spending years or even decades driving for someone else, and working to their schedules and targets, you might be ready for a change.
That doesn’t have to mean giving up driving altogether, though; as an owner driver, you’ll stay behind the wheel while becoming your own boss. You’ll gain the freedom to dictate your drives as well as reaping greater rewards.
That said, setting up on your own doesn’t come without challenges. You’ll have tough competition and a range of new responsibilities as a business owner with which to get to grips, not to mention rising traffic delays.
Here are some of the steps and considerations that you’ll need to navigate as an owner driver.
Get your license
First thing first is to apply for your Standard National Operator’s License, needed to operate vehicles over 3,500 kilograms and carry goods for hire or reward in the UK.
There are various criteria that you’ll need to meet, including driving competence as well as having suitable facilities or arrangements for vehicle maintenance and storage.
On top of license application and issue fees, you’ll also need to show sufficient financial standing to run and maintain a vehicle-based business. This starts from £8,000 for your first vehicle then £4,500 for every vehicle thereafter.
Find your ideal vehicle
Armed with your license, the next step is a little more fun: choosing your vehicle. Your main considerations will be how much you want to spend and whether you will buy a vehicle outright or rent it.
The answer to the second question may be heavily informed by your answer to the first. Renting a vehicle can help to keep down your initial costs – and means that any major issues will be the responsibility of the rental company – but buying usually makes more sense in the long run.
You may want to protect your asset if you decide to buy. There are various options to research as part of going solo, including specialist transport insurance for owner drivers.
Attract work
With all your previous experience on the road, hopefully you’ve built up some contacts to help you to find work. Staying in touch with haulage operators while you’re still getting set up is a smart way to hit the ground running once you’re ready.
It’s often best to find multiple companies for which to work rather than relying on one client alone. One way to build your network is through an online freight exchange, allowing you to pick and choose jobs and earn a good reputation.
Stay on top of finances
You’ll be taking on lots of new jobs as an owner driver, including customer relations, but accounting is undoubtedly among the most important to your long-term viability.
You’ll need to get familiar with things like financial statements, ledger entries and invoicing customers. You could outsource this work, of course, but it’ll still be your ultimate responsibility to make sure that your accounts are in order.
Becoming an owner driver may seem intimidating at first, and there may be false starts along the way. Once you’re on top of the fundamentals like those described above, though, you might never dream of driving for anyone else again.
