Earning handsome revenue is the major goal of any owner-operator. Why wouldn’t it be? The constant flow of money serves as the lifeblood of any trucking company. However, saving money is as important as making profits.
From purchasing the right owner-operator truck insurance to managing fuel and maintenance costs. There are countless expenses associated with trucking operations that you need to take care of daily as well as periodically.
Although running a trucking company offers huge rewards but various associated outlays quickly add up and deduct a big portion of your revenue.
Fortunately, there are a few methods and practices that, if implemented, can help you maximize your profit and reduce your expenditure. In this post, we have curated a list of tried-and-verified tricks and suggestions that will help you save money as an owner-operator.
Tips to save money on fuel cost
One of the biggest contributors to the increasing percentage of expenditure is ‘fuel. It is not a surprise that the cost of fuel is skyrocketing.
Being into moving business and liable for transporting various types of cargo from one location to another. It is difficult to save on this errand. Hard but not impossible, here are a few ways to save on this cost smartly.
1. Cut the average speed
The slower you drive your truck, the lesser will be fuel consumption. We know that it is sometimes hard to travel between 55 km/h to 60 km/h. But if you work on your truck speed, you can maximize your MPG (miles per gallon) tremendously.
Not only this, but if you decrease your speed, the impact on your truck tires and engines also reduces substantially.
2. Avail of fuel discounts
Another best method to cut back on fuel costs is leasing with a carrier that offers discounts on it. There are many carriers that offer discounts on fuel.
You can do business with a carrier who can help you fill up your truck tanks at great discounts.
3. Utilize cruise control on flat stretches
Consider using cruise control on straight and flat stretches whenever it is possible and safe. Driving a truck at a consistent speed reduces the chances of taking hard breaks and abrupt accelerations.
Using the cruise control feature will help you save money on fuel. It is hard to save on your average commercial truck insurance cost but using this method you can definitely save on the fuel expense.
4. Think about idle time
Idling can be short as well as long. Short idling can be 10 mins or less. These short idle seem harmless but quickly add up the fuel cost.
You can save a lot of money on your fuel if you eliminate short idling. For example, turn off your truck when traffic lights are red.
Tips to save money on maintenance cost
1. Pre and post-operation inspection
If you neglect to inspect your commercial truck before starting and ending the journey, you will end up spending more money on its maintenance. Fixing small issues in the truck will cost less money.
But if you ignore them it will become a massive problem in the future and eat up huge dollars.
2. Precautionary maintenance
Your trucks will keep running efficiently if you will do the precautionary maintenance. This upkeep includes changing or cleaning fuel filters, engine oils, and air filters, and using good-quality tires.
Also, make sure that the tires are properly inflated or that there is no air leakage. Working on these parts will keep your truck tip top and you will experience less downtime.
3. Lease the truck from a credible company
When it comes to maintenance benefits, leasing a truck is more affordable than buying one. Whenever you are in the market for leasing or buying a new truck, make sure you partner with a reliable company.
A credible company will never sell off or provide a lease on a badly maintained truck. Once the truck is in your name, maintenance costs would be taken care of by you. Make sure you lease a truck from a reputable company.
Tips to save on personal cost
As an owner-operator, the money you spend on the personal front is another major contributor to augmenting the overall trucking cost.
1. Bring your own food
It is natural to feel hungry during hauls and if you eat your meals out, then you have already spent a lot of money on your food. Consider preparing your meal or getting homemade food.
This practice will not only save money on food costs but also prevent frequent halts you take during your journey.
2. Buy cooking equipment
If you cannot bring homemade food then you can invest in cooking equipment. If you can prepare your meal but have no means to do that inside your truck, it is time to invest in cooking equipment.
There are a lot of economical cooking kits available that can make the entire food preparation easy inside your truck.
3. Make a budget and stick to it
Creating a budget is very important if you want to save money. If you have not done it yet, don’t worry it’s never too late. Do it today. In your budget, you will include all your personal and operating expenses.
Once you have the details, consider tracking every receipt and purchase that you make during hauls. If you see where, when, and how your money is going away, you can easily track and minimize spending wherever possible.
Parting Thoughts
Carrying out long hauls and spending maximum time on the road creates a lot of expense for an owner-operator. Plus mismanaged finance can break your trucking business to the core.
To avoid such a nightmare, you have to think about efficient control and management of your money. The first step toward this goal is by saving money on various trucking errands.
Implement all the aforementioned changes in your operations and experience the difference!
If you think we have missed out on some parts, feel free to comment on the below section.
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