Career Testing
Career Testing
Career Testing
ENTREPRENEURSHIP / MAR. 15, 2016
version 7, draft 7

Make More Money as an Owner-Operator by Having Your Own Authority

To remove the cap from your income in the trucking business, one of the best things you can do is become an owner-operator. Rather than depend on a salary, you can essentially set the pace of your work, take the loads that you think are most profitable, and work as much as you think you can handle.

See Also: How to Save Money in Your Business

Why Should You Get an Authority?

truck driver
shutterstock

But if you really want to up the ante, you might want to consider getting your own authority. Of course, you can always offer your services to a leasing company, especially if your credit isn’t as good as it could be. Having an authority, however, can help you earn more per mile on a consistent basis — about $2 to $3 per mile, on average. And if you ever want to hire other truck drivers to build a company after applying for owner-operator trucking jobs, you’ll need to have one.

What Is an Authority?

truck driver
shutterstock

An authority essentially means you’ve got permission from the Federal Motor Carriers Safety Administration (FMCSA) to make money from transporting goods. Having your own authority means that the middleman is taken out of the equation, and allows you to go straight to shippers, receivers, and load-matching services to get freight to haul. While it does involve more work, it also allows you to realize heftier profits.

How Do I Get an Authority?

truck driver
shutterstock

Before getting an authority, you’ve got to establish yourself as a business first, then get an employer identification number from the IRS. You’ll then need to fill out and send in an application form to obtain an authority, and apply for both liability and cargo insurance, if the latter applies to your situation.

See Also: 5 Simple Ways to Start a Small Business

Once you start running your business under your own authority for a while, you’ll quickly see that along with the hard work comes great profits! There is so much opportunity that waits in the world of truck driving as an owner-operator — all you need to do is take that next step!

Get our FREE eBook!
'6 Steps to Landing Your Next Job'

LEAVE A COMMENT

0 comments

 

RELATED ARTICLES

How to Make Money With Your Smartphone
ENTREPRENEURSHIP / AUG 02, 2014

Smartphones are ubiquitous all over the world. What makes them so valuable is that they’ve opened up a number of opportunities to make money on the go. You don’t need any...

bitcoin
ENTREPRENEURSHIP / JUN 09, 2014

Digital currency (aka cryptocurrency) is either going to be the next big, big thing, or the latest in a long string of internet fads that burned bright, fast, and quickly...

expert bartender making cocktails
ENTREPRENEURSHIP / JUN 15, 2016

If you want your bar to be really successful you have to be proactive, and use the best techniques available to you! Make sure you follow these tips! Making your mark in...

common money mistakes business
ENTREPRENEURSHIP / APR 11, 2016

Running a successful business is very tricky and there are so many factors out of your control that can cause disaster. But, one factor which is critical for all...

Small Business Owners Making Retirement Mistakes
ENTREPRENEURSHIP / MAR 08, 2014

With tax season on the horizon, this is about the time of year that many begin to think about their retirement. Due to various retirement invest vehicles, tax deductions...

Looking Forward to Your Holiday? Not If You’re a SMB Owner
ENTREPRENEURSHIP / JUL 25, 2014

The Small Business Index survey conducted by Office Depot Inc. has revealed what small and medium-sized business owners’ plans are in regards to taking a break from work...

Get our FREE eBook!
'6 Steps to Landing Your Next Job'
G up arrow