It’s all in the details

Interested in becoming an owner-operator?

Best position yourself for success by attending OOIDA’s Truck to Success training on Oct. 22-24.

OOIDA staff and other trucking industry experts will lead educational sessions on developing a business plan, insurance, permits, licensing, taxes, factoring and more.

At this year’s Mid-America Trucking Show, Andrew King, assistant director of the OOIDA Foundation and Paul Torlina, advocacy counsel for OOIDA, presented a portion of the content presented at Truck to Success as part of the ProTalks at MATS.

King told attendees in Louisville, Ky., not only how to create a business plan but why it’s non-negotiable in achieving success.

“Drivers want to go out on their own and get their own truck, but they don’t really understand all the things that are involved and the dangers with that,” King said. “We don’t want to see anyone fail. The top three pitfalls are a lack of sufficient capital, inadequate management and poor business planning.”

Cost of operations is also a major component of success.

“Fixed costs are much harder to reduce,” King said. “When we talk about controlling costs we’re talking about variable costs such as fuel and permits and licensing.”

The business plan needs to remain a point of reference, not just thrown in a drawer somewhere or in a folder on your desktop.

“Your business plan should be simple, understandable, readable and realistic,” King said. “You’ll want to review it from time to time and see how you are doing. Do you want to change your goals? Do you need to scale it back or do you want to expand it? If you’re not keeping track, you won’t know if you’re succeeding or failing.”

In his session on factoring, Torlina detailed factoring and the pitfalls associated with it for truck drivers.

“You really are starting the clock on trouble when you get involved with a factoring company,” he said. “They are going to take a percentage of that load. What happens if you can’t make that load? What if you have a freight claim on that?”

If you need funds now, then your business plan has not been created properly, Torlina said.

“If you have to factor to keep your business running, you’ve got bigger problems,” he said. “Just because you’ve done something over time doesn’t mean it’s a good thing. You might just be extremely lucky.”

Fraud, theft and damage are frequent calls OOIDA fields routinely.

“Even if you’re not a member, we’re (OOIDA) out there looking out for all truckers and these kinds of issues,” Torlina said. “Whatever you can do for yourself, you’ve got to do it. Document every single thing you can. Get yourself lined up as perfectly as you can so you can succeed.”

Attending Truck to Success is $495, which includes breakfast, lunch and snacks. If you register before Sept. 1 you will receive $50 off that price as well as a one-year OOIDA membership.

The deadline to register for the in-person version of Truck to Success is Oct. 1.

If you’re unable to attend in person, Truck to Success is offered via Zoom for $250. Online attendees will receive access to the course presentation for three months. The deadline to register for the virtual training is Oct. 21.

The value of attending Truck to Success at the Courtyard by Marriott in Blue Springs, Mo., far outweighs the cost OOIDA Executive Vice President Lewie Pugh said.

“If you are thinking about becoming an owner-operator or struggling as an owner-operator, you need to join us at this year’s Truck to Success,” Pugh said. “I know on the surface that missing a few days of work and paying for the course, motel and travel is a significant cost for sure. But you are about to embark on the most expensive decision of your life. This is an opportunity to arm yourself with knowledge to get ahead of the curve and be successful. It will show you what you really have to do to become a successful owner-operator.”

Previous attendees have touted the benefits of Truck to Success.

“They really give you the knowledge of what to expect as far as the cost and being prepared for that cost,” Meshell Barber, co-owner of Independence, Mo.-based Rick Barber Trucking LLC, told Land Line at the Truck to Success training in 2022.

Learn more about or register for Truck to Success at OOIDA.com. LL