3 Ways to Deal With the Financial Hardships of an Owner Operator

3 Ways to Deal With the Financial Hardships of an Owner Operator

When you own an independent trucking business, your earnings tend to fluctuate from month to month. This can make it challenging to manage your company’s finances and meet your monthly expenses. You may find that the financial hiccups are too frequent and intense to be covered by your personal savings or a business line of credit. If this sounds like your situation, don’t panic – as an owner operator, you have a few strategies at hand that will see you through these challenging times. Read on for some helpful tips on how you can deal with the financial hardships of being an owner-operator and still come out of the other side a successful small business owner.

Keep an eye on your expenses

This will sound awfully obvious, but before you even think about obtaining financing, you need to make sure you’ve reduced your expenses as much as possible. Both fixed and variable expenses can affect your bottom line. With fixed expenses, you can reduce your costs by laying off staff members, renegotiating your lease terms, or finding a cheaper insurance provider. Variable expenses, such as fuel, vehicle maintenance, and truck repairs, can be a bit trickier to control. That said, there are a few things you can do to cut back on these costs: – Get a truck with better fuel economy – This will save you not only on fuel, but also on maintenance and repair costs. – Schedule maintenance at off-peak times – You don’t want to incur the costs of repairs during a time when you can least afford them. – Buy used trucks and equipment – Mechanic shops often offer used equipment at a fraction of the cost of new products, and you can find used trucks that still have a lot of life left in them.

Bump up your credit limits

If you have outstanding loans or lines of credit, you can bump up their limits to free up more of your cash flow. This is easier to do if you have a business credit card or a line of credit with a local bank. If you have a credit card, you can call your credit card company or send them an email and ask them to increase your credit limits. If you have a business line of credit with a local bank, you can talk to your banker and see if they can raise your limits. Credit lines make it easier to borrow money when you need it, so this is an excellent way to deal with financial hardships that crop up unexpectedly.

Utilize a small business loan

If you have been in business for a while, you may have a good relationship with your bank, and they may be willing to help you out during a tough time. However, if your relationship with your lender is less than stellar, you might want to explore other options. Fortunately, several online lenders are specifically designed to help owner operators overcome financial hardships. These lenders are well aware of the challenges that come with operating a small business, and they are eager to help you get the financing you need to get through those challenging times. The first step is to request a free, no-obligation loan quote from a few different lenders. Once you’ve received the quotes, review them carefully and select the lender who offers you the best terms. Make sure you know exactly what you’ll need to do in order to qualify for the loan – and that you can meet those requirements.


The financial aspect of owning your own trucking company can be challenging, especially if your business isn’t yet on a solid financial footing. Luckily, there are a few things you can do to deal with financial hardships until they pass. Make sure you’re keeping an eye on expenses and bumping up your credit limits, and you should be able to get through the tough times unscathed.

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