In our next installment of the Are You Ready To Own the Wheel? series, we’re talking about a topic that can make or break your success as an owner-operator—your finances.

To round out the series, Colton Lawrence, The Trucker CFO, joined the Success In Trucking Podcast to dig into what it really takes to build a strong financial foundation for your business.

For Colton, the first step is the most important, you first have to shift your mindset. “It’s more than just driving,” he says. “You’re running a business now.” That shift changes how you think about everything from planning and budgeting to how you handle the unexpected.

Because in trucking, the unexpected is guaranteed. Rates change, repairs happen, and no two weeks look exactly the same. That’s why having a plan, and sticking to it, is so important.

Once you’re thinking like an owner operator, it’s time to time to think through and formulate your business plan. What do you want to accomplish in your first year? Where do you want to be in five? What type of equipment am I going to run? Where will I find loads? Having those answers upfront gives you direction when things get tough.

From there, it’s about structure and preparation. This includes choosing the right business entity, setting money aside for maintenance, and planning for quarterly taxes. It might not sound exciting, but that kind of preparation helps you stay steady when the road gets bumpy.

“Too many drivers treat it like a job,” Colton says. “The successful ones plan, adapt, and learn.”

Rather than treating it like a sprint, consider your business journey a marathon. Yes there should be milestones, and you should celebrate small victories, but like everything in trucking there will be ebbs and flows.

Starting your own trucking business is a big step, but with the right plan, the right mindset, and the right support system, the sky is the limit. If you feel that you are ready to forge ahead, connect with the ES team at (877) 349-9303 to learn about the programs and opportunities available to our community members.

Catch the full conversation with Colton Lawrence, The Trucker CFO, on the latest episode of the Success In Trucking Podcast, including Colton’s do’s and don’ts for first time owner operators.

In this episode from our Are You Ready To Own The Wheel Series, Colton Lawrence discusses the essential mindset and practical steps needed for individuals considering becoming owner-operators in the trucking industry. Colton, who is a Certified Public Accountant and founder of Trucker CFO, emphasizes the importance of understanding the differences between being a company driver and an owner-operator, particularly in terms of financial management, business planning, and the necessity of a support network. As you will hear, Colton notes the significance of a solid business plan, tax planning, managing maintenance costs, and the do’s and don’ts for new owner-operators. Colton also highlights the advantages of being part of the Expediter Services Community, with the range resources and support ES provides for ES Community Members.

If you’re thinking about taking the next step toward ownership, one of the biggest choices you’ll make is the equipment you run. As Danny Vernon, Director of Truck Sales at Expediter Services (ES), shared in the latest Success in Trucking Podcast episode, that decision can shape your business long before you even turn the key.

“The truck you choose, and how you choose to finance it, can make or break your success as an owner-operator,” Danny explained. “Get it right, and you’re setting yourself up for stability. Get it wrong, and the costs can start eating at your profits before you ever hit the road.”

In today’s market, that’s especially true. Open-market financing for equipment is tougher than ever, with higher barriers to entry such as strict credit requirements and 20–25% down payments. Danny points out that for many, it’s not as simple as walking into a dealership and driving off the lot. “If you don’t have an established relationship, those doors can be hard to open,” he said. That’s where ES comes in.

How Expediter Services Opens the Door to Ownership

Through ES Truck Sales and our many programs, including our Path to Ownership (PTO) program, non-traditional lease purchase program, and traditional financing, we’ve built the relationships that give operators access to equipment and financing opportunities that might otherwise be a long stretch or completely out of reach. Our approach is built on relationship lending. ES takes the time to understand your business goals, your experience, and where you want to go. It’s about finding a path that works for you and then traveling with you; not just checking a box on a credit form.

For more insight on how market conditions impact owner-operators, check out our post on Navigating the Current Freight Market: Tips for Owner-Operators and Small Fleet Owners.

This episode also features a helpful FAQ discussion that answers some of the most common questions aspiring owners have about purchasing and financing equipment.

If you’re ready to explore ownership, don’t go it alone. Connect with our team at (877) 349-9303 to learn more about our many programs designed to help drivers like you take the next step with confidence and support every mile of the way.