With a strong economic climate and a market that favors the trucking industry, more truckers are becoming independent owner-operators. This shift is allowing owner-operators to take more control of their careers and earn money at rates the industry hasn’t seen in years.
The Year of the Owner-Operators
With rates surging and the trucking industry getting more control over agreements with shippers and other businesses, owner-operators are striking out on their own. From the perspective of owner-operators, by working on their own, they can eliminate agencies and organizations which would otherwise eat into their revenue if they stuck with other employers. Just last year, first-quarter revenue for flatbed owner-operators averaged over $40,000. For some perspective, that revenue for a single quarter showed an increase of $5,000 from the previous year, and the trend is increasing.
Technology Plays a Bigger Role
The market for owner-operators has evolved significantly over the past few years. Instead of making phone calls or dealing with a broker, owner-operators rely on technology. We are seeing a proliferation of apps that allow owner-operators to find shipments to haul, with better rates compared to the old-fashioned method. These apps use the driver’s location to find available jobs, with complete transparency as to the destination, expected delivery date, the type of shipment, and how large it is. This gives independent truckers more agency by allowing them to pick and choose what and where they haul goods.
Technology is making earning money a lot easier for owner-operators. One of the big things discouraging drivers from becoming independent owner-operators is waiting to see payments after a job. As an owner-operator, you are your own boss, which usually means waiting on the same payment schedules as small trucking companies and large fleets. The payment schedules can easily be 30 days or more, which is a lot different from a regular weekly or bi-weekly paycheck. Once again, technology makes the process faster by eliminating waiting times. Express Freight Finance has an app to digitally transmit the necessary information to take advantage of our freight load factoring services. We convert unpaid receivables to cash within 24 hours, plus give owner-operators the tools necessary to become successful independent truckers. No debt. No hassle. No long waiting times. No need for collections.
Whether you are thinking about becoming an owner-operator or you’re a seasoned pro, contact Express Freight Finance today and supercharge your cash flow.