I Failed As An Owner Operator🤦🏾‍♂️

Summary

In this video, the speaker shares his decision to step away from being an owner-operator in the trucking industry due to low profitability and rising costs. Despite enjoying the freedom of the role, he explains that the financial challenges, including low pay per mile and high repair bills, make it unsustainable. He reflects on his experience, emphasizing the importance of learning from setbacks, and hints at returning to a company driver position for better stability. While not considering this a failure, he sees it as a step towards smarter, more profitable decisions.

Takeaways

• 😀 The speaker has decided to step away from being an owner-operator truck driver due to lack of profitability.
• 🚛 They dropped off their trailer and are preparing to return home while reevaluating their life and career choices.
• 💸 The speaker highlighted that low pay rates per mile and high fuel prices made it difficult to make money as an owner-operator.
• 🛠️ Unexpected repair costs also contributed to their decision, with one service bill reaching between $2500 and $2800.
• 😓 The speaker feels that continuing as an owner-operator would be like working for free, especially considering the hard work involved in flatbed trucking.
• 🏢 They are considering going back to being a company driver, where there is less freedom but more financial stability.
• 📅 The speaker has already applied to multiple companies and is waiting for an orientation with one flatbed company in January.
• 🗣️ Despite enjoying the freedom of being an owner-operator, the speaker feels they need to prioritize financial stability over freedom.
• 📉 The experience taught them the importance of working smarter, not harder, as they felt they were not profiting despite the effort put in.
• 🔄 The speaker doesn't view their decision as a failure but as a choice to step away from something they no longer find financially worthwhile.

Q & A

Why did the speaker decide to stop being an owner-operator?

The speaker decided to stop being an owner-operator because it was no longer profitable. Low rates, high fuel prices, and expensive repairs made it difficult to sustain the business.

What were the main challenges the speaker faced as an owner-operator?

The speaker faced challenges such as low rates per mile (often as low as $1.75), high fuel prices, and expensive repair costs that made it difficult to turn a profit. The speaker also felt overworked without adequate financial return.

What was the final load the speaker delivered as an owner-operator?

The speaker's final load as an owner-operator was the one he delivered before dropping off his trailer at a dealership. He mentioned it was his last load and had already unhooked from the trailer.

What are the speaker's plans after leaving the owner-operator business?

The speaker plans to return to being a company driver and has already applied to multiple companies. He is considering going back to flatbed trucking with a company that got back to him.

Why does the speaker feel demotivated by the flatbed work?

The speaker feels demotivated by flatbed work because it requires more effort, such as tarping, strapping, and chaining the load, but the financial return is not sufficient to justify the hard work.

What lesson did the speaker learn from his experience as an owner-operator?

The speaker learned that in life, you have to 'work smarter, not harder.' He realized that no matter how much effort he put into the job, the financial return wasn’t there, and he needed to rethink his approach.

What are the pros of being an owner-operator according to the speaker?

According to the speaker, the main pro of being an owner-operator is the freedom it offers, such as being able to turn down loads, decide where to go, and take time off whenever needed.

What was the speaker's experience with repair costs as an owner-operator?

The speaker had a bad experience with repair costs when a tire blowout led to a shop fixing other things that didn’t need fixing, resulting in a repair bill of $2,500 to $2,800, which he felt was excessive.

How does the speaker feel about potentially returning to a company driving position?

The speaker seems open to the idea of returning to a company driving position, even though it would mean less freedom. He is more concerned about being financially stable and building toward future goals.

How does the speaker view his departure from the owner-operator business?

The speaker does not see his departure from the owner-operator business as a failure. He believes he is stepping away because it is no longer worth it financially and he wants to pursue more profitable opportunities.