From Driver to Owner: Ready to Get Your Finances in Gear? The Trucker CFO Can Help!

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.