How to make money with a semi-truck: 9 steps you can take

Estimated reading time: 4 minutes

Owning or leasing a semi-truck can be a profitable investment. But building a successful trucking business means you know how to turn a profit and maximize your earnings.

While the freight you haul drives how much revenue you generate, there are other things to consider that could help you make money with a semi-truck.

How to make money owning a semi-truck

1. Create a business plan.

Having a business plan in place is important to ensure you use your semi-truck in a profitable way.

Think about things like:

• What business structure you will follow.
• What type of goods/freight you will haul.
• How much revenue you expect to generate.
• If you will do business with a carrier or operate under your own authority.

2. Find profitable loads.

Your revenue is dependent on what freight you haul, so how you choose to get your loads is one of the most important business decisions you’ll make. You can:

• Do business with a motor carrier, like Schneider, and use their private load board.
• Hunt for freight on the spot market.
• Work with a freight broker.
• Pay a dispatching service.
• Prospect your own loads.

Although the way you choose your loads is important, the type of loads you pick matters just as much. For example, while a cross-country load may seem like a huge money maker, your expenses for that type of load will also be high due to the mileage you must drive.

3. Understand your business costs.

Speaking of expenses, it’s important to know what your operating costs will be. Fully understanding your expenses makes it easier to find ways to cut back and save more money. One way you can do this is by calculating your cost per mile.

Knowing your cost per mile helps you figure out how much money you need to generate to earn a profit. It also shows exactly how much you're spending on:

• Fixed costs: truck payments, insurance, permits, etc.
• Variable costs: fuel, food, maintenance, etc.

4. Be prepared for the unexpected.

Figuring out how to make money with a semi-truck includes preparing for unexpected expenses. Whether it is an unforeseen out of service because of a truck breakdown or something else, the unexpected can hurt a little less if you are ready for it financially.

Consider setting aside enough money to cover three to six months of expenses. If you don’t have cash set aside and something goes wrong, it could result in the loss of your truck or your business.

5. Track your monthly bills.

As someone who is out on the road most of the time, it can be easy to forget about your monthly bills.

Create a spreadsheet to keep track of your monthly bills and their due dates. Set aside time once a week to review the spreadsheet and see which payments are coming up.

You might also consider setting up automatic payments on reoccurring bills to make sure they’re paid on time. Missing a credit card payment, for example, can drop your credit score and cost you interest.

6. Pay off your truck early.

Unless you paid for your truck in cash, chances are you have a weekly or monthly loan or lease payment. While covering the minimum payment is essential, consider putting extra money toward the principal whenever possible to pay off the loan faster.

Without a truck payment, you’ll free up extra funds that can be used to:

• Build savings.
• Pay off other debts.
• Invest in a new truck.
• Pursue other financial goals.

8. Find a second driver.

A second driver gives your business the chance to pick up more loads and maximize its earning potential. You could either run in shifts or drive as a team.

Having another driver can also be a great way to minimize revenue loss during downtime, allowing you to take time off without putting your business on hold.

9. Do business with a carrier.

When you do business with a motor carrier, like Schneider, you get access to discounts on some of your biggest expenses, like fuel, insurance, maintenance and tires.

You can save more money by using Schneider facilities that offer free truck parking, private showers, laundry facilities, workout rooms and more.

Plus, with Schneider’s VTL Owner-Operator Toll Program, you’ll never pay more than $75 per week on tolls (terms and conditions apply).