Risk management is the subject at the center of this episode. No Risk management discussion would be complete without having Dan Organ from Drake Tax Service involved in the conversation. We’re glad he was able to join us. Dan has been our go-to guy for taxes since 1999. Just follow the link to find out more about Dan, or to contact him about your tax needs.
You can also call Dan at 715-234-3278. He would love to talk to you.
Assessing Risk Management In Trucking
First off, dispel your thoughts about your company’s safety manager and the big company’s risk management conversations at safety meetings. We’re not talking about that stuff today. We’re talking about you, your desire to be an owner operator and the risks involved in making that step.
Part of what’s interesting about this discussion are the ages of the three of us involved in the conversation. Don is 34, Dan 47 and I (Buck) am 55. At the heart of any risk is the ability to recover when things don’t work out. Obviously, age is a factor here. The older you are, the less time you have to recover in the event of failure.
I Am An Owner Operator
“Buck! You drive a company truck. Some one else is signing your pay check.” I know that’s what you’re saying, but I am still an owner operator – of The Trucking Podcast. The computers and equipment cost money. The website, the media hosting and the other expenses add up.
The podcast is blessed to have sponsors. And we are blessed to have many of you buy us the proverbial cup of coffee from time to time. My biggest investment here is my time, and it’s what I love to do. Trucking and podcasting are two of my favorite things. To tie them together and create a business is a dream I will invest myself in.
I will be talking about my new job in future episodes, but part of the change was to be able to continue the podcast. I calculated the risk before I made the decision.
Risk Management Topics
- What’s at risk? Your savings, your home, your marriage and family life?
- How much do you really need to get started?
- How much money do I need to save to cover some of the most common problems. Things like a blown engine, changing companies or being involved in an accident?
- What is that risk like as I get older?
- Am I healthy enough to be taking that risk?
There are so many ways to go with this discussion. But they are all things to consider when you step out and buy that first truck. In the background of that discussion is the ability to make 50 to 60 grand or more as a company driver.
Don’t Be Discouraged, Be Calculated
The point of this episode isn’t to discourage you from buying a truck. It’s to try to get you focused on when and why you buy that first truck. Be deliberate. Have a plan. Ready, fire, aim may be your M.O. but that doesn’t mean you don’t calculate the risk, or the cost.