Outside of potential worker shortages, the top issue that truckers face involves income. This concern is especially prevalent for owner-operators that face rising fuel and operational costs for their rigs.
In some ways, having a CDL can be lucrative. It can also feel like you’re making sacrifices that people don’t understand, especially if you’re living paycheck to paycheck – or close to it.
Here’s some good news. If you’re a truck driver, you have some control over how much income you generate for yourself and your family. The following tips can help you develop a better wage, maximize your current situation, or create efficiencies that limit costs so that profits stretch further.
What Are the Ways to Earn More as a Truck Driver?
Several factors impact your income, including your reputation, knowledge, and general experience. This job can come with some incredible benefits, but it is also a lifestyle. Even if you’re at home every night because you stay local, you’re still on the road each day.
The average annual pay for truck drivers is approximately $60,000 per year, but your compensation package depends on several variables. Are you an owner-operator? Do you prefer cross-country routes or local deliveries?
Do you want a CDL to become a bus driver to support your local schools?
Once you have an idea of your foundation in this industry, you can take these steps to begin earning more.
1. Add More CDL Endorsements
Having different CDL endorsements is your key to unlocking a higher salary as a driver today. Not only does this option create more job opportunities, but it also increases your general experience.
You can find six different types of Class A CDL endorsements to pursue.
- Class H is a HAZMAT endorsement that allows for hauling hazardous materials. These jobs typically pay higher because they come with more risk.
- The Class X endorsement is not usually available until you receive the H endorsement. This option allows you to haul large gaseous or liquid hazardous cargo loads.
- With a Class N endorsement, you can haul tankers instead of a standard trailer. These jobs are typically regional or local, which means more time at home.
- The Class P endorsement allows you to drive a vehicle with more than 16 passengers. If you want to drive a school bus or certain limos, you’ll usually need to acquire this option first.
- Class S endorsements are for school buses. They include criminal history checks, physical fitness tests, and other supplemental training.
- A Class T endorsement allows you to tow more than a single trailer, which means you typically get paid more since you’re hauling more.
2. Gain More Experience
Coaches love to work with athletes who ask questions and strive to improve. That process encourages a transfer of knowledge that leads to wisdom development. The same structure exists within the trucking industry. [[1]]
It takes time to gain experience working as a truck driver. It would be best if you got out there to understand how many processes operate. It’s not unusual for the first 24 months to feel like you’re barely scraping by because the income levels are low during that time.
Think of your first employment opportunities with a CDL as an internship or a mentorship program. As you gain experience and become more efficient, you’ll see those job offers start delivering a better paycheck.
3. Build a Strong Reputation
Your reputation is a powerful asset as a driver. It distinguishes you from other professionals, influences colleagues, and opens doors to better jobs.
Building a reputation takes time. It doesn’t happen because you want it to appear. You’ve got to put in some sweat equity to show that you are consistent, reliable, and trustworthy.
If you want or need to work on your reputation, here are the basics you must get right before you see improvements.
- Be transparent with your interactions. Honesty and integrity build trust, which is a foundational ingredient for a reputation.
- Introducing yourself to new people or offering a welcoming environment makes it easier to engage with others.
- Keep your promises.
- Make the right choice, even when it’s hard or might cost you something. When you follow a strong set of morals and ethics, you’ll be thought of as a reliable resource.
It’s not always easy to cultivate a positive outlook when you’re facing a tight deadline or can’t find a place to park with time running out. If you can focus on integrity, perseverance, and courtesy, you’ll find more doors eventually opening.
4. Plan an Efficient Route
If a bigger paycheck isn’t in your immediate future, you can still generate more usable income by creating a more efficient route. This step is crucial for owner-operators who want to have successful experiences.
When you plan efficient routes, you’ll find a great load to haul in each direction. That way, you’re not stuck driving back without anything and basically wasting the trip.
This process starts by using a paper map. Although GPS and AI are helpful, they don’t always have the local information you need for your route. If you don’t have service while driving, this resource is invaluable. It’s even helpful to write down directions manually. [[2]]
While you’re plotting that route, look for places to stop or refuel. When you keep yourself to a schedule, your efficiency will often pay off with lower overall costs per trip.
Once you’ve got that network working, start creating more efficient routes.
5. Gain Control of Your Finances
Whether you own a trucking company or collect a paycheck with benefits, it’s essential to have control over your budget at all times. Being smart with money often starts with freight factoring. [[3]]
Instead of waiting up to 90 days to get paid, try partnering with companies that let you get what you’ve earned within a day or two. Although this option might take a small bite out of your profits, it also solves a potential cash flow problem when you have expenses to cover. [[4]]
By avoiding debt through comprehensive budgeting, it’s much easier to manage your financial profile while driving.
Although creating a budget takes some time, it will keep working for you once it’s active. Here’s how you can start a basic one right now.
- Select a Template. Using a premade spreadsheet simplifies the budget creation process. Several apps are available to download that let you enter income and expense data if you prefer something mobile while on the road.
- Collect Your Paperwork. Once you have an idea of the budget process, start gathering all your documents. This step includes any debts, mortgages, rental statements, paystubs, and other income or expense evidence.
- Calculate Your Income. How much do you make driving? Do you receive income from other sources? Include everything that delivers a paycheck, even if you get it in cash.
- Establish Your Expenses. Calculate everything that you need for the budget period. That includes food, fuel, and non-essentials.
Once you have those figures, you can categorize your spending. Are you shopping for stuff you don’t really need? Is the fuel expense for that one job more than it’s worth paying for the income it generates?
After you have these numbers sorted, it’ll be easier to see where potential adjustments are necessary.
6. Build a Professional Network
How do you get the best loads that pay well in the trucking industry today? That process starts by building high-quality relationships with direct shippers.
Truckers need a business network, just like everyone else who wants to build a career. Here’s how you can start creating this professional asset.
- Attend networking events when they occur. Social media is helpful, but you’ll find numerous events hosted by organizations like the American Trucking Associations that can help you meet new people, talk about policies, or explore exhibits. [[5]]
- Choose goals that help you grow and find new opportunities to raise your income level.
- When you’re off the clock, try to connect with other drivers or industry professionals while waiting for your reset.
- Understand what you’re worth. If you don’t articulate why you’re better, most people choose to go with the cheapest rate. There’s always someone out there willing to do more work for less pay, so prove to others why a relationship with you is valuable.
- Speak up. Some people are naturally shy, while others get into a comfort zone being alone because of the long miles they put down each week. You don’t need an icebreaker, but you will want to tap into your courage to tell people about yourself.
Are You Ready to Start Earning Some Extra Cash?
The first step to earning some extra cash as a trucker is to obtain your commercial driver’s license successfully. Once you have that CDL, the training needed for the endorsements you wish to pursue can start unlocking some extra doors.
When you combine these ideas into an individualized path that meets your needs, you’ll be working toward that extra income you want. Paychecks don’t usually get bigger overnight. It takes time and some hard work, so steady patience and progress are necessary.
Once you see your profits rise, you’ll know that your efforts were worthwhile!
[[1]] https://theimportantsite.com/10-reasons-why-questioning-is-important/
[[2]] https://gisgeography.com/paper-maps/
[[3]] https://www.investopedia.com/financial-edge/1109/6-reasons-why-you-need-a-budget.aspx
[[4]] https://www.tafs.com/factoring/ultimate-guide-freight-factoring/
