The national average salary for dump truck owner-operators is around $130,000. This job allows owner-operators to choose their schedule and have plenty of flexibility.
This company enables you to take the jobs you want, pick the jobs you like best, and get to know new people. Finally, dump trucks cover shorter distances than long-haul drivers and stay closer to home.
As you can see, many factors determine the wage of a dump truck owner. Although the average wage is around six figures, the salary difference between the 25th percentile ($47,500) and the 75th percentile ($194,000) is stark.
While these wages put dump truck owners above the median salary in the US, there is much room for improvement.
If you want to decide how much you will earn as a dump truck owner, you need to know the difference between low and high earners.
If you’re already an owner or considering being an owner, there are three key influences on your earning potential that you should know about.
Critical Factors that Impact Dump Truck Owner Income
On average, salaries will range up to $40,000. Depending on where you live, you may have an advantage due to higher hourly wages.
States with the highest wages include New York, Massachusetts, and Washington, with a mean annual salary higher than $140,000.
The lowest wages are in Missouri, Florida, and North Carolina. Higher wages come with the potential downside of more competition.
Evaluate your skills and see how successfully you can promote your business if you are a new business owner.
That’s not to say you should simply be considering your home state – other cities and metros, like Fort Wayne, IN, and Columbus, OH, also offer a very decent wage despite the average being lower statewide.
Skill Level & Years of Experience
Typically, training for a commercial driver’s license (CDL) takes less than two months to complete, and there is a relatively low barrier to entry. Nonetheless, it does not compare to on-the-job experience.
Not only will the experience you’ve gathered while doing the job put you in high demand, but you’ll also learn to curb costs and can help clients save money by choosing the right jobs, efficiently operating the truck, and knowing what it takes to maintain a vehicle.
Being dependable and punctual will lead to your reputation in the local community. Due to that, there will be an increased demand for your services.
Truck Ownership Costs
If you plan to use the dump truck to earn money, you need to understand the potential impact on your finances. Used dump trucks can cost $30-$40,000, with newer models costing about $100-$150,000.
Considering your current finances and driving needs, you need to compare how much money you’ll make versus the overall costs of owning and maintaining the vehicle.
Use the current wage for an hour in your area to figure out how many hours you’d need to work each week to have a profitable business.
A while ago, I helped a client in Southern California who was a mechanical engineer by trade. He ended up buying and operating a business where he hired and oversaw dump truck drivers on contract. It wasn’t an easy business to run, but his earnings were in the millionssss. And the salaries you’ve mentioned in this article were right along the lines of what he was paying the drivers, I think.
You make a great point about how training for a CDL license only takes two months. My dump truck broke and I need a new one for a remodel. I’ll have to rent one short term.