Posted in Articles by Masterplans Mobile Notary Business Plan Would you like to start a mobile notary business, and need a mobile notary business plan to help get the operation going? You are on the right track!
Notaries survey number of important functions as it relates to the closing of large transactions given that they are able to confirm the identities of anyone that is signing a document.
These individuals are able to testify in court as to what documents were signed by what individuals on a certain date and at a certain time. As such, notary businesses are almost always able to remain profitable and cash flow positive given that these services are needed for any type of transactional work.
Most often these individual notary businesses have ongoing relationships with attorneys, business brokers, title insurance companies, insurance firms, and automotive businesses given that these businesses frequently require the notary is present when documentation is signed.
One of the common trends within this industry is that a notary will operate on a mobile basis. Given that real estate closings, vehicle sales, and other large transactions occur in a number of different places — it is now very common for notaries to travel from place to place in order to render their services.
These types businesses enjoyed moderate barriers to entry given an individual must become a notary public before they are able to provide the service to the general public.
This is usually a modestly complex process involves taking a test, receiving recommendations from other public officials, and submitting a bonding form so that in the event that something goes wrong the individuals are insured against errors and omissions.
The startup costs associated with the new notary business are very low given that once an individual receives their commission they are able to operate by simply just advertising their services to the general public.
Many notary public's have also now taken to accepting credit cards as a form of payment at the time the transaction. A notary SWOT analysis is usually produced in conjunction with both a business plan and a marketing plan.
As it relates to strengths, notaries are almost always able to produce a positive income simply by being present at large-scale transactions. Barriers to entry are considered to be moderate given that it is a time-consuming process to become a notary public. The demand for notaries does not wane even in times of economic recession as people are still going to carry out large-scale transactions.
Pertaining to weaknesses, anyone who has a clean background and is a competent person can become a notary. There are no educational requirements outside of a small class that is usually offered several times a year by most states. As such, one of the things that many notary publics do in order to remedy this competitive issue is to develop ongoing and continued relationships with a number of businesses that require notaries on an ongoing basis.
Additionally, many notaries will engage in a broad-based marketing campaign in order to ensure that they are ably found by the public very easily.
As it relates to opportunities, many notaries will seek to operate their business in an agency capacity wherein they will receive ongoing orders for notary public services and will recruit a number of other individuals I can provide this service to the general public.
This is really the only way that many notary businesses grow given that this is a specialized service that is not often needed but is decent enough where an individual can carry out this service from time to time.
As such, it is imperative that the individual was expand the business is able to properly recruit additional people that work on behalf of the company. For threats, this is one of the best things about this business is that there are very little ongoing threats outside of competitive issues.
There is no risk of automation given that an individual human being must become a licensed notary public before they are able to provide the services. However, some states are now allowing for online viewing of documentation and identity verification.
As such, it would be a smart business decision to have a notary service that allows for the online processing of documentation when applicable.
Some states are beginning to allow this in order to reduce the cost associated with providing notary services. A notary business plan should be developed if an individual is seeking a working capital line of credit for private investment in order to provide the services to the general public.
This business plan should have a three-year profit and loss statement, cash flow analysis, balance sheet, breakeven analysis, and business ratios page.
Given the low start up costs associated with a new notary business most banks and lenders are willing to extend a line of credit for small business loan without having to go through much of a large-scale loan application process.
This is primarily due to the fact these businesses do not require much capital at all and once a person receives their commission as a notary public - they simply travel from place to place as needed.
Usually, if an individual is seeking capital in order to start a new notary business now typically doing so for the acquisition of tangible equipment and working capital.
As such, most financial institutions, lenders, and banks are willing to extend this credit given the high demand and large amount of tangible assets that are typically used with borrowed funds.
A notary marketing plan should be developed in conjunction with both the business plan and SWOT analysis in order to present to any third party how the business intends to generate customer base. For most, and as discussed above — most notaries aggressively engage in marketing their services to law firms, real estate brokerages, real estate agents, business brokerages, mortgage lenders, and automotive businesses that have ongoing needs for notaries from time to time.
It should be noted that some third-party companies to employ a notary public in house but this is not often done. One of the fastest ways that a notary business can generate revenue is by establishing ongoing relationships with the aforementioned parties.
An online presence is also important for a notary business given that many people will use popular search engines such as Google, Yahoo, Bing, and AOL in order to find specialized local services.Notary business plan pdf. Notary + business plan. Business plan for notary signing agent. Business plan for notary public.
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Reboot command red hat 1. Seven Secrets for Notary Business Success By Brenda Stone Most questions that we receive through our Facebook page relate to starting a notary business. If you need would be wise to do the following if you want to plan for success.
† Establish a website. It takes time for websites to be indexed by Google and other search engines. Every. Visit geauxBIZ for the following business start-up services: Find resources to help plan, make key financial decisions, and File Annual Report Notary Database Notary & Certifications .
Looking to make a little extra money or to build a stable, lucrative small business? Starting a Notary public for almost nothing may be the way to go. Get into the notary public business from the Entrepreneur list of business services business ideas. Have business cards printed with the name of your notary public business, a short list of services that you provide and your contact information.