Posted by ANN ORELLANA on 10/9/06 3:38pm
Msg #151165

Notary full time

I am thinking about becoming a traveling notary full time instead of part time. I would like to have very honest feedback about doing this business full time. Is it worth leaving my job for?

Reply by BrendaTx on 10/9/06 3:43pm
Msg #151170

Re: Notary full time - Ann - what research have you done?

No one can answer that question but you.

Reply by Rachel Truax on 10/9/06 4:20pm
Msg #151177

Re: Notary full time - Ann - what research have you done?

Ann,
I can tell you that I am full-time notary in AZ. I have been full-time for about a year and I love it.

I make about $5000 a month from it, but may suppliment income with a little mystery shopping, especially if it involves food! I also do some copywriting, but these are just fill-in jobs that I get asked to do or find on the internet.

Being a notary full-time is definitely worth it to me!

I did and continue to do a lot of marketing to keep myself going. You have to be willing to provide extra good service if you want to be full-time!

Rachel

Reply by Ernest__CT on 10/9/06 4:27pm
Msg #151179

Brenda is correct, as (nearly) always! You need to do the research yourself. Base your decision on
1) Healthcare insurance (you need it).
B) Retirement plan (you'd better have one).
iii) Lean times and good times (the $$ from the good times have to stretch to cover the lean times).
4) Vacation (you need time and a change of scenery to recharge).

Good luck!

Reply by ME/NJ on 10/9/06 4:42pm
Msg #151184

Brenda is correct, as (nearly) always! You need to do the research yourself. Base your decision on
1) Healthcare insurance (you need it).
B) Retirement plan (you'd better have one).
iii) Lean times and good times (the $$ from the good times have to stretch to cover the lean times).
4) Vacation (you need time and a change of scenery to recharge).

We made the switch when we were doing about 2K/month pt, My wife's bennies are a big help and save the company around 2k/month. If I had to pay for it I'm not sure its worth it in the long run.

before you make the jump, have enough money to cover at least 3-4 months of bills. Its not easy but if you are in the right area and work hard it can be done. 3 years full time and I still worry when the phones are dead.(like today)

Reply by Blueink_CA on 10/9/06 4:48pm
Msg #151191

Also, how is your toleration level?

Some days are productive, others, well let's just say your odds of winning at a casino would be better than making $$ as a SA. Here's how my day went:

9:00 Appt: No-sign, wrong vesting, "We told them our property was in a trust."

Receive phone call from TC regarding signing completed last week. "Where is the Grant Deed? Oh I guess we forgot to send it. Can you go back out?" Sure, can you send me a new confirmation?

Received a phone call from SS asking if I can do a rush Edoc signing tonight. Sure, can you pay me in advance and also for the job I completed in August? I accept paypal. They will get back with me...

Called to confirm appt for tomorrow. "No, we don't want to sign until the 26th, didn't Zelda call you? And we are very thorough, we will read everything." Sigh, can't wait for that one.

Finally received a call back from Mr Kaufheimer regarding confirming an appt for this evening. "What loan? What lender? Are you sure you have the right Mr Kaufheimer?" Maybe I'll use this one next time my dentist calls to confirm my appt. "What appt? What root canal? Are you sure you have the right Blueink?"

Reply by Jenny_CA on 10/9/06 5:09pm
Msg #151198

Re: Also, how is your toleration level?

If you decide that you are going to invest the time and the money to get your biz going, are you ready to chase your $ if it's not being paid. If you have children you probably have the babysitting situation taken care of right?

Reply by CaliNotary on 10/9/06 5:34pm
Msg #151202

Re: Also, how is your toleration level?

"Called to confirm appt for tomorrow. "No, we don't want to sign until the 26th, didn't Zelda call you? And we are very thorough, we will read everything." Sigh, can't wait for that one."

I'd consider this one a blessing.

I'd tell them to call Zelda and make sure she sends the docs directly to them so they have time to read them before the appointment. And if Zelda refused to do this I'd tell her that they either need to double my fee to sit there while the borrower reads everything, or they need to find some other sucker to go out and spend 3 hours with these borrowers.

Reply by PJM/MI on 10/9/06 6:39pm
Msg #151224

Re: Notary full time CHECK COMPETITION

Hello Anne,
PLEASE check to see who else in your area is doing closings. This is VERY important because if you are going to go full-time and there are several closers in your area, you won't get nearly the work. Also check the profiles to see who has alot of experience. The "old timers" (like me) stay plenty busy... marketing is your key ingredient.

Reply by LkArrowhd/CA on 10/9/06 7:29pm
Msg #151244

Ann the answer is very cut and dry NO......and take all of

the above into consideration......

Reply by Jason on 10/9/06 8:36pm
Msg #151279

Orange search button. Msg #33325. n/m

Reply by Joe Ewing on 10/9/06 8:42pm
Msg #151287

I hav been a fulltime notary for 7 years. I now train my competiton to make up for the income that the increased competition is taking away from me.

Reply by BrendaTx on 10/9/06 8:45pm
Msg #151289

**I now train my competiton to make up for the income that the increased competition is taking away from me. **


Joe's correct, he's teaching people to do what we do because there's a stampede to our arena and people who want to keep earning and have the know-how are teaching to supplement the loss of income because of the popularity of this job to start. However, STAYING is what is going to count. You'll need 18-24 months of income saved if this is going to be your real support.

Reply by Joan Bergstrom on 10/10/06 12:40am
Msg #151307

Joe
I am BUSIER than I have ever been (5 years) and I also teach notaries to pass the Calif notary exam as you do.

Reply by Michelle/AL on 10/9/06 10:19pm
Msg #151301

Total Compensation vs. Gross Pay

Ann, I also work full-time job and do notary work part-time. I too have been tempted to quit the day job but a little voice keeps whispering in my ear to "wait and stick to your business plan". So my response to you is perhaps you should start work on a Business Plan now while you're still employed. The end results may help answer your question about whether it's a good idea for you to do this business full-time. Also, when I have a really good week of closings, I'm tempted to tell myself that I made more at closings that week than I did at my day job. Well...that isn't entirely true. Gross pay normally doesn't include benefits and unless you don't get any benefits at work, you can't ignore their value. Your HR department should be able to help you calculate your "total compensation" which is your salary plus non-cash compensation (benefits, perks). That's the number you should use when comparing the pay you get from the day job to the pay you receive from your signings/closings. Finally, I think it wouldn't be wise to make a decision like this without having been in the business for at least 1 yr so that you can better gauge/predict the business cycles. SCORE is a great organization who provides free advice to small business owners. They may be able to help you with this decision. That's my 2 cents worth.