Posted by Ndwa on 5/14/07 4:11pm
Msg #190115

Sinking business...Bailing out

I found it hard to believe, but so coincidentally true after talking with many other notaries (when I question their quoted $xx fees). The primary reason for that was those notaries were relying solely on a few clients they picked up since the boom without any additional marketing to grow their business.

Theoretically (according to my book after 3yrs), I have to have 100-125 active clients in a 12 month period to keep a steady flow of 30-50 signings/month. These are things I constantly review as the day/month goes by.

PLANNING:
-Am I meeting my financial goal?
-Yes or no, should I do more or less?
-Which client have I not heard from in 30 days? Lenders tend to market by regions in cycle.
-Is it time to market for the potential lost client above? EO/LO come and go and they may not have the same luxury of calling their favorite notaries at a new place.

RESEARCH:
I have secured a list of over 200,000 leads including title & lender nationwide. Googles (seach engines) are my best resource right at the fingertip. Everyone know I'm the NotRot owl for that reason.

DEVELOPMENT:
Must admit that I'm not at all savvy with creative writing and designing colorful brochures and fliers, but have since developed a niche of making contact. I read the board with every minute I have to find problems others encountered so I can be proactive at finding solutions to prevent them from happening to me, etc.

With current market condition...Networking is the only way to stay in business with attractive fees. If your business is not fairing well then I'd suggest start reading book about building a business or just let it sink. After all, being an SA (self-employment) is running your own business.

Reply by Treasure Valley Notary - Tina on 5/14/07 4:22pm
Msg #190121

Andy,

You sure caught my attention. My first thought was that you were bailing out! Sure glad to see that isn't your intention. You are always great to work with and to hear from!!!

You have hit the self employment nail on the head. I am amazed, almost daily, by those who come to this site and want those of us who are successful to tell them how to be in business, how to market, etc. I think what amazes me even more are those members who tell them how to do it. But you and I have had this discussion.

Have a great day. And keep up with the marketing.

Reply by Becca_FL on 5/14/07 5:53pm
Msg #190139

Tina & Andy,

You are both so right. I too am amazed at the amount of posts from newbies that still think like an employee. Let's face it; if you can't think like a business owner or an entrepreneur, you may as well just pack it in because you're not helping this profession and you're working for peanuts.

JMHO

Reply by pan/nd on 5/14/07 5:23pm
Msg #190132

Andy,

Agree with you completely.

Glad it's not you who's sinking and bailing.

You contribute so much to this board that you're loss would definitely be felt.

(Now don't go and buy yourself a steak dinner just because I said you're good.)

Reply by Ndwa on 5/14/07 6:22pm
Msg #190148

You spoke my mind, Pan/nd

Getting ready to grill some rib-eye steaks for dinner.

Reply by Delta_CA on 5/14/07 6:29pm
Msg #190150

Sorry. But I wish about half of all NNA and other assorted notary mill graduates would bail out. JMHO

Reply by goodgirl on 5/14/07 8:14pm
Msg #190159

I agree with Delta. There is always a $40 Notary lurking in the shadows... Thank you NNA - of which I no longer belong - may I add.

Reply by Restless on 5/15/07 2:27am
Msg #190182

I have never ever ever even considered a $40 dollar job. NEVER. $40 is a joke, period.

Reply by Stephanie Santiago on 5/15/07 11:11am
Msg #190216

Re: Sinking business...Bailing out - I am a part-time NSA

so I get the best of both worlds.
My fees are substantial, I rarely work with Signing Services, I get a steady salary from my full-time profession where my Notary Commission is put to use, and the benefits do make life easier.
I do not cut into the work of full-time NSAs, as a matter of fact, I frequently refer the companies I work with to other NSAs. I can appreciate their need for ongoing business with respectable companies.
Although I am a part-time NSA, I would never sabotage other NSAs out of fair fees by undercutting them.
I read about this all the time on these message boards.
It truly sickens me.
Have a great day!

Reply by Sharon Taylor on 5/15/07 12:04pm
Msg #190222

Great attitude, Stephanie!

You have the perfect attitude toward this work. Whether a mobile notary is part-time or full time, it is important to treat the mobile notary work as a separate business and be sure there is actually an income from it, especially since the mobile notary carries a very heavy responsibility for the outcome of the signing of a mortgage that will affect the borrowers' lives to the tune of hundreds of thousands of dollars and 15 to 30 years.
And you can never predict the future - if something happens, and you do have to increase your notary work to make up for a job loss or cutback of hours or unexpected heavy expenses, or you just decide you'd like to go full time, you will not have to go back to the companies you work with and try to convince them that you are suddenly worth more. Once a company has been paying you X dollars, they are not at all happy to hear you want XX instead, and it's a major uphill battle to get them to raise their fees.
The low fees that some (thankfully not all) part-time notaries might think is good "extra pin money" as pick-up work on the side to augment the income from their "real job" that pays the bills will be discovered to be much too low when the mobile notary work becomes your "real job" instead.

Reply by DebbieT on 5/15/07 5:28pm
Msg #190260

Re: Great attitude, Stephanie!

That was very well put Sharon. These people that are doing this for pennies definately are not thinking of their future with this business. Never ever sell yourself short. When you need it the most it might come back to haunt you.