Posted by Eleni Brand on 7/16/09 1:00am
Msg #296050

New Notary Question

Hi everyone, my first post here, I have searched for this answer and maybe I have missed it, so forgive me if I am asking again -

I will begin to do loan closings in a few weeks and I am trying to make sure I have the necessary supplies on hand.

So far I have -
My stamp
Laser printer
All general office equipment, fax, scanner, cell phone
GPS

Short list, I know What else do you find that comes in handy? I am guessing supplies for shipping ordered from shipping company. I am in KS if it matters.

Reply by Ilene C. Seidel on 7/16/09 3:19am
Msg #296052

Yes ups and fedex supplies
Make sure you cross the T's and dot the I's
Good luck business is pretty bad, can't make a living at it right now if that's your
intentions.

Reply by Joan_OH on 7/16/09 5:54am
Msg #296056

make sure you keep at least 1 extra toner cartridge on hand at all times and a case of letter and case of paper. I order my cartridges in bulk at great discount on Ebay. Drives me crazy when someone tells me they gave a job back or were terribly late because they ran out of toner. No excuse for that at all.

Joan-OH

Reply by GA/Atty on 7/16/09 6:49am
Msg #296058

A large canvas sack for all the $ that will be rolling in!

And pens! You gotta have pens!

Reply by Les_CO on 7/16/09 10:14am
Msg #296076

Re: A large canvas sack for all the $ that will be rolling in!

Yup…pens are good. However I’d like to correct Toby just a bit…Unless you are planning to work in Georgia, Delaware, South Carolina, Massachusetts, West Virginia, or Vermont, you won’t need a large canvas sack to put your cash in…a small sandwich size baggie will do.

Reply by BrendaTx on 7/16/09 6:58am
Msg #296060

Re: New Notary Question - Great thread already...

#296050 should be connected to #33325, or it should replace it, no?

Reply by Michele Riley on 7/16/09 7:16am
Msg #296061

Eleni, in Brenda's response she mentions thread #33325.

If you haven't located it yet you really should. When I started out in the business I actually printed the entire thing and used it as a checklist/guide to help me purchase equipment and stock my supplies. I even made a few contributions to the list myself. I'm afraid if you don't read that thread you will wish you had later. Good luck to you.

Reply by BobbiCT on 7/16/09 7:59am
Msg #296064

An EXCELLENT marketing plan and ...

a good business analysis (income v. profit/loss) so that you know whether the fee you charge for each assignment covers your expenses and leaves you a profit margin that you can survive on.

Don't forget minimum wage goes up to $7.25 per hour on July 22.
You want to at least earn minimum wage after expenses and taxes (particularly the higher expense of self-employment taxes).

Good luck! Many experienced, well-connected and established signing agents are have difficult times now. Hopefully, Kansas is having a boom in refinancing and the scheduling companies covering that state need additional mobile notary signing agents.

Reply by Lee/AR on 7/16/09 9:07am
Msg #296069

Also, right now--before you get any calls...

Get a map, figure out which areas you will cover. Using one of the 'net mapping programs, figure out both the mileage & time from your place of business to each of the zips. Now, the hard part--figure out what your costs would be, add what you need/hr./signing/whatever your criteria is and, voila, you have a fee schedule to stick to. From my reading of this forum, it seems that the 'average' amount of time spent for a signing is 3 hours..exclusive of excess travel.

Reply by MW/VA on 7/16/09 9:17am
Msg #296071

Good question, Eleni. At least you are aware that you have to be fully equipped & up & running before accepting the 1st assignment. Assuming you are trained & ready to go, I wish you luck & success.
This is a tough business & the strong survive. You will also need some form of recordkeeping/accounting software. I use QB Simple Start & it does what I need it to. Also remember that the IRS requires written proof of mileage, so keep a small calendar book in your car for that purpose. Some of us set up accts. with Fedex & UPS so we can use the online services to print shipping labels. As you build your business you will discover what you need to have it run efficiently.
If you're setting up a full time business, you will also want to go to IRS.gov & get an EIN.
Again, good luck!

Reply by JanetK_CA on 7/16/09 1:35pm
Msg #296093

EIN # is good idea regardless of how much you intend to work n/m

Reply by thnotary_NY on 7/16/09 2:08pm
Msg #296096

check your messages