"Some of you obviously live in booming areas and can "demand" your own fees or not take the job."
Let me also add to this.
I live in a town of less than 15,000 people. It's most certainly *not* booming. The work is scarce. But you darn well bet I'm going to demand my own fees.... because it's MY business. I have unique expenses (just like everyone else)... but I also know that if I'm going to travel anywhere outside of my little desert town... or even IN side it at time( it's the 3rd largest in the state area wise), then I'm going to charge for it.
There are a lot of notaries out there who are taking these offers because they have an employee mentality rather than of a business owner. Sure, you competition is always a factor... but you have to know your profit margin threshold and stick to it. In doing so, you have to provide a service and distinguish yourself in such a way that you are the go-to person. I don't know of any quality notary that is making a living off of taking tons of the low paying jobs.
In fact, there's ONE that I know of that would take $45-$50 jobs and would brag about working all day long. She was taking jobs left and right... driving hundreds of miles each day. She thought she was making a lot of money...bought a nice new car, you name it. She really thought the jobs were paying well until her accountant came back to her and told how much she owed the IRS. She was financially devastated because she didn't have the business sense to put 1/3 of the money toward potential taxes. Why? Because she lacked business sense... she had "heard" that her notary income was exempt from taxes so she figured she could charge less because she need the work. She didn't understand the whole process, didn't grasp the concept of a profit margin and she is now bankrupt and loss her home to foreclosure a few months ago.... and still on the hook for those taxes. I feel awful for her, but she told me herself that she wished she'd paid attention rather than falling for the promises of the cheap signing companies.
As a business owner, you HAVE to know your expenses and the profit margin needed in order to survive. Those that do are not accepting these low paying jobs and they do not routinely accept what the companies offer. These companies are coming to YOU. You have a price for your services. We all know they can afford to pay us... they're just not wanting to because they know they can get away with it. |
