You have to figure what it cost you to do business. Like the cost of running your car (keyword "cost of driving" cost of supplies and equipment. then theres the E&O, Bond educational materials, memberships, phone, internet and all those other little things that add up fast. That is what it costs you to break even and the work part is so far not figured in. Figure the avg time it takes to do a loan. I don't know what minimum wage is now but you should figure at least that. If you do, tighten your belt or find something else to do. $50 signings are understandable if you lack experience. I am sure the SS have figured that out. But you should always try to negotiate the fee higher. I fail to see how one can manage to earn a living at this with $50 signings unless they have free housing, health and car. Even then they would be breaking even at the best!
I have been self employed for years and always have done a business plan every year and re evaluate how I am doing and setting goals for the new year both long term and short. For example, you need a major purchase like a car. What does it take to buy that car and how much do you need to make to add that expence? Thats how much more you need to make just for that expence. This is very simplified but I think you get the idea. Numbers don't lie. It pays to listen to them.
Now, on top of that you have to determine if your services are worth your fee to your clients. The world does not owe you a living. Constantly improve your skills. Organize yourself in a way that you can evaluate the needs of the client and see how it is "do able". Personally if you expect to stagnate and get by with the knowledge and skills you have now, you might as well go work in a factory. There's lots of repetition there. I spend a lot of time researching the market for this business and networking. I also find ways to market myself right down to biz cards at the Kwik trip. Takes other peoples ideas and build and improve on them.
You have to be creative...thats the fun part of working for yourself. |
