SECTION 7: Starting Your Own Business

In order to be successful in your new business, you must plan properly. With proper planning, diligent research, and conscientious effort, you can meet the challenge. You need a plan.

Yes, proper planning can make all the difference in the world. You're probably working a full-time job right now which, more likely than not, means you need that income. Most new businesses start out small with the intent to grow. Experts recommend making sure you have six months to two years worth of liquid savings before starting a business – depending on the type of business.

First, you must know your competition. Research your chosen field.

• What is the demand for your services?
• Has the demand grown in recent years or slacked off?
• What is the real estate market in your immediate area? (Remember, the closer proximity of each appointment means more appointments, which means more income.)
• How many Notary Signing Agents will you be competing with? (You must know if there is enough work for you to step into the arena with your competition.)

Begin working part-time as a Notary Signing Agent – after your regular hours – at nights and weekends, when the demand is great. Don't quit your present job until your new business is in place, running well and you're making the income you need. Set realistic priorities and goals. As you become known in the business field as a reliable and responsible agent, you will be called on for more and more jobs. As your business grows, you can decide how much time you want to devote to each job.

First, you must be prepared. You will need to have the "tools of the trade" at your fingertips. Let's discuss some supplies you will need to begin.

Mobility Means "Automobile"

In order to be a successful Notary Signing Agent, you must be mobile – which means, of course, you need a reliable automobile; and, of course, you will need gas to keep the car running. Don't get caught out on the road running low on gas with no time or no cash or credit card to buy more.

Make sure you have the proper insurance coverage and that your policy covers your auto while it is being used for business purposes.

In addition to a good, reliable automobile, you will need at least all of the following:

• Computer;
• Printer;
• Fax Machine;
• Telephone;
• Cellular Phone;
• Notarial Supplies;
• Office Supplies;
• Planners, Logs, and Appointment Schedulers;
• Business Cards; and
• Files.

We'll take a detailed look at the rest of these soon. But first we'll talk about insurance.

Insurance

PROTECT YOURSELF

"Insurance" - An arrangement by which a company gives customers financial protection against loss or harm.

Safety Bond

If your state requires a safety bond, you must maintain the minimum amount specified by law throughout the term of your Notary appointment. Notaries are subject to criminal, civil and administrative sanctions and proceedings. The bond is designed to protect the public against any act of misconduct or negligence in the performance of your official duties as a Notary Public – it does not protect the Notary. In fact, when a notary bond is paid to some individual who was harmed as a result of an improper notarization, the bonding company will usually demand repayment from the Notary.

Errors and Omissions (E&O) Insurance

Errors & Omissions insurance, commonly known as "E&O" insurance, on the other hand, protects you — the Notary — if a claim is made against you. The smallest, most innocent mistake can be very costly to both you and your client.

E&O insurance provides financial protection for the Notary against his or her own mistakes. Regardless of how well you think you have performed your duty, customers can always claim that something you did, or didn't do, has cost them money or caused them harm in some way. E&O insurance provides coverage for liability arising out of errors or omissions in the performance of professional duties.

Of course, any dishonest, fraudulent, criminal, libelous, slanderous or malicious act or omission is excluded from this protection.

Sell Yourself

You are your best commodity. This is a professional business – you will constantly be meeting with and interacting with other business professionals – you must look and act the part. Even though this business is basically a home-based business, you should not look like you just came from "home." Prepare your wardrobe accordingly – look professional. Allow yourself plenty of prep time when it comes to personal hygiene – you don't want to appear as though you have been rushing around and give the appearance of being disheveled. It is imperative to maintain a professional appearance. Even when you are home answering your phone calls and attending to administrative duties (invoicing, filing, etc.), be prepared ahead of time. You never know when you're going to get that last-minute emergency call – and emergency calls can be more lucrative than regularly scheduled appointments.

When you meet someone, shake hands with them – present yourself in a professional manner. Stick to the basics – avoid entering into personal conversations – you have a job to do, so get it done in the most pleasant and efficient way possible.

Make Contacts

As you've already learned, there are two types of markets to target. You can contract with a signing service or you can deal directly with lending institutions and title companies. Both have their advantages and disadvantages. Choosing the one that is right for you is the key. However, no matter which method you choose, remember you can always change your mind.

For instance, you decide that affiliating yourself with a signing service would be best for you in the beginning to give you exposure to the market and experience. Once you become proficient and confident in your new career, you can strike out on your own. Start making business plans before your contract with the signing agency ends so your feet can hit the floor running.

Whichever you choose is strictly up to you and your preferences but regardless, you will have to contact them – they do not know who you are and will not contact you initially.

You can perform a search on the internet by using key words and phrases such as:

• Title companies;
• Lending institutions;
• Escrow companies;
• Signing services;
• Mortgages;
• Signing agents;
• Loan document signings;
• Etc.

Get the names of the people in charge of closings and call them directly. Present yourself in a positive, business-like manner over the phone. Let them know what services you can provide for them as a mobile Notary Signing Agent. Market your services as being able to provide:

• Door-to-door service;
• Flexibility in scheduling;
• Days, nights, weekends, etc.;
• Last minute closings;
• Willingness to travel;
• Experience;
• Etc.

Whatever you are prepared to offer…OFFER. Be as accommodating as possible. Find out what their expectations and needs are. Some companies will tell you that they use a specific signing service. Contacting the signing service they use can be a valuable tool to get your foot in the door and have your face recognized by them in the future.

If they are receptive, offer to send them a flyer listing your services and contact information. Don't just send them the flyer and let it go at that, though. Follow up with another phone call or letter that includes your business card. You don't want to "bug" them to death, but you want them to get to know you. The only way to do that is through contact.