The Notary industry is constantly evolving New Notary laws are hitting the books in just about every state, just about every month. The mortgage and financial industry have almost completely changed the standards of business practices when it comes to utilizing Notary services. The general public is demanding a higher level of service when it comes to using the services of a Notary entrepreneur.
To keep up with these changes, the Notary entrepreneur needs to be able to depend on a set of standards of excellence when going about your daily routine of providing services for the general public. Here are several key lessons we have learned over the past years that help us run and operate a successful and profitable Notary business.
1. Know your business
Notary entrepreneurs must know their business. They must know:
- what is happening legislatively in their industry;
- who is their competition;
- where they can expect to get new business;
- how much it will cost to deliver superior Notary services, including a healthy profit; and
- what groups they can join, what events they can attend and what media attention is available.
2. Develop a strong work ethic
Let’s face it, your clients (whether they are title/signing companies, insurance companies or the general public) want the Notary professional they are working with to have an above average work ethic. In this case this means always being professional, having a high level of productivity, being able to work effectively with others, having a determination to succeed, and consistently delivering a high quality work product. Having a strong work ethic will build trust and confidence between the Notary entrepreneur and clients which in turn will give you that special something that all smart business owners want … repeat business.
3. You must not depend solely on a strong work ethic
This may sound counterintuitive from the prior key lesson. It can be a grave error for Notaries to put all of their time and energy into working hard and developing a strong work ethic and never take the time to step back and look at how they might be able to operate their business more efficiently and effectively. This includes, but is not limited to, vetting your clients, streamlining your expenses and determining ways to increase your profitability, etc. This can sometimes be difficult while you are busy working and/or going from assignment to assignment, but you must take this time to analyze your business in order for it to continue to grow.
4. Develop a plan
One of the best things you can do for yourself and your business is take the time to develop a plan. This includes a business plan, marketing plan, and a plan for success. Having a business plan will give you better clarity and allow you to gain a deeper understanding of the industry. It also helps you to anticipate issues and hold yourself more accountable to the process. Planning for success by diversifying your Notary enterprise should be included in the plan.
5. Make self-development part of your normal activity
This is a critical element to operating a successful Notary entrepreneurial business. As your business continues to grow, seeking out new opportunities can make the difference in sustainability. As Notary entrepreneurs, we must develop wisdom in all areas of our business. Wisdom is the application of knowledge, and knowledge is achieved by developing good self-improvement habits over time. Developing these habits should include attending workshops, reading books in your field, attending Notary conferences each year, etc.
6. Understand social media
Every successful company no matter what industry they are in, needs to have a social media presence. Having a broad social media strategy is important because your customers are active on social media. Also, not having a good understanding of the social media landscape gives the advantage to your competitors. Utilizing social media can enhance your business and will often be the source of new business opportunities. You will want to consider a blogging presence, as well as a strong Google presence to help grow your business.
7. Networking
Networking (every aspect of it) is a critical element in building your business. When starting a business, most Notary entrepreneurs do not start their career with a lot of funds to allocate toward marketing. Leveraging that weakness by networking with other Notary professionals in your area can pay dividends. For example, when you receive an assignment that you are not able to cover, you can recommend another professional Notary in the area and vice versa. When that Notary experienced the same thing they would recommend that assignment to you. In the early days, receiving these extra assignments without spending marketing dollars will allow you to grow and even expand your business.
8. Work on your business (not just in your business)
This is so important it needs its own section as a key lesson. To help figure out if you are working on your business (which I suggest) versus working in your business, ask yourself these questions: Are you attending a Notary workshop or conference in the next 12 months? Do you have yearly, quarterly, monthly, weekly, daily written goals? Are you tracking your success? Are you making adjustments to your business each quarter to operate more effectively and efficiently? How are you scaling your business? When was the last time you planned a vacation for yourself and your family? Do you have a mentor? It has been said by successful entrepreneurs over and over again that the better the questions you ask yourself the better your business will be.
9. Find a mentor
This key lesson focuses on forcing yourself out of your comfort zone. Good mentors are not only successful in their fields, but they have habits and skill sets that you do not yet possess. Seeking out these mentoring relationships will be helpful to you in other areas such as physical and mental fitness, tax preparation, financial planning for retirement, business management and of course Notary business development. Always seek rooms where you are not the smartest one there.
10. Set written goals
Whether in your personal life or in your business world, everyone needs to set goals. Setting goals allows you to take control of your business. It allows you a platform to achieve maximum results and creates accountability for yourself. Goals also help to motivate you and will give you something to strive for. Developing the habit of having written goals can be one of the most powerful habits you develop. Goals will change from time to time as new opportunities arise. Allow flexibility while always stretching to reach new heights.
11. Put yourself on a budget
To be the absolute best, you definitely need to manage and budget your time, money and what you consume. Understand the difference between income-producing time and non-income producing time, how to properly manage your money (spending as well as savings) on a budget, as well as budgeting what you consume (food and information).
12. Like it or not, we live in a 24/7 world
As Notaries, and particularly as signers, one living on the East Coast often received calls for assignments from companies operating on the West Coast. Emailing and texting now allows clients and schedulers to expect an immediate answer or clarification of availability for a last-minute closing and if the first company (or signer) does not answer, the client will call the next one on the list. As your business develops, your smartphone will become your most critical tool.
Imagine this: You are the owner and operator of the most efficient and effective Notary business in the world. You have Notaries around the country seeking you out and contacting you asking for advice on how to operate their business more effectively. You are able to write a sizable check each year to the charity of your choice because of your successful business. What key lessons can you take from this article to become that person today?
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