At that time, I knew the market would rebound, but in the meantime, I needed other ways to generate income from sources that were not as volatile, sources that would carry me through the tough times when the real estate market was dry. Alternate sources of revenue are also a good supplement even in good times; you can't make your best living going back to the same old sources again and again.
Now more than a decade later, I've reinvented my business model to include multiple streams of revenue that include everything from estate planning documents/ trusts and facilities to Notary consulting and speaking engagements. And if the real estate market crashes again, I'm covered, because loan signings only comprise about 15 percent of my business. I am able to pick and choose the assignments I want and say no to jobs that do not meet my requirements.
If you want to successfully weather dry spells and grow the kind of business that thrives no matter what the market is doing, you need a variety of roots that go deep. You need to learn how to reinvent yourself. But how do you figure out exactly what else you might be capable of doing that also pays well?
Consider past lives
Often, we've been doing the same thing for so long that we forget who we were before we became NSAs. People forget they have a past life, but that can limit you. Take a look at yourself in terms of your life experiences, and the contacts you had before you started mobile Notary work.
I know someone who used to work as an interpreter but is now a Notary. But there's a market for mobile interpretation services; these are services she could provide and charge for in addition to Notary work.
Many NSAs come from other professions or industries that mesh well with mobile Notary work. This is particularly true in the real estate sector. Loan originators and real estate agents have skill sets they developed in those professions that can easily transfer to your mobile Notary business. Consider the education you've obtained, the work you used to do and the transferable skills you learned. Everything from public speaking to word processing skills can be repurposed.
Consider niches
One of the first things I did after the market crashed was investigate niches. Who needs a notarization but cannot go get it done at the bank or shipping center? What kinds of documents need notarizations? What documents do attorneys need notarized on a regular basis? Examples include: Prenuptial agreements, or marital settlement agreements, adoptions and trust documents. I added jail assignments. I connected with a company to get trained on the documents in a trust, I now understand the documents in a trust package like an NSA would know about the documents in a loan package. I leveraged skills I already had and then used them in a different industry. Learning how to obtain these kinds of assignments took some time as it is not just signing up with a signing company or title company. You need to build relationships online and offline, one at a time.
About one-third of my business comes from general mobile Notary work. I specialize in documents that people in hospitals need notarized, such as power of attorney documents and advanced health care directives. Every day, I'm being called by patients in such places who need mobile services. These hospital visits pay me about 60 percent of what a loan signing pays, however my costs are small as I do not print documents, and there is no requirement for certification and no signing company to take part of my fee. I show up with my tools, and the assignment typically take less than 30 minutes. In these cases, I am able to charge travel + notarization/signature/document.
Another 25 percent of my business comes from consulting services I provide to other Notaries, who also are trying to reinvent themselves and get into other lines of work. I'm teaching other people to do what I've done.
And 25 percent is teaching/speaking/coaching, leaving the rest for NSA work.
I will say everything I do has Notary at the center of the plate, however, there are many options that do not require a Notary commission that are very compatible with being a mobile Notary. LiveScan, inspections, Legal Shield Associate are just a few.
Don't be afraid
When you're trying to reinvent yourself, it's easy to come from a place of fear. But if you're afraid, you hoard, and you'll choke the life out of your business. I'm coming from a place of abundance; I know I can share, and it will come back to me in greater measure.
Investigate niches, look at the abundant skills you already have, and leverage your network. Reinventing yourself takes time, like any worthwhile endeavor. Some of my efforts took years before they bore fruit, so don't wait to start. Don't be afraid to spend money on education or new certifications — you will never regret making an investment in yourself.
Laura Biewer is founder of CoachmeLaura.com and owns At Your Service Mobile Notary in Modesto, California. She also teaches seminars for the National Notary Association and is a regular presenter at the NNA's annual Conferences.
Related Articles:
Notary Business: 7 Ways To Earn Extra Money