Having a resilient notary business that can withstand the shifting economic circumstances can be done. Applying business principles that are used in other sectors work for you as well.
Let’s take a look at how you can build resilience into your own business.
1. Have Multiple Streams of Revenue
As with any other business, notary businesses need to have multiple revenue streams. Many notaries get started as Loan Signing Agents which is great, and it can be amazing to work in the real estate business. However, that also leaves your notary business vulnerable to the market swings of that sector of notary business.
If you are unaware of the amazing opportunities as a Loan Signing Agent, then you should read our post – “How to Start Your Successful Mobile Notary Loan Signing Agent Business – notarypeak.com”
With that in mind, it is important to develop other markets to help stabilize your notary business and provide the income needed to offset the low times in the real estate business.
There is an expression in business that is helpful to remember, “You will reap are harvest where you sow an emphasis”. When building your Loan Signing Agent business, it is vital that you focus on that for a while until it is a reliable source of your notary business income.
Focusing on building your General Notary Work Business as a primary source of revenue is a vital part of building a resilient Notary Signing Agent Business.
Here is a great article on – “3 Best General Notary Work Tips for Your Notary Business”.
2. Build Your Rainy-Day Fund
Part of building a resilient notary business is having enough funds saved and set aside to help you weather the slumps that every business faces. We recommend setting aside 10% of your NET earnings as a rainy-day fund until you have 3 to 6 months of expenses to lean on if you need it.
This means figuring out what your personal minimum income needs to be, as well as your regular business expenses per month.
Think streamlined skeleton budget. You don’t need to save your full-blown personal and business budget, but if your business was to go through a financially lean period and you were to tighten your spending belt about 5 notches….how much would you need to squeak by and still be in business.
Having this Rainy-Day Fund will often make the difference between surviving through an economic downturn, while other notary business owners go out of business, or joining them in that difficult journey of shutting down your business.
When things are going well financially in your notary business, consider that there is a business slump coming at some point, and plan appropriately.
3. Work ON Your Business, Not Just IN Your Business
Starting a notary public business is exciting and rewarding. If you get started in the Notary Loan Signing Business money, work and cash flow can start happening fast. But sometimes this can be a bit of a trap.
The trap is that you can get busy working IN your business and neglect working ON your business. In other words, you can get caught up in doing all of those daily tasks and jobs and lose focus on building your business.
It’s important to work ON your business if you want it to grow strong and be sustainable and resilient throughout the economic shifts that you will inevitably face.
Having the right tools to be a consummate professional Notary Public, and using good business practices in regards to marketing and promoting your notary business, as well as proper accounting for your notary business.
Having these things in place will give you the confidence to build and grow a thriving notary business that stand the test of time and provide you with the peace of mind that running a resilient notary business can give you.