Assessing your notary business market is a crucial part of launching or re-launching your notary business. With proper planning and solid execution, you can successfully compete to provide vital mobile notary services to the people in your community!
Let’s get right into the nitty gritty! You, YOUR market, and your competition.
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1. Determine Your Availability and Time Commitment.
This first step in this process is to determine how much time you are wanting to put into your notary business. Is this just a side gig or are you wanting to build this into a full-time business that can provide for your financial needs?
Many people get started in the notary business part-time as a side gig during the off time from their regular job. People often need a mobile notary during the evening or on weekends as that is when they are at work. So, if your area available then as well you can get started with those hours and work around your day job if that is the case.
How much time do you have to apply to your notary business? Full-time or Part-time?
What days will you work and what will be your hours of operation?
2. Identify Your Notary Business Coverage Radius
As a mobile notary, how far are you willing to travel?
Keep in mind that you may be doing real estate closings, estate planning packages, and general notary work. So, the larger the population is that you can cover, the more successful your notary business will be.
Of course, the larger your coverage area the more driving you will be doing. We will talk about how to charge for your services later in Chapter 8.
We recommend opening a Google Map of your location, zooming out, and getting a good idea of where you need to focus your business. Use the satellite view and identify where the dense housing areas and business development centers are.
Your business radius will be determined by how many miles in each direction you are willing to travel to your client’s location. This is your coverage area.
What will be your approximate business coverage radius in miles?
What cities in your area will you focus on?
3. Do Your Competition Assessment
In the notary business industry, you will hear some people suggest that we are not in competition with each other and that there is plenty of business to go around. However, in business we are indeed competing with other mobile notaries for the same clients in our area.
Understanding what other notary businesses are servicing your coverage area, what their hours of operation are, and how strong there marketing is, will prepare you for launching or re-launching your mobile notary business.
Tip: Use Google Maps and search for “Notary Near Me” … You will find a list of your local competition. Make note of how many Google reviews each of them has.
This will become very important as you assess the viability of starting a new notary business in your area.
How many notary businesses did you find?
List the Top 5 Notary Businesses that show in Google Maps in your area when you search for “Notary Near Me”.
How many reviews do they each have?
Now you know who your competition is and how hard they have worked to earn their place in your market.
Do any of them have bad reviews? What were the complaints?
4. Evaluate Your Market Potential
Don’t be discouraged if there is some notary business competition in your area. Knowing who they are, and how well they have established themselves is leverage for you!
We will talk about how to market your notary business later, for now you should get motivated about launching or re-launching your business!
With proper planning and thoughtful execution, your business can not only compete, but dominate your market in time.
Tip: Sometimes it is as simple as actually answering your phone when it rings, or calling someone back right away when you have a missed call.
People are so used to getting auto-attendants and voicemail that you have an advantage just by answering the phone personally and professionally.
5. Make the Decision to Start Your Notary Business
Now that you have the preliminary information that you need to make a proper assessment of your own notary business market, it’s time to make the decision.
Are you ready to decide to start your own mobile notary signing agent business? We hope that what you find here on www.notarypeak.com will provide you with the professional knowledge and proper motivation to start your business with confidence and know that you can do it.
You may need to start part-time and work your way into full-time notary work, or maybe stick with it as a side-gig, but you can do it!
Having a resilient notary business that can withstand the shifting economic circumstances can be done. Applying business principles …