Having been in business for the past 17 years, I have seen some incredible ups and downs. From the collapse of the mortgage industry in 2008 (on the business side) to a diagnosis of cancer in 2010 (on the personal side) to living through a pandemic that affects both sides, problems are often just around the next corner. If you are a new notary entrepreneur or even a seasoned notary entrepreneur here are five (5) keys elements you should develop for long-term success with your business.
Obtain a Legal Service Plan. This is absolutely vital to your success as a notary entrepreneur. If you are a Notary Signing Agent this is critical. I highly recommend you seek out having a legal service plan for your business. A good legal services plan can give you access to law firms across the country. Imagine if you had access to a Contract Attorney, Tax Attorney, or Estate Planning Attorney to ask an unlimited number of business questions. Also, if you are a Notary Signing Agent you are probably in your car at least 6 days a week traveling to and from assignments. The risk of you being stopped for a traffic violation is higher than for most people in other careers despite how great a driver you are. Imagine always having an attorney represent you in traffic court on these violations. If you could obtain a legal service plan at an affordable price as well as it being tax-deductible for your business could this be of value to you?
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Seek a Certified Public Accountant (CPA) that understands your business. Tax laws are constantly changing and becoming more and more complicated. Using a CPA can help you develop a strong foundation for your business. They can help you improve your credit rating, reduce debt, help with saving for your kids, help you settle back tax debt as well as help you save critical time and money. Using a CPA can literally save you thousands of dollars over the years. As a notary entrepreneur would you find that valuable?
Develop a strong relationship with your bank manager. I grew up in a very small town in South Carolina. My family back then had a very limited relationship with the banking system. As I developed as a notary business entrepreneur I discovered that all banks are not the same. Some offer free checking but will hit you up on the back end with multiple hidden fees while others charge you small fees upfront and modest fees on the back end. It is critically important to have a good understanding of how your bank will operate with your type of business. Discovering where the hidden dangers that can cost you hundreds if not thousands of dollars in fees each year from your bank manager could be the key to a successful business and banking relationship. Reviewing banking policies and fee structures can definitely be of value to your business in the long haul.
Obtain Accident & Critical Illness Insurance. I said earlier that in 2010 I was diagnosed with cancer. I go through in detail how I heard and received this news in my new book “AMPLIFY Your Notary & Signing Agent Business” coming out in the next few weeks. After going through a six (6) plus hour surgery I was off my feet for nearly 3 months. Imagine not being able to work or bring in the income needed to keep your business afloat. Imagine not being able to pay the basic needs of your household like the mortgage, car payments, utilities, food, etc. Having an accident and critical illness insurance policy saved my business from being dissolved. It paid for all those things and more. Most people have health insurance, home & auto insurance, even E&O Insurance but not consider having one of the most critical coverages of them all for notary entrepreneurs – Accident & Critical Illness Insurance. This type of coverage protects you if you are hit in your car and injured by another driver if you have a heart attack or stroke, and yes, in my case, diagnosed with cancer. Would having this protection give you peace of mind?
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Be obsessed with developing and staying in excellent physical & mental health. When I started my self-employed notary business my focus was on staying very active in developing clients and getting repeat business. That focus had to lead me to some pretty bad health habits such as lack of daily exercise and keeping an eye on what food I consume. Often times I was in a fast-food restaurant by 6:30 am heading to my first appointment then by 12:30 pm in another one heading to my next appointment and then by 5:30 pm picking up the wife and kids to go into another restaurant for dinner and back out on the road by 6:30 pm. Back home by 9:30 pm or 10:00 pm to wrestle around in the kitchen for cookies or some other sweet snack. This schedule happening at least 6 days a week for years really took a toll on my overall health. Now with some adjustments on diet and mental health, my business in its 17th year is thriving.
I have interviewed several very successful notaries over the years. Following these five (5) keys will reduce your chances of failure with your business.
Daniel C. Lewis was named in 2010 Notary of the Year by the National Notary Association. He was also named in the same year as an Honorary Secretary of State by the Indiana Secretary of State in that same year. He resides in Carmel, IN, and is currently the Executive of Lewis Training Services, an approved education vendor by the Indiana Department of Insurance. Daniel is also an entrepreneur, writer, video editor, and Managing Partner of Lewis Notary Services Inc. Check out these other blog posts by this author
- 10 Reasons Why Notary Entrepreneurs Should be Financially Fit
- How to build Self-Confidence as a Notary Entrepreneur
- 10 Ways Notary Entrepreneurs Can Stop Procrastination
- Six Essential Reasons Why Every Notary Entrepreneur Needs a LegalShield Policy
- Four Essential Tips for the Aspiring Notary Entrepreneur
