Updated 7-31-19. Notary mistakes can be so costly they may affect your livelihood. Being prepared helps you prevent such mistakes, and keeps your business growing successfully.
Here are 5 of the biggest mistakes I have learned to avoid over the years. If you can avoid them, you will lower your risk of failure and increase your chances of running a very successful and healthy Notary business.
Mistake 1: No Continuing Education
The number one mistake that costs mobile Notaries time and money is not attending education and training opportunities yearly.
We operate on small budgets and even smaller profit margins, and there is a tendency to save money by foregoing opportunities to attend workshops, webinars and conferences that will keep us up to date about the developments that affect our profession. Just in the last two years, we have seen some dramatic changes.
Every year, I make sure to invest in my continuing education, whether it’s learning how to protect clients’ information, minimize the risk of lawsuits, notarize documents for special needs consumers or how to be more effective with my online marketing.
Mistake 2: Lack Of A Plan
The number two mistake is not having a business plan. As business owners, Notaries need a firm understanding of the industries we want to focus on as well as a basic knowledge of the local economic conditions in order to plan for business growth and success. Now I know what you are thinking. “I am a mobile Notary. All I need to do is place a profile online and wait for my phone to ring.” Relying solely on this can limit your full potential of growth as a business owner.
A sound business plan can help you identify potential obstacles and set proper goals. It also can help you target your market more efficiently, setup effective marketing strategies and develop a profit margin that is the envy of your peers. A diversified business model is critical for the longevity of your business.
Mistake 3: Not Working With A Mentor
This is definitely in the top five mistakes that a professional mobile Notary makes.
According to the nonprofit organization SCORE, small business owners who receive three or more hours of mentoring report higher revenues and increased growth over those who don’t use a mentor.
The lack of a mentor can be a critical mistake made by both novice and seasoned Notary business owners alike. Finding a mentor who has built a successful business can help you navigate past some of the more common pitfalls and improve your chances of achieving your goals.
Mistake 4: Lack Of Business Etiquette
This is often missed by even the most seasoned Notary professionals, but maintaining proper business etiquette is important. Let me break this down into a couple of sub-categories.
First, even though many signing companies text assignments to NSAs instead of calling them directly, you have to interact either by phone or in person with borrowers, title companies, loan officers and the general public. Keeping a professional demeanor can help bring you thousands of dollars of business each year, or cost you thousands if you come across as unprofessional.
Second, your social media presence has a large effect on your business. We live in a digital world, and companies are becoming more and more selective about who represents them before their customers. These companies look at your LinkedIn profiles and Facebook pages as well as Twitter feeds. All your public interactions can enhance your professional image or damage it, costing you business.
Mistake 5: Failure To Network With Other Notaries
I have heard people in our profession all too often say that other Notaries are just competitors, and there is nothing to gain by connecting with them. This is a huge missed opportunity. Networking with other professional Notaries, either within or outside your state could mean the difference between a healthy business and a business on the brink of extinction.
When I first got started, for example, I partnered with other mobile Notaries in my area and then nationally. I met them at local events as well as national conventions, such as the National Notary Association’s annual Conferences. The network proved valuable because we would refer work to each other.
This is an excellent system for new Notaries to use. Networking allows you to market your business at little or no cost. In addition to referring each other work assignments, networking is a great way to support each other in business.
Avoiding these mistakes will increase your chances of having a very productive mobile Notary business. Please feel free to share mistakes you or others in your area have made. Remember, we are all in this together.
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