As more people in the US refinanced their bills in 2020, notary services were in higher demand than ever before. A notary acts as a legal witness by making sure the person signing a document is who they say they are and then signing the document to show they were there. You can start your own law business and make a lot of money, even if it’s just a mobile legal service.
To get started, a business needs hard work, time, and, most importantly, knowledge. This step-by-step guide has all the information and knowledge you need to start sending off an effective legal official business.
Step 1: Find Out if this is the Right Business for You?
Positives Vs Negatives
| It’s easy to become a lawyer, and it’s clear what the business is all about. High Profit Margin: As a moving lawyer, most of the money you make is yours to keep. Low start-up costs: Becoming a lawyer doesn’t cost much. | Limits on fees: Some states limit how much a notary can charge. Mistakes can lead to court cases. |
Industry Trends
- Size and growth in the past: Kentley Insights says that the US lawyer and witness services business will be worth $7.2 billion in 2021 and has grown by more than 9% per year for the past three years.
- Growth rate: Between now and 2027, the world market for e-public accountant programming is forecast to grow by more than 21% per year.
- In this field as a whole, there are more than 4,000 businesses.
Cost of Starting Notary Business
To get started, a legal business will need between $1,800 and $6,500. Getting an office place is an expensive choice if you are just starting out with a mobile or online business.
Is Notary Business Profitable?
The cost to check a single report is between $5 and $10. The average price for an online notarization is $25. If you are trained as a signing agent, you can charge between $75 and $200 to sign a loan or other financial forms. As a mobile service, you’ll make about 90% of what you spend.
When you were at your best, you could be a mobile helper and work from home. You could do 10 credit signings a week for $150 each, which would bring in $78,000 a year. Taking into account that 90% edge, this would be worth more than $70,000. If your name does well, you could make 15 sales every week. With an expected annual income of almost $120,000, you would make more than $100,000.
Entry Barriers
- Mortgage brokers can help you find loan-signing companies to work with.
- You will have to compete with other online and offline notary services.
Step 2: Create a Strategy
Identify a Gap
Check out the services, costs, and customer feedback of other public accounting firms in your area. You need to fill a gap in the market. For instance, there might not be a mobile notary service with long hours in the local market.
This could bring you customers right away and get people talking about you again.
Solutions
- Delivery of documents
- Copies of documents
Pricing
Find out from your state how much you can charge to notarize a document. A single song costs between $5 and $10 most of the time. An online lawyer will work for you for about $25. The cost to tag a credit card ranges from $75 to $200.
Once you know your costs, you can use this step-by-step tool to figure out your rate and final price. Remember that the starting prices could change if the market says so.
Target Market
Depending on what kind of notary services you offer, you will have a different target market. If you write mortgage loans, mortgage brokers will be your target market. If you focus on court papers, lawyers will be your main customers. Both can be found on business sites like LinkedIn and others.
Location
You might want to save money at first by running your business out of your home. But as your business grows, you may need to hire people to do different jobs or rent an office. You can use Craigslist, Crexi, and business Cafe to find business space for rent near you.
You might want to keep these general rules in mind when picking a place for your business:
- Since the car is open, the focus area is open.
- Well-lit, open, and with good air flow.
- You can change your rent as your business grows.
- Space that is ready to use and doesn’t need big repairs or improvements
Step 3: Write a Business Plan
Each business needs an arrangement. This will serve as a manual for your startup to follow as it launches and stays focused on its primary objectives. A business plan also helps investors and partners learn more about your company and its mission:
- Leader Synopsis: Brief outline of the whole strategy; should be written following the completion of the plan.
- Overview of the Company: An overview of the business, its vision, mission, ownership, and objectives.
- Services and Products: Portray your contributions exhaustively.
- Market Examination: Survey market patterns like varieties popular and possibilities for development, and do a SWOT investigation.
- Analyses of the Competition: Break down fundamental contenders, evaluate their assets and shortcomings, and make a rundown of the benefits of your administrations.
- Marketing and Sales: Inspect your organizations’ exceptional selling suggestions (USPs) and foster deals, advertising, and limited time procedures.
- Team of Management: Outline of supervisory crew, itemizing their jobs and expert foundation, alongside a corporate pecking order.
- Plan of Operations: The procurement, office location, key assets and equipment, and other logistical details of your company’s operational plan are included.
- Plan for finances: Three years of financial planning, including estimates of profit and loss, cash flow, break-even analysis, and startup costs.
- Appendix: Incorporate any extra monetary or business-related archives.
Step 4: Create a Marketing Plan
People who walk by or find you online will bring you some business, but you should still spend money on marketing! Getting the word out is especially important for new businesses because it will bring in more customers and make the brand known to more people.
Connect your website to your social media accounts once it’s up and running. Social media is a great way to get the word out about your business because you can make interesting posts and sell your goods.
- Paid ads on Facebook are a great way to reach specific groups, like Cleveland guys under 50.
- Instagram has some of the same perks as Facebook, but the people who use it are different.
- Website: SEO will move your website closer to the top of relevant search results, which is important if you want to make more sales. Make sure your site has better ideas for what to do. As you go, change the color, size, and layout of calls to action like “Schedule Appointment Now.” This can help public accountants do their work much better.
- Yelp and Google: Listings on Yelp and Google My Business can be important for companies that depend on local customers to get the word out and get customers.
- Signage: Make sure that both the signs in your store and the ones on your website are easy to see.
- You should hand out flyers around your neighborhood and at business events.
- In-Person Sales: Talk about your notary services at trade shows and local markets.
- Upload a video: Upload a video to show off your notary services. If you use the word “fun,” it could become popular on the Internet.
- Email marketing and newsletters: Send customers and people who might become customers regular texts. Each one should be different.
- Make a blog: Start a blog and keep it up-to-date. Change up the content you’re selling and sell it on more than one site.
- Give people chances to talk about your business with their friends.
- Paid advertising through online fun: Find out where your target market hangs out and advertise there.
- Pay-per-click ads To do better in look, use Google AdWords. Start your research with terms.
- By making a lecture or video class, you can share your knowledge online.
- To make infographics, you can post them and put them in your content.