Once you are commissioned notary public in the state you live you are now ready to start your notary business and earn some money. There are certain steps you need to take so you can have a successful notary business.
Step 1 – Create a Business Plan
Your business plan can be a one-page written document detailing what you plan to do as a business and how you plan to do it. Keep your business plan short and to the point. Include the following information:
- Your Company Description – what does your company do
- Industry Analysis – who is your competition
- Implementation Timeline – how long will it take to start the business
- Financial Summary – what is your cost to start and operate the business
- Target Market – Who is your audience
- Marketing Plan – which channels will you use to reach your target audience
Step 2 – Form a Business Legal Entity
The type of business legal entity you choose to form will depend on your liability, taxation, and record-keeping. Please consult with an accountant on which business entity will be best for your business. There are three basic types of legal entities in which business can be conducted and within each entity, there are several variations.
- Sole Proprietorship or DBA (Doing Business as)
- LLC (Limited Liability Corporation)
Step 3 – Apply for your Employer Identification Number (EIN) with the IRS
An Employer Identification Number (EIN), also known as Federal Tax Identification Number (FTIN), is like a Social Security number for your business. This is a unique nine-digit number, it allows the IRS to identify your business for tax reporting. You can apply for your FREE EIN number here.
Step 4 – Open a Business Bank Account
By opening a business bank account, you will prove that your Notary Business is not a hobby, and you will have a clean, accurate bookkeeping and audit trail for the IRS. If you are incorporating your notary business, you will be required to have a separate business account.
Step 5 – Set up your Business Accounting
Stay organized with accounting software for your notary business. It will make just about everything you do easier, and it will help you manage to send invoices, tracking payments, tracking mileage, tracking notarial acts, managing your calendar, tracking your expenses, and creating reports that will assist you in preparing your taxes. Their several accounting software’s made specifically for the notary businesses I will just list the 3 most popular ones:
Step 6 – Define your Brand
Defining your brand should be strategic and intentional and will consist of creating content and images that will make people remember your business. Your business brand identity would be what your brand says, what your values are, how you communicate your product and services, and what you want people to feel when they interact with your business. These are a few ways you can brand your notary business:
- Use a great profile picture
- Use the same name on all your online platforms
- Make your online Bio clear and intentional
- Set up a professional email
- Highlight your unique business skills and content
Step 7 – Promote Your business
Promoting your business is a necessity if you want to stand apart from your competitors and stand out to your customers. Remember to engage with your customers and contribute relevant industry information and post on a regular basis.
- Create a Website – optimize your website for SEO (search engine optimization)
- Join Social Media – Facebook, Twitter, Instagram, Pinterest, Clubhouse – it’s a necessary time investment for every business to make to get exposure
- Start a Blog – this is a way to connect with your audience directly
- Business Cards – get a Digital Business Card to share all of your contact and social media details in a single view from your cell phone – FREE
- List on Google My Business – FREE
- List on Yelp – FREE
- Word of Mouth – The best referral is FREE