What You Need to Know...
As a Notary and Independent Business Owner, you need to be aware of what is happening in the world around you. In particular, you should be keeping an eye on inflation and the potential for an economic recession. These factors can have a significant impact on your Remote Online Notary Business. In this blog post, we will discuss the implications of rising inflation and an economic recession, and how you can prepare for them.
What is inflation and how can it impact your Remote Online Notary Business?
Inflation is a term used to describe the upward trend in prices over time. It can have significant impacts on your Remote Online Notary business, as it can impact your costs and customer behavior. For example, if inflation is high, you may need to increase your rates in order to stay competitive, however, this can sometimes be tricky, as many Secretaries of State have already set a fixed rate delineating the maximum amounts you are allowed to charge. This may mean as a Notary you must;
Work with other notaries to address lower fees set by your States
Check out our latest video on formulating Local Notary Groups in Notary Stars | Loan Signing Agent Training 101 | Important Concepts (Membership Required).
Seek out additional benefits to offer
Seek out alternative and complementary streams of income.
Additionally, customers may be less likely to spend more money than they need to on services like notarizing or document signing if overall prices are rising. They may begin "window shopping" to see who can give them the best rates. However, there are strategies that you can employ to mitigate the effects of inflation on your business and continue providing excellent service despite rising costs.
Be proactive about managing expenses (See Our Previous Blog)
Monitor market conditions
Negotiate better rates with your signing services and platform providers (yes, this is possible if you can show a track record of continuous business)
By taking some of these steps you can help ensure that your Remote Online Notary business remains profitable and successful.
What is an economic recession and how can it impact your Remote Online Notary Business?
An economic recession is a period during which the economy contracts, usually accompanied by high unemployment, low overall productivity, and lower levels of business activity. During times of recession, it can be difficult for businesses to succeed, especially if they are heavily reliant on consumer spending. If you run a Remote Online Notary business, then this can be especially challenging.
As a Remote Online Notary professional, your success depends largely on the ability of your clients to pay for your services. If consumers are experiencing financial hardship due to an economic recession, then they might be less inclined to obtain notarization services from you and go shopping for a "cheaper" alternative. The informed Notary will need to learn how to sell themselves and the value they bring to the transaction because in the end, we are all offering the exact same product for sale.
Sell your experience and knowledge. Let people know this is a career you take seriously and that you are a highly trained professional that is the best for the job. You should make sure you let everyone know just how much training you have taken. For instance, make sure you have added your NNA, Notary2Pro, Notary Stars, Sign and Thrive, Coach Me Laura State Training, and Loan Signing System certifications to your profiles.
Be proactive in your business. While it is not your place to point out errors in documents, if you catch a mistake that might help avoid further complications, don’t be afraid to say something.
Be a professional. Be on time, return your calls and emails promptly, dress the part (you only have to do so from the waist up as a RON) and always follow through on your promises.
Furthermore, if businesses are also struggling during this time and laying off employees or shutting down entirely, it may mean less work for you as a notary. However, with careful planning and preparation, it is possible to weather economic recessions successfully and continue providing excellent service to your clients.
For example, you can diversify your client base to include both individuals and businesses, focus on providing specialized services that other notaries may be unwilling or unable to offer, or utilize different marketing strategies that reach consumers when they need your services most.
If you are in a State that can offer some services others cannot then sell that service. You might be in a Biometrics State, a State that allows for Notarizing a Will, a State that still allows for RIN or any other things that let you stand out. Get to know your State’s laws and use them to your advantage.
Use prior relationships and work experiences to tap into a market that others would have a difficult time tapping into just because you are “in the know” and they are not.
Network with other Notaries in other states and locally. You can often pass referrals back and forth.
Don’t be afraid to ask for business. Tell your Friends, Family, and Facebook what you do. Don’t assume anyone knows your business. Tell them about it and then ask if they or anyone they know may need your services.
With careful management and adaptability in tough economic conditions, you can maintain success and keep your Remote Online Notary business thriving no matter what the economy throws your way. How can you prepare for rising inflation and an economic recession? There are several strategies that you can implement to prepare for rising inflation and an economic recession. One of the most important steps is to make sure that your business is living below or within your means so that you have enough savings to cushion yourself if your income dries up. This might be looking for a cheaper internet provider or finding a Remote Online Notary platform that is more reasonably priced. You will want to cut corners where possible, but do not make adjustments that will be detrimental to the services you are able to provide. Additionally, you should maintain a well-diversified portfolio of clientele, so that you do not have all your notarial "eggs" in one basket. Being too heavily concentrated in any single industry or sector could cause pain to your wallet. Other things to consider include being mindful about where you spend your money and cutting back unnecessary expenses wherever possible. But remember, training and education is not one of those areas that should be pared down if you want to weather the storm! And finally, it's always a good idea to stay informed about current economic trends, as well as forecasts for the future, so that you can plan accordingly. Recessions and rising inflation do not last forever. The well-informed Notary is forward-thinking and will be planning not only for the lean times ahead but also will be prepared for the economic rebound. By taking these proactive steps, you can help ensure that you're prepared for whatever comes your way. Final thoughts Inflation and recession are two important economic concepts to understand as a business owner. Both can impact your Remote Online Notary Business in different ways, so it is important to be prepared. By understanding what inflation and recession are and how they may affect your business, you can take steps now to help protect your company during these times. We hope this article has helped explain these concepts and give you some ideas on how to prepare for rising inflation and an economic recession.
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