This is Bill with Notary Coach and the sign and thrive training course and community. Today we get to talk about a super exciting topic - accounting and tax efficiency. I know it gets kind of a bad rap sometimes but your tax efficiency in your business can really make or break this or any business.
I think one of the biggest challenges that we have as mobile notaries and loan signing agents is finding people who are willing or able to talk about what the tax situation looks like for notaries. There are some good reasons for that as there's a lot of different variables that come into play. So, before we get into it let me give you the standard disclaimer. I am NOT a tax professional and not a lawyer - I'm not an accountant - I'm not a CPA. I'm just going to show you some guidelines and give you some resources and then I encourage you as part of your team to really find a tax advisor that understands the notary business or service-based business. I’m...
Papercuts & Ink Stains...
Is that signing really worth doing for that fee?
You can see it in the online notary forums on a daily basis, and as a notary coach, I get asked several times a week:
Is $50, $60, $70 (insert almost anything less than $100 here) worth the effort for a signing?
And, you get ALL kinds of responses, based mainly on the perspective, circumstances, opinions, history, and lens of the person offering the opinon, not the person asking the question.
You'll see lots of valid points in these forums, of course, about how low-baller companies negatively impact our industry. You'll "hear" people, in all caps, tell you that you SHOULD NEVER WORK THAT CHEAP, closely followed by a "back in my day" story about they used to never get out of bed for less than $150 per signing, but now they're "lucky" to make $80 a signing. All because of new signing agents and their damn willingness to work "so cheap."
That's simply not true.
The truth is a...
If you've subscribed to my YouTube channel, and you enjoy reading the stories that outline my philosophy about business, then you likely already realize the power of kindness.
That's kind of how this world works. Like attracts like.
Still, I am going to share a few of the ways I, and others I know, spread kindness in our every day life.
Kindness is not an act. It is a way of life.
Just like any other great goal or skill, you can get there through tiny acts of kindness performed consistently over time. When you are kind to others, for no other reason but to be kind, there is a magic that happens.
Actually, it's not magic at all. It's science. Check out some of the research here.
Being kind can change the day, or the lifetime, of the person on the receiving end of your kindness, for sure. But, what it does for you, as the giver of kindness, is immeasurable.
Build it into your day and your life will change.
This isn't just some "fluffy" email either. I consider the...
Something magical happens when you start taking your mobile notary and loan signing business seriously.
When you commit your energy and your resources to making this work, and you hustle and grind, every single day, building relationships, performing your duties, brainstorming the value you bring to the marketplace, the universe conspires to bring you the opportunities you seek.
Once you have that consistent revenue that allows you to breathe and thrive, it's time to switch into higher gear.
Where first gear was perfect for slowing down, crawling over the boulders of your learning in the beginning, second gear allowed you to gain some traction, get some training, and start applying at signing companies, building some industry relationships, and creating a website and other tools.
In third gear, you really gained some momentum, still hustling and grinding, but enjoying the fruits of your labor.
It's in this third gear that many mobile notaries and loan signing...
The secret to building wealth is increasing your income, maybe in baby steps at first, and then leaps and bounds later on. That’s the key to every major wealth development in history. It doesn’t come as a major windfall, like the lottery, or a corporate buy-out, for most of us. We have to work for it. Chances are, you are already on the path to increase your income by even starting your notary business. You probably already have a job, and your signing income will be your next stream of revenue. Congratulations, you’re on the way!
From there, you MUST be willing to hustle for new clients and you MUST be willing to work to build and maintain relationships with them once they become your client (or even before that). Remember, you’re only one relationship away from your dream business!
As a mobile notary and signing agent, you have unlimited options for increasing income. Personally, that’s one of the main reasons I love this business! If you are truly...
Your Ideal Customer
In Next Level Notary Principle #3, we are going to talk about your ideal customer, or client. Clarity is this area is imperative to your success. Knowing who it is that makes the decision to hire you as a mobile notary and loan signing agent impacts every marketing, and relationship-building, decision you will make.
Luckily for us, as a mobile notary and loan signing agent, our ideal customers are pretty apparent for us, by nature. Still, there is a LOT of room for creativity here. Your business, and the relationships that come about in it, are limited only by your imagination.
Who's Got My Money?
When I first heard this from Grant Cardone, it totally turned me off. At first glance, it sounds arrogant and obnoxious, as well as way too focused on money, for my taste.
Then, I listened to the strategy. While it’s very direct, it’s actually very true, and in our industry, the question of, “Who’s Got My Money?” is very clear,...
Sometimes, having big dreams can be overwhelming when you look at just the end result. It's hard to imagine how you will get to a big goal, when it really stretches who you are today.
But, let’s just say your life would change if you made $100,000 a year as a mobile notary and loan signing agent. If you want or need less, that's fine too. If you want or need more, than set your goal where it needs to be.
For the sake of this conversation, let's use $100,000. I hear from many of you that you don't have six-figure aspirations for this business. You just want enough for a good life. That's totally fine, just keep in mind that if you're aiming for $100,000, after taxes you might be back down to "just enough for a good life."
If you are feeling automatic resistance to making over $100,000 a year, get back to Principle #1...Belief. If you don't believe you can actually make that much, or if you think you don't deserve to make that much, you likely won't.
Next Level Notary
I didn’t start out thinking that being a mobile notary and signing agent for the mortgage industry would help me build wealth. In fact, it was kind of the opposite. I live in a state that, up until March of this year, limited the notary fees I can charge to just $2 per signature, so it was quite far from my mind.
I knew the loan signing side of things could generate some decent income, but still, I simply used it as a side-hustle to fund my other, “grander”, business ventures. It wasn’t until every one of those “grander” ventures collapsed, that I turned my focus, full time, to the notary gig, and it started performing better than any business I’ve ever owned. Not only does it create incredible amounts of income, but I look forward to going to work every day. I truly love what I do, and along this journey, I’ve discovered how much I enjoy sharing it with others too.
My business is my masterpiece, and I...
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