Suggestions to Beginners

Concur, @VIPnotaryCO with “hope” being the operative word here . . . in most business sectors it’s quite difficult to raise your fees & when you do it’s usually only possible in painfully small increments. :astonished:

NOTE: It’s critical to the survival of your business to calculate your out-of-pocket expenses to include all overhead costs. Do a Search via the Magnifying Glass above to the Right of the SUPPORT tab to review multiple threads about all that should be included in this number. After you’ve done your research & due diligence regarding YOUR costs to perform the services you offer, that is your baseline number to work from for the addition of the cost of your time . . .

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There are many items to consider within your Overhead calculations. Here are a few to get you started:

• telephone expenses including cell
• office equipment and furniture including desk/workspace, comfortable work chair, dual-tray printer, scanner, etc.
• rent and utilities
• paper
• toner
• binder clips
• pens
• stationery and supplies
• travel costs to & from signer locations including gas
• travel costs to & from FedEx/UPS/USPS, etc.
• web page creation & maintenance expenses
• business insurance
• E&O insurance
• CNSA insurance
• vehicle maintenance expenses
• turnpike fees
• parking fees
• business-related meals and entertainment
• professional association memberships
• annual background checks
• annual certification expenses
• state commission & business licensing fees
• legal and accounting fees
• advertising and marketing costs; i.e., Google ads, yellow pages ad, website, business cards, or brochure

Your individual overhead would also include the cost of fringe benefits; i.e., medical insurance, disability insurance, retirement benefits. Also, remember to include income taxes (Federal & State as applicable) and self-employment taxes.

This can be a bit of an overwhelming situation when considering it initially. Some will reach out to a CPA for a bit of expert guidance & assistance to ensure they’ve considered & included everything. :white_check_mark::blush:

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