I’m in the planning phase of becoming a Notary to be able to leave my office job. I pretty much have no idea how I’ll manage my money and plan bill pay as a self employed person. Advice greatly appreciated.
Don/t leave your job at all…or at least don’t until you’ve got at least 6 mos. income from signings in a bank account. This biz is up & down all the time. Spend some time reading past posts to get an idea of this cycle.
This is exactly my plan but I was worried it wasn’t a good one so thank you! This forum has already provided a lot of information I didn’t know I needed and a lot of them have been your replies
If the job you have now adequately sustains you, and you want to transition to being self-employed business owner, you have to analyze your personal income needs AND your business income needs - meaning your personal AND business expenses; remember once you’re self employed, no one else will be paying your taxes, your health insurance etc. In addition, your business income is going to have to be sufficient to sustain both you, personally, and your business overhead …also accounting for slowdowns, no-pay companies, etc.
There is a LOT to consider and you have to be sure your company income can handle ALL your needs.
Hey KWheeler if you want to transition over my best advise is to look at how much you would need to sustain yourself (cost of your bills, savings, groceries, etc) on a monthly basis. That amount is your minimum $$. Make sure that you have savings for several months. If your notary work meets that minimum then your good to transition over.
As far as money management, look into Wave accounting or Notary assist to keep track of your funds coming in and out and set up a reoccurring schedule to pay yourself or transfer money for your personal needs.
I’m actually a Professional Daily Money Manager as well as a Loan Signing Agent and I’d love to help you out. I do give free consultations and I actually have some openings this week, so message me if you are interested.
Shifting from being employed to being self-employed is a difficult job but worth the risks.
@dispatchedm So True!
It’s not merely the practical day-to-day activities pertaining to operating a business and the associated logistics to incorporate into your paradigm shift . . . more importantly, it’s your mental construct and framework of how you perceive yourself/your services and how to present/market them that ALSO is required to be woven throughout your independent/self-employed paradigm that will catapult you into success.
NOTE: This is more valid for those who’ve spent a few years enmeshed into the culture & beliefs within a corporate structure.
I would recommend keeping the job for a little while until you feel you can cover all your expenses with the income from your business. There are many factors to consider when it comes to money management. Now you will have to take into account your personal expenses and business expenses and see how your income can cover all of them. I would also suggest talking to a professional. I worked with http://www.thefinitygroup.com when I started my business, and you’d be surprised how much you can learn from them.
This is a great question because as you get started you will notice that some notary companies, title companies, lenders pay immediately (within the week) and some pay much later (30-90 days after the signing closes) Make sure you know each company’s payment policy and plan accordingly especially since you may have to keep paper and ink on you at all times. I like to have a good mix of companies that pay immediately and not so immediately.
(AZ) My advice to you is to start of doing it part time if you can and then after a few months following the advice already given above decide if you want to go full time. I personally know a few others who are doing it part time and are doing very well at it.
Now is not the time to go full time as others have said. Also before jumping in get as much training as you can so that you know what to expect. There are a lot of notaries leaving this business because it did not meet their expectations. I would hate for you to make that leap to only find that it was not what you thought it would be. It’s a tough business but one that will work if you work it properly.
I wish you success no matter which path you choose
None of the notaries I know rely solely on their notarial work. Everyone has some side business, deposits, or interest from shares.
I think it’s a universal approach to securing your life, no matter what you do. I fully support the transition to self-employment because it’s the best thing you can do for yourself. But even such a transition is painstaking work. You cannot live in peace until you have at least a couple of options for parallel income. But it makes the path to the dream even more interesting