@naomI & all Notary Cafe members new to this business sector . . .
When accepting a Signing Order [SO], for your own financial livelihood, you owe it to yourself to perform the due diligence of calculating the Costs of Providing Your Professional Services.
Here is a thread that you’ll find insightful as well as helpful for performing your own calculations:
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If on the other hand, you happen to be not-so-great with numbers . . . reach out to a friendly local tax preparer/CPA for insights into your business possibly being categorized as a hobby due to repeated years of negative revenue generation.
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Employing self-delusion with regard to balancing a business budget (see equation below) could easily yield a bankruptcy result . . .
- Total Income/Revenue Generated
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minus - Costs of Providing Professional Services
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minus - Operating Expenses (marketing, rent, equipment, supplies, payroll, insurance, vehicle maintenance, turnpike fees, ferry fees, parking expenses, etc. => see a more comprehensive listing in the referenced thread [above]).
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minus - Licensing Expenses
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minus - Federal, State, & Local Taxes
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minus any additional expenses . . . (*tax experts please chime in here*) - Equals Net Profit
It’s important to track & record all expenses for the day-to-day operations to ensure accurate calculation of the business’ financial performance.
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Of course, one can choose to operate at a loss if they’re in a largesse or philanthropic frame-of-mind
When operating at a loss, in essence you’re paying them for you to provide the professional services.
