If you’ve been considering becoming a notary public for some time, look no further. Here you will learn all about the pros and cons of being a notary public, while also exploring the potential of starting your own mobile notary business.
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In today’s dynamic economic environment, it seems that having just 1 job is no longer cutting it. The bills are piling up, interest rates are high leaving many people searching for part-time work. The list of side hustles you can find is endless ranging from online ventures like e-commerce to more traditional service-oriented businesses.
Although many case studies show that success is achievable in e-commerce, the idea of it being highly lucrative often raises skepticism, steering individuals to perceive it as a potential scam. On the other hand, service businesses like lawn maintenance, handyman work, and notary public services stand out as familiar and more straightforward business ideas.
Although notary public services are familiar, becoming a notary public still has its own set of advantages and challenges.
Quick Recap | Pros and Cons of Becoming a Notary Public
Pros of Becoming a Notary Public:
- Easy Entry
- Flexible Schedule
- Location Independence
- Additional Income (Income Replacement Potential)
- Increased Job Opportunities
- Unlimited Earning Potential
- Business Comes to You
Cons of Becoming a Notary Public:
- Initial Costs and Time
- Learning Curve
- Liability and Responsibility
- Uncertain Income
- No Set Schedule
- Risk of Legal Action
How to Become a Notary
Although the process of becoming a notary is generally uncomplicated, there are different requirements from state to state so I would highly recommend you consult with the National Notary Association website to get state-specific information that would apply to your situation. However, no matter the state, generally the requirements include being at least 18 years of age, a legal resident of the state, and having a clean criminal record. You may need to take a notary education course and pass an exam.
Training Requirements:
Many states require aspiring notaries to complete a notary education course. This course covers the basics of notary law, procedures, and ethical considerations. This ensures that anyone who becomes a notary has a solid understanding of their responsibilities.
Notary Exam:
After completing the training, you’ll need to pass a notary exam. The exam typically tests your knowledge of notary laws and procedures.
Application Process:
Once you’ve completed the training program and passed the exam, you can apply to become a notary. The application may include a background check.
Notary Bond:
Some states require notaries to purchase a surety bond. This bond serves as a form of insurance for the public. If a notary makes an error that causes financial loss to a client, the bond can be used to compensate the affected party.
Commission Approval:
After fulfilling the requirements, you’ll receive your notary public commission from the state. This commission authorizes you to act as a notary for a specific term, usually four years.
Fees:
Costs associated with becoming a notary vary by state. For example, the National Notary Association offers new Illinois notary packages starting at $175, covering a $5,000 Illinois Bond, training and exam, a basic journal, official seal, and a hotline subscription offering expert assistance.
What is a Mobile Notary?
Unlike traditional notaries, a mobile notary is a notary public who travels to the location of the client to provide notarial services. This can be especially beneficial for individuals or businesses that find it challenging to visit a traditional notary’s office.
I’ve personally experienced this convenience when buying an out-of-state vehicle. The dealership mailed the loan documents to the notary, and we met at my local Starbucks, eliminating the need for me to travel to the dealership.
By eliminating the need for clients to stand in traffic, take time off work, or travel out-of-state, a mobile notary streamlines the notarization process, making it a more client-centric and adaptable experience.re
How Much Does a Notary Make Per Signature?
The income of a notary public can vary based on factors such as location, the demand for notary services, and the types of documents notarized. Notaries typically charge a fee per signature, and the amount can range from a few dollars to over $10 per signature. Each state has its guidelines setting maximum fees notaries can charge, and these are outlined on the National Notary Association site.
In addition to per-signature fees, notaries may offer additional services for an additional cost, such as mobile notary services or providing copies of notarized documents. By providing the convenience of traveling to a client’s location, whether it’s a home, office, or other designated place, notaries can charge additional fees to cover the notary’s time, travel expenses, and the flexibility provided by their mobile service. These additional fees can significantly contribute to the overall income of a notary.
Pros of Being a Mobile Notary Public:
1. Easy Entry:
The process to become a notary is a well-documented process for each state. The cost to become a notary is also not excessively high compared to other business options, with low overhead besides making sure your gas tank is full and having the necessary office supplies, notary stamp, notary journal, and insurance. While the initial cost may seem high in the beginning, many mobile notaries I’ve listened to note they were able to pay it off after a month of business.
2. Flexible Schedule:
If this becomes a full-time job, the benefit is that you can work when you want to. You can set your own schedule. The downside, much like real estate agents, is that sometimes, it’s your clients who end up creating your schedule for you. If you work as a notary as a side hustle, the flexible hours of this trade allow you to maintain your full-time job while building your business, providing a steady income from your regular paycheck.
3. Location Independence:
Becoming a mobile notary may be an opportunity to run your own business and live where you’ve always wanted (as long as there’s a viable market for notaries). Doing this full-time allows you to pick and choose where you want to work and where you want to take signings.
4. Extra Income (Income Replacement Potential):
Mobile notaries, in particular, have the potential to earn additional income by charging higher fees for their on-the-go services.
5. Increased Job Opportunities:
If your intention is not to pursue a mobile notary business, simply having notary credentials can spice up your resume and open up job opportunities in various sectors, including real estate, finance, and legal services.
6. Unlimited earning potential:
You can take on as many or as little signings as you want. It is all based on your schedule and how much money you want to make. Most people start with getting business from signing services but as you create connections, you may be able to scale your income beyond your initial expectations. This business may be a great way to finally escape your 9-5.
RELATED POST: The Ultimate Guide To Successfully Escape The 9-5 Trap
7. Business comes to you:
This depends on how you run your business. If you work with a signing service, they will come to you directly, whether it’s through an email or a text. Otherwise, you’ll have to seek out relationships with established businesses that might need your services, like real estate firms, law firms, and title companies. But once those relationships are established, they will be calling you with potential clients.
There is a high demand for notaries due to the expanding real estate market, and the internet’s ability to facilitate purchases across states.
Cons of Being a Mobile Notary Public:
1. Initial Costs and Time:
The process of becoming a notary often involves expenses such as education courses, exam fees, and the purchase of a surety bond, which can be a barrier for some individuals. In addition to this, it will take some time to get up and running before you can start making money. If you are looking to start a mobile notary business, you will spend a lot of time creating business profiles and signing up for multiple signing services before having a stable client base you can work with.
2. Learning Curve
If you are interested in starting your own mobile notary business, it is important to seek out training and courses that will help you shorten your learning curve. For example, the National Notary Association offers a lot of resources to educate you on all the ins and outs of becoming a notary signing agent. Make sure you select the state which applies to you.
3. Liability and Responsibility:
Notaries are responsible for ensuring the accuracy and legality of the legal documents they notarize. Errors can lead to legal consequences.
4. Uncertain Income:
The income of a notary can be variable, depending on factors such as location, demand, and the notary’s ability to attract clients.
5. No set schedule
If you’re used to someone else managing your time, not having a set schedule might take some time getting used to. You’ll have to learn how to manage your own hours and decide what to do and when to do it.
6. Risk of Legal Actions:
Notaries may face legal action if their actions or decisions are challenged. This risk underscores the importance of staying well-informed about notary laws and procedures.
Final Thoughts on Pros and Cons of Being a Notary Public
In our ever-changing economy, traditional jobs seem to be falling short. Due to this, people are exploring other possibilities from e-commerce to service roles like notary work. I hope the information shared in this post about the pros and cons of being a notary public was helpful for anyone contemplating entering this field of work.
As always, please leave your thoughts in the comments. I’d love to hear from you!
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