A notary public acts as an impartial certified witness. Their job is to verify a signer’s identity and confirm transaction validity. People from real estate, legal, financial, and many other industries need notarial services all the time, which is why notary agents are in high demand.

The notary industry, especially the mobile notary industry, has grown significantly in the last few years, which is why people see starting a notary business as a good opportunity. It requires a minimal initial investment, and the profit potential is enormous. However, you need to invest a lot of time in growing your notary business to make it successful.

Here is how you can start a notary business and get it to take off.

Decide What Type of Notary Business You Want

Creating a plan for your business is essential if you want it to succeed. The most important things you need to cover at the beginning are:

• Do you want it to be an in-office or a mobile notary business?
• How much does it cost to start and operate it?
• What is your target market, and what kind of service do they prefer?
• How much can you charge for your services?
• What can you offer to stand above the competition?
• Which type of training and professional development will best support the growth of your business?
• What should you name your business?

Register Your Notary Business

Once you figure out all the details and create a formal business plan, it’s time to turn it into a reality. The first step is to form a legal entity with your state. You can register your business structure as a sole proprietor, partnership, corporation, or limited liability company (LLC). Each type has its advantages and downsides, so you need to discuss it with a professional who can help you choose the best option for the business you want.

Once it’s all set up, you must register your business for state and federal taxes and apply for an Employer Identification Number (EIN) through the IRS website. Depending on your registered business type, you’ll need to pay different taxes, contributing to your business’s profitability.

Obtain Necessary Licenses and Get Business Insurance

You may need specific local or state permits and licenses to run your notary business. Check with your town, city, or county clerk’s office for more information about necessary permits.

If you want to run an in-office notary business, you’ll need a Certificate of Occupancy that confirms that all regulations have been met.

In addition, you’ll need to get business insurance to protect your company’s well-being. Talk to an insurance consultant to learn what type of policy suits your notary business the best.

Open a Business Bank Account and Track Your Finances

You must open a business account and keep it separate from your personal finances. This will protect your personal assets if your business gets sued, and it’s also easier to keep track of your business finances.

A business account makes accounting easier and is also essential when applying for business loans. You should also record all financials of your business to get detailed reports and keep track of how your business is performing. In addition, clear and accurate accounting simplifies your annual tax filing.

Create a Website and Market Your Services

Creating a website and marketing strategy is vital to getting more clients. Remember that creating a website is probably the highest initial cost when starting a notary business, but it will pay off. 

You also need to figure out your marketing strategy. You can read our blog posts to get ideas on how to market your mobile notary services and how to deal with SEO.

After that, you should focus on getting more clients and partnering with other mobile notaries to grow your business. Be persistent, and your notary business will have a bigger chance of succeeding.