What does diversity have to do with income?
It should be noted, first, that we are talking about diversity in revenue streams that come into our business. But, why should we strive for diversity in revenue streams when trying to make money as a mobile notary?
The Answer is Simple
A business never wants to be beholden to one client. It always sounds great at first, but then if you lose that revenue stream it does extensive damage to the business. There’s an old saying that “I’d rather have 100 regular customers than one big one”. Not just multiple clients, but also multiple ways to make money.
Or, as another old adage says, “don’t put all your eggs in one basket”.
Diversity of Income Streams in My Business
The easy answer here is by having multiple clients. A mix of private clients and signing services. Yes, in the good times we can try to lean more heavily on our private clients, but it is necessary to work with signing services as well. By doing this we can keep the income coming in, and continue in our plans to make our business more profitable.
You never want to be too reliant on any one client. It is too dangerous. If you invoice them and they don’t pay you are in trouble. If they see a dip in business you are in trouble.
You need to be proactive and limit your liability to that trouble.
Expand Your Horizons
Yes, real estate signings pay the best. No point in denying it.
But, real estate is finicky. We all know it, but we need to acknowledge that in our mobile notary business.
There are ups and downs, and in our experience, there are UPS and there are DOWNS. Either there are a ton of signings going on in real estate or there is a trickle. There is nothing good or bad about it, it is just something you have to accept when you enter this business.
So, what is the best way to supplement that? We don’t provide a product (at least most of us) and we’re probably not interested in doing Uber or delivering pizza between jobs (though we applaud those that do) (Jeez, now I have an overwhelming desire to order a pepperoni, sausage and onion pizza. I need to stop writing about it).
So What do we Have?
We provide a service. We notarize documents.
But, there are more documents than real estate. Yes, some don’t pay as well per signing. And some require becoming familiar with a whole new set of documents.
And it is true some notaries are unwilling to perform them. And that is their right, if they decide that is best for themselves and their business.
But, for most of us, the work is necessary. And when real estate is up we can crack the bottle, but we also need to do other signings so that when real estate is down, we keep our company competitive.
I’ll state it a little more bluntly and honestly: A decade ago during the market crash we saw a lot of businesses go under. A lot of good people lost their livelihoods. For those of us who have been around, I think we can remember how dire it was.
So how did Sunshine Signing survive? And then thrive?
Simple, we diversified our income (Ok, it wasn’t that simple, it was a lot of hard work).
Because, as the title of this article says: