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In general, a side gig, also known as side hustle, is a secondary line of work in addition to your primary job or main business. Some of the characteristics of a good side gig are:
1. Additional Income or revenue
In California, the maximum fee a notary can charge for notarizing a signature is $15, and it usually takes approximately 10 to 15 minutes to complete the process. Click here for more information on the Notarization process. You can make $30 or more in an hour if you take on at least two notary assignments. Often, your client’s document may require more than one signature notarization during each signing assignment. In addition, mobile notaries can charge other fees such as convenience fees, travel fees, after-hours services, expedited services, loan signing service, special occasions (hospital visit, jail signing), etc.
2. Flexibility (Time and workload)
Besides the earning potential benefits, the flexibility of the work schedule and the amount of work is one of the most desirable features of a side gig. As a self-employed, you work directly with the customers, and you are free to arrange a notary signing appointment that works for both parties. When you first start the business, you may not realize the flexibility because you tend to fill as many notarization orders from customers as you can. As your notary business grows and becomes more stable and mature, you have a better understanding of your business and customers. At that point, you would have more control on time schedule and workload, and the flexibility you once craved for finally becomes the reality. You work whenever you want to work, and you can decide to work as much or as little as you want to work everyday. No clock-in or clock-out, working for a couple of hours or no hours, it is all up to you!
3. Low entry barrier (Startup cost and qualification)
The requirements for becoming a notary public are simple and straightforward when compared to other public servants or professionals such as law enforcement officers, firemen, doctors, nurses, lawyers, accountants, engineers, etc. You would not need to spend years in school or incur mountains of debts to fulfill the education requirements. You would not need to spend months if not years to prepare for the state notary examination. You also would not need to work thousands of hours in the field to fulfill the experience requirements. Finally, you certainly would not have to spend hundreds of thousands of dollars upfront to start and maintain your business operations.
Here are the qualification requirements for becoming the notary public in California:
1. You are 18 years or older
2. You are a legal resident of California
3. You complete a notary education course approved by the Secretary of State
4. You pass the notary exam and a background check
Here are the costs and fees you expect to spend to start your notary business.
a. Notary education course (From $45 to $150)
You can sign up for a 6 hour self study online course starting from $45 or a traditional in-person classroom format course for $150.00.
b. Examination and application fees
You will be required to pay the fee of $40 to the Secretary of State when you sign in at the examination site on the day you take the examination. The Secretary of State would only accept payment by check or money order.
c. Background Check fees (Fingerprint rolling fees, DOJ, FBI processing fees)
Every notary public candidate is required to submit fingerprints via Live Scan ONLY AFTER passing the Notary Public exam. Each LIve Scan vendor charges a rolling fee (From $15 to $116) and collects the government fees $49.00 (DOJ $32 FBI $17). Live Scan operators may charge other additional fees, so it is recommended to verify with the provider about fees before scheduling the fingerprint appointment.
Live Scan Locations | State of California – Department of Justice – Office of the Attorney General
d. Surety Bonds
Serving as a financial public protection, notary public in California are required to obtain a minimum of $15,000 surety bond for their four year term. Generally, the average cost of a $15,000 surety bond starts from $35. The price is determined by the bond issuer, bond amount and term, and personal credit of the notary public. Similar to an auto insurance policy, each bond provider may offer different prices for the same $15,000 surety bond. It is recommended you shop around for the best price.
e. Error and Omissions Insurance (E&O Insurance)
Error and Omissions Insurance coverage is not required, but it is highly recommended for your liability protection in the event you make mistakes during the signing. Most loan signing agencies would require loan signing agents to carry at least a $100,000 E&O insurance policy..Generally, the average cost of a $100,000 E&O policy starts from $170.
f. Oath and Bond Filing fee at local county clerk
After you receive the notary commission and oaths, notary bond certificate, the notary public candidates must file the oath of office and the bond with their local county clerk’s office within 30 calendar days from the commencement date of their commission. For example, the Los Angeles County Clerk charges $46.00 ($23 Registration fee and $20 Bond Recording fee).
Click here for the LA County Notary bond and oath fees schedule.
g. Notary Journal, Notary seal, Stamps and Supplies
The basic tools every notary public will need are
1. Notary Seal
2. Notary Journal
3. Thumbpad
4. Pens (Black and Blue color)
5. Cleaning wipes or tissues
The average costs of the above items start from $45.00
For experienced or high volume notary publics, they may carry the following optional tools:
1. Jurat and Acknowledgement Certificates
2. Jurat and Acknowledgement Stamps
3. Notary Embosser
For mobile notary, most loan signing agencies require a laser printer with dual trays, so the notary can print both letter size and legal size loan documents. Most lenders and escrow companies would like to receive the scanned copy of the notarized loan documents to process the loan before the delivery of the actual copy of the notarized loan documents. Therefore, it would be ideal to have a laser printer equipped with the scanning function. The average cost of a laser printer with dual tray and scanner starts from $600.
Adding the costs from the above, the minimum startup costs for a notary public business is around $320.00. Other than the initial investment, all you need is to spend a couple of weeks or months to complete the education, examination, oath and bond filings requirements. You are in business!
Click here for more information on how to become a notary public in California.
4. Low overhead expenses
Whether you engage the business as a side hustle or a regular primary business, one key factor determining the success of the business is cost or overhead control. The good news is Notary Public business generally does not require a huge amount of day to day overhead for a starter to keep the business afloat.
a. Notary Commission, Notary Bond, E&O Insurance (California)
Your notary commission is good for 4 years, and you must renew the commission every 4 years before the expiration date. You would go through the same process just like when you apply for the notary commission the first time. For example: Education requirement (3 hour for renewal), passing the Notary examination, oath and bond filings requirements, etc.
b. Notary supplies
You may have to replenish the supplies depending on the volume of businesses you conducted. For example: Notary journal, ink pad for the notary stamp, Jurat and Acknowledgement Certificates, printing papers and printer toners for Loan Signing Agents, etc.
c. Other costs for business operations
For a starter, a business operator would try to minimize the cost of operations, such as rent, utilities, insurance, administrative related costs, office supplies, etc. One unique nature of the notary public business is that the notary can become a mobile notary and provide his or her services outside of a traditional brick and mortar retail or office setting to eliminate many of the business operation costs. The fixed operating costs reduction is a huge advantage for the mobile notary, however, there are clients who prefer to walk into an office and conduct business in a traditional business manner.
One important operation cost no business can avoid is the marketing or advertising cost. Whether you are a solo side hustle operator or a well-established global corporation, the ultimate business goal is to sell your products or services. Marketing is the necessary tool and cost to promote your business.
5. Business ownership opportunity (Self-employed or an Independent contractor)
Having the notary commission, you have the options to get a job from a company as an in-house notary public or start your own notary business. Owning a business comes with many benefits:
a. Flexible Schedule
You set your own business hours and work as often as you like. No more time cards.
b. Independence
You do not report to anyone, no manager or supervisor. You work for customers directly, and you can select whichever customers you are comfortable working with after you gain enough clients and your business revenues exceed your financial goals.
c. Earning Potential
Instead of working 8 hours a day for someone and collecting a paycheck, business owners are compensated based on the performance of the business. As a notary public, the more notary assignments you complete, the more money you make. There is no limit on how much you can make as a notary business owner..
d. Control
One great advantage for an independent business owner is the ability to control how his or her business is operated. Making all kinds of decisions that benefit the owner and the business.
e. Own a business as an asset
The ultimate goal for most business owners is to grow their business to a level at which the business will operate by itself and produce income and profits continuously. Any side hustle small business has the potential growth opportunity into a mid to large size corporation, and it is all up to the owner how far and how big he or she wants to grow.
Remarks:
Starting a business may seem attractive, but it is not for everyone. It takes a lot of work, time, commitment, and risk from the owner, as he or she will be responsible for the well being of the business, and all aspects of the operation. For example, administration, management, sales and marketing, accounting & financing, support and customer service, etc . It would be great for someone who is ambitious, creative, opportunistic, and prefers work under a flexible schedule, challenging and motivating environment.
6. Platform for pursuing passions or interests
Some people work everyday because they have to work (Pay bills and support their family).A side hustle is a great way for people who want to fulfill their other interests or passions they could not get from their regular full time job. If you have the passion to serve the public and local communities, or protect fellow citizens by advocating fraud prevention and deterrence, Notary public would be a unique side hustle to fulfil your interests and passions.
7. Open up other opportunities or specialized services
Notary public works with forms and documents from many different industries, private parties, or government entities. Naturally, the notary can gain some insights on the demand and interest of certain products and services. For example, loan document notarization assignments are always in high demand due to low interest rates in the past 10 years. Many notaries became loan signing agents, mortgage loan officers or escrow officers.
Besides specialized services, some notaries offer other complementary services, such as fingerprint rolling, apostilles, performing marriage ceremony and filing marriage certificate, translations, interpretations, DMV registrations, insurance, income tax filing, legal document preparations, Fictitious business name registration, etc.