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1.0 Executive Summary
Notary, LLC (“the Company”) is a New York City based business that will provide notarization services at its office location and on a mobile basis throughout this market area. The Company was founded by Peter Logan-Smith. At this time, the Company is seeking to acquire a $75,000 line of credit that will allow the business to establish its office location as well as capital assets for providing these services throughout the city.
1.1 The Services
The first revenue center for Notary, LLC will come from the ongoing notarization of documents on behalf of clients. The Company will charge $2 per page that needs to be notarized. The most lucrative aspect of the Company’s operations will come from acting in a loan signing agent capacity. This will produce substantial profit for the Company.
In addition to providing these services from the Company’s office, the business will have staff notaries travel throughout the city to attend real estate closings, document signings, and other matters that require the presence of a notary. The business will charge for both the notary fee as well as the travel time when rendering these services. In order to further boost revenues, the Company (for certain document signings) will be able to conduct operations on a virtual basis.
The third section of the Notary Business Plan will further discuss the services offered.
1.2 Financing
Management is seeking a $75,000 revolving line of credit in order to establish the Notary’s operations. The Company is seeking a line of credit versus a loan as the business does not require the entirety of this capital on an upfront basis. This document assumes that the Company will incur an 8% per annum interest rate charge on the drawn down balance.
A portion of this capital will be used to acquire vehicles so that staff notaries can visit client locations throughout the city. As will be discussed throughout this document, the key focus of the Company’s operations will be to produce substantial volume in order to generate significant profits.
1.3 Mission Statement
Notary, LLC’s mission is to provide cost effective document notarizing services to clients throughout the greater New York metropolitan area.
1.4 Management Team
Peter Logan-Smith has been a notary public for the past eleven years. In addition to this experience, he has been actively involved in the legal support industry for the past 15 years. He will be able to establish Notary, LLC as a premier notarization service in the market.
1.5 Sales Forecasts
1.6 Expansion Plan
During the course of the next three years, the Company will continue to hire staff notaries that will operate throughout the city on behalf of the business. The business may also offer additional services to boost billings including registered agent services, providing healthcare notarizations, and potentially developing a process serving unit. These additional operations would drastically boost the income of the business. The Company may also acquire existing notarization services that offer a wide range of ancillary legal support services. An acquisition would most likely not occur until the fourth or fifth year of operation.
2.0 Company and Financing Summary
2.1 Registered Name and Corporate Structure
Notary, LLC.
2.2 Required Funds
A $75,000 revolving line of credit is needed to develop the office and mobile operations of the notary business. The funds will be allocated as follows:
2.3 Investor Equity
Peter Logan-Smith does not require an equity injection from a private investor or partner at this time. The need for this type of capital may change in the future should the business undertake an acquisition.
2.4 Management Equity
Peter Logan-Smith will initially retain full ownership of the business. The Company may offer equity positions for employees that drive an immense amount of business for Notary, LLC.
2.5 Exit Strategy
The Company, should Mr. Garcia decide to divest the business, will market the business for sale through a number of online portals. Given the highly predictable income generated from notary services and related legal support functions, the business would be in immense demand among entrepreneurs seeking to enter this field.
3.0 Notary Services
The Company will provide notarization services for any person or business that is completing a large-scale transaction or needs to have a verified witness when signing an important document. By virtue of law, the business will be limited in what it can charge on a per notarization basis. However, the bulk of the Company’s profits will be generated from travel fees and ancillary services that will be integrated into the Notary’s service menu.
At the onset of operations, the business will have two vehicles that will allow staff notaries to travel to locations among all five boroughs of New York City. The Company intends to foster ongoing relationships with law firms, mortgage banks, mortgage brokerages, real estate brokerages, and healthcare firms. These entities always require the services of notaries as they deal in high value transactions.
One of the most exciting aspects of the Company’s growth will come from the virtual and remote notarization services that the business can offer. This will allow the business to provide its services to any person or business throughout the State of New York.
There are numerous avenues of growth that the Notary can pursue in order to further increase revenue and bottom line income. Additional services that may be integrated to the service architecture include:
• Basic Paralegal Services
• Registered Agent Services
• Specialized Healthcare Notarizations
At all times, the Company will maintain the proper licensure from the State of New York to provide all services discussed in this document.
4.0 Strategic and Market Analysis
4.1 Economic Outlook
Notaries are an important part of many industries, especially those that deal in real estate or legal matters. Although some major firms will have an in-house notary – many smaller to medium sized firms find that it is more economically advantageous to outsource these services to third parties like Notary, LLC. The demand for notarization and specialized legal support services remains strong in any economic climate as these services are required by virtue of law.
At this time, there is nothing occurring within the economy that will impact the Company’s ability to successfully develop a client base within the greater New York City market area.
4.2 Industry Analysis
Annually, approximately $1 billion is spent on services related to notarization. The industry’s growth has remained stable over the past five years. When included with legal support services, the aggregate demand is $18 billion (including the expansion of services discussed in chapter three).
One of the newest trends within this industry is to integrate virtual and remote services. With the advent of high-speed interest and video conferencing technology, notaries public are able to render their services via computers, phones, and tablets. Notary, LLC will integrate this technology into its operations so that the business can maintain clients outside of New York City.
4.3 Customer Profile
The demand for notarization services is ubiquitous. The Company’s clients will not only consist of individuals that need incidental notarization, but also among the following types of commercial clients:
• Automotive dealers
• Healthcare companies
• Law firms (typically with fewer than five attorneys)
• Mortgage Banks and Brokers
• Real Estate Brokerages
• Title Companies
It is important when developing this section of the business plan to focus on market size. Generally speaking, most individuals typically require the services of a notary once every two years. The aforementioned list of commercial clients need these services at least ten times per month. As such, you will need to determine your total addressable market based on the number of people as well as the number of corporate entities in your area.
4.4 Competition
The field of notarization is highly commoditized. The requirements for becoming a notary public are relatively low, and it only takes a matter of days to become commissioned as a notary public in any given state. As such, notary services are constantly looking for ways to differentiate their businesses from other market agents. Notary, LLC will maintain a number of competitive advantages. They are as follows:
• The ability to provide services at the Company’s conveniently located office and on a mobile basis.
• Available during weekends and holidays.
• Nighttime appointments will be available seven days per week.
These attributes will allow the Company to remain highly competitive in the greater New York metropolitan area.
5.0 Marketing Plan
One of the major components of the Company’s marketing campaigns will be the cost-effective nature of notarizations coupled with the extensive operating hours of the business. The business will also market its virtual and remote based services among companies throughout New York State.
5.1 Marketing Objectives
• Foster an ongoing client base consisting of law firms, solo practitioner attorneys, real estate brokerages, mortgage brokers, and other entities that have ongoing document signing needs.
• Use online platforms, including social media, in order to drive traffic to the Notary, LLC website.
• Market the Company’s services through third-party channels that place notaries with people that need these services.
5.2 Marketing Strategies
First, the Company intends to develop ongoing relationships with the entities listed above. These companies will use Notary, LLC’s services on an ongoing basis. Once these relationships are established, it is unlikely that they will use any other service provider. The cost effectiveness, timeliness, and ability to render services during off hours will be a major draw for prospective clients.
The Company’s online platform will be geared specifically to the New York City and New York State market. This website will undergo comprehensive search engine optimization so that both individuals and commercial enterprises can quickly find the website when searches for notaries (in all five boroughs) are conducted. The website will showcase the Company’s New York City based location, information about hours of operation, and information about how to have the notary render services on a virtual basis. The platform will have a portal that will allow users to upload verification documents such as birth certificates and drivers’ licenses when these services are rendered on a remote basis. Information regarding the commissions of the Founder and staff notaries will also be provided on the platform.
As it relates to social media marketing, the Company will focus these efforts on LinkedIn and Facebook. Among people that have recently sought out the services of a notary public, the business will use advertisements specific to these individuals and businesses. The Company intends to allocate approximately 25% of its aggregate marketing budget on marketing among social media channels.
The business and all staff notaries will enroll among legal and professional organizations/associations within New York City and the State of New York.
6.0 Organizational Plan and Personnel Summary
6.1 Corporate Organization
6.2 Payroll
7.0 Financial Plan
7.1 Underlying Assumptions
• Notary, LLC will acquire a $75,000 revolving line of credit.
• Accounts receivable will not be maintained as all services will be paid for as services are rendered or on a retainer basis.
7.2 Sensitivity Analysis
Notaries public will continue to remain in demand even during challenging economic times. These services are central to the facilitation of real estate transactions, vehicle purchase, estate management, and other legal matters. Notary, LLC, by operating in a brick-and-mortar, mobile, and virtual basis will have numerous revenue centers that will contribute to the stability of the Company.
7.3 Source of Funds
7.4 Profit and Loss Statement
7.5 Cash Flow Analysis
7.6 Balance Sheet
7.7 Breakeven Analysis
7.8 Business Ratios
