Bilingual (Spanish) mobile notary
Answer:
Executive Summary
Notary as a service has existed for a long time and has periodically seen continued advancements in the execution of the notary service. The aspect of continuously improving notary services is backed by the growing trend in technological advancements and the continued digitalization of state services. This Business plan will, therefore, analyze into detail the basics of notary services and anything that is required for the successful installation of notary services. The business plan will confine this research study to rural Iowa, an area that is predominantly inhabited by both whites and Latino counties. The research will; therefore, aim at analyzing the requirements and expectations for setting up a bilingual mobile notary service. To begin with; all factors should be considered, with advantages and disadvantages being cited before proceeding with the research. A detailed breakdown of the expected costs will then ensue and the correct conclusions derived after this feasibility study. Close consideration will be made of the viability of a bilingual mobile notary service after the analysis of all the considerable factors. Bilingual (spanish) mobile notary service
The research paper will also focus on electronic mobile notary services and any other competitive advantage that might differentiate a mobile notary business from the rest. A bilingual mobile notary service in rural Iowa is a service that has a specified target market and, therefore, considerable understanding of the actual population, demographic statistics and also income per capita will be necessary factors before considering to start such a business. Availing these factors and data for analysis will be vital as it would give the reader a correct prediction on the expected return on invested in the business before deciding to even fund it. The analysis would also conclusively estimate the expected amount of capital to start such a business and also the expected legal formalities that would be necessary before starting the business (MacNaughton, 2019). Bilingual (spanish) mobile notary service
Industry, Target customer, and Competitor Analysis
The notary industry in the United states is mainly made up of agents who sign up to provide notary services to the public. While most states have different notary regulations and rules before an agent signs up, they all require that an agent is actively trained on the job before being allowed to perform their duties. It is, however, worth note that all American citizens of mature age have the capacity to engage themselves in the notary business if they meet other state considerations. Of the requirements of operation in the notary industry; every successful agent must be fully aware that; Bilingual (spanish) mobile notary service
-The document being signed cannot be signed with the physical absence of the signer before the notary.
-The physical signer must be someone who is personally known to the notary or else he/she must produce sufficient evidence to ascertain his/her identity. This might include using Passports, driving licenses etc.
-The notary must have a physical grasp of the original document which will be signed. Bilingual (spanish) mobile notary service
The document availed to the notary must have fulfilled all the necessary previous steps and must be complete. Any missing parts in the document would term it obsolete and invalid for signature.
-The document bust be of a day earlier or same day as the day of notarization. The document can, therefore, not be of a date later that that of the notarization. Bilingual (spanish) mobile notary service
-A final notarial certificate must be presented to confirm validity and finalization of the process (MacNaughton, 2019). Bilingual (spanish) mobile notary service
These are the basic requirements notary agents need to fulfill and understand when carrying out the act. The failure to follow up these basic requirements would term the whole process null and void. Bilingual (spanish) mobile notary service
The target market for the notary service would include; realtors, business men, insurance agents and the health care providers. The target market, however, could increase depending on the geographical location of the business; with areas that lack diverse administrative posts requiring more notary services. Geographical locations like rural Iowa, for example, require more services from the notary agents as compared to a city like New York (MacNaughton, 2019). Bilingual (spanish) mobile notary service
The competitor analysis in this section would include the well-established notary service providers who have built their reputation over time and have many branches in all counties. Another competitor would be businesses that specialize in bilingual notary services for the residents of Iowa. Another definable competitor would be the mobile notary service providers and also the online notary service providers. The last group constitutes of notary service agents who rely on electronic media to reach their target customer and these could act as serious competitors in areas where residents have access to stable internet connections. Bilingual (spanish) mobile notary service
Company Description
My target as a prospective business owner would be to have full control of my business which would specialize in providing bilingual mobile notary services to the residents of rural Iowa. My perspectives on the success of this business rely on the assumption that the Spanish population in Iowa has not been specifically targeted by notary service providers and this would give me a competitive advantage in the region. It is also, worth note that my business will focus on acquiring factors that would give it more competitive advantage over existing notary service providers in Iowa. This might include the use of electronic media. Bilingual (spanish) mobile notary service
Product/Service plan
The current competitive advantage of this business in the specified location would be the aspect of it specializing in Spanish speaking individuals. This factor makes it possible to approach the target consumers who speak in Spanish with the aim of providing quality notary services so that they may be satisfied. The satisfaction would be vital as it would give us considerable guarantee on the retention of loyal customers, most of who would refer their friends to us and hence guaranteed running profits. Bilingual (spanish) mobile notary service
The second target opportunity would be the aspect of mobile notary services. While rural Iowa is located in the United States, most of the inhabitants are farmers and some low income Spanish population. Technology is, therefore, not well connected as compared to modern cities like New York. The aspect of Online notary service provision would, therefore, act as a limiting factor to individuals who want to avoid the hustle involved with the online process. The individuals, therefore, perfectly fit in the mobile notary service plan and this would be flexible enough to access residents in the most remote parts of the county. Bilingual (spanish) mobile notary service
Marketing Plan
For this particular business, the plan would involve focusing on populated areas in Iowa and this would mean travelling with the mobile notary service to those residents. Priority will, therefore, be given to residents in areas that have a larger population and those that are easily accessible and may include; Des Moines, Polk County, Marshalltown, Wright, Hamilton county and Dallas. Detailed priority will, however, also be given to counties that have a predominant population speaking Spanish as this product is established to serve bilingual residents. The consideration of the Hispanic population is Iowa is vital as they are our key target customers in this business. According to 2016 statistics, the Hispanic population in Iowa was ranked at number 36 in the united states. The statistics, therefore, estimated an average of 200,000 Hispanics (Johnson, 2016). This figure is vital as it will be used in making estimates on our expected market population. These statistics further categorized the cities in Iowa with the highest number of Hispanics. The towns included Denison, Storm Lake, Perry, Marshalltown, Sioux City, Ottumwa, Estherville, Des Moines, and Sioux Center. These are urban areas that represented the highest population in Iowa and will be critical in developing this business plan.Bilingual (spanish) mobile notary service
The Denison population as estimated in the current year is close to 10,000 individuals, of which close to 50% are Hispanic. Storm Lake has a population of around 12,000 individuals, with the Hispanic representing an estimated 40% of this population (MacNaughton, 2019). Perry has a population of 8,000 individuals, with 40% being Latinos. Marshalltown has a population of around 30,000 individuals, with 32% of this population being Latinos. Muscatine has a population of about 25,000 individuals, with 20% being Latinos. Sioux City has a population of around 90,000 individuals, with 20% being Latinos. Des Moines has a population of close to 220,000 people, and 15% of these are Latinos. The other remaining towns have an estimated Latino population of 15%. Of all Latinos in Iowa, 12% of them are below the age of 5 years, and the average family size is 3.57 as of 2017. Education levels of Latinos in Iowa are average. These statistics give us a better understanding of the condition the average Latino lives in Iowa. The house ownership rates are average with most Hispanics recording a mean annual income of $25000. Closely relating the mean income to the average family size of 3.57, it is considerably evident that most of them are living an average lifestyle.Bilingual (spanish) mobile notary service
On the aspect of competitors, a significant specialized group that offers online notary exist. Mobile notary service providers also exist. However, most look under-marketed and also most look like sole proprietorships. With the consideration of these facts, this business should closely integrate the aspect of technology in mechanizing all its operations. As proposed, this mobile notary service should have an online booking website, where applicants can fill in forms and book for mobile notary services. This will ease our operations as we will often visit Towns based on the existing number of reserved notary service applications. While this is a mobile notary service and by considering that the individuals in the area are not entirely tech-savvy, we opt to not complicate this by providing options for fully online notary services. The fully online notary services will be a long-term goal, and the key priority is groundbreaking. The first marketing plan would be to use the available local radio station to notify the public of our new service (MacNaughton, 2019). This would be followed up by public awareness campaigns through roadshows and also the distribution of business leaflets. These leaflets would contain our contact information, and potential clients would use them to contact us. We would also provide a breakdown of the expected fees to ensure transparency in service delivery. Our current marketing plan would be to remain competitive by scaling down the fees charged to our clients with consideration of the existing market rates. This would ensure that we stand out as the most affordable mobile notary service provider in the region. With these in place, we will work on delivering customer service as a strategical approach towards the building of loyalty in the area. Bilingual (spanish) mobile notary service
Operations and Development plan
According to our business plan, we will need to secure a running website, and this would require us to hire a web developer for this task. The proposed website should have an easy layout and should have a booking form where users can book for our services. The users will need to attach their details, list the documents to be forwarded for the notary service, select their location and then finalize the booking process. This will significantly ease our operations as this will ensure that applicants who are many in a particular area are given priority. In our laid out plan, there is the need to hire a personal driver for our notary service agent and also facilitate the acquisition of an automobile that will be used for the mobile notary service (Rubright, 2019). Another consideration is to ensure compliance with the law by securing a notary agency license while also obtaining aby legal business certificates and permits. These are the essential requirements to start this business. While this is a mobile notary service business, our long-term goal is to establish office premises that will act as the base for our operations. Future expansion plans would include the acquisition of more vehicles and agents for this business. The long-term perspective of our business is, therefore, continued expansion to other states bordering Iowa.
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Management Team
The groundbreaking team responsible for initializing this startup can consist of an average of 2-3 people. Depending on the allocated budget, the business can also start with a sole individual; who will act as the customer care, driver and notary agent. The logistics of this business are, therefore, manageable by an individual and this is what makes the capital needed to start the business relatively low (Rubright, 2019). The expansion of the company might, therefore, see the need for other specialized personnel like specialized customer care, specialized IT technicians, drivers and also more notary agents.Bilingual (spanish) mobile notary service
Critical Risks
In any business, the existence of essential risks is a common occurrence and the capacity to mitigate the risks is what defines the qualification of a management team. The most common risk for this business would be the failure to get the return on Investment (ROI). This can significantly affect the running of the company as it will be already running in losses. The failure to generate decent net profits can affect the running of a business in that covering expenses will be a challenge and hence significantly affect the quality of service delivered. The listed information on the laid out business plan for a mobile notary service provider is, therefore, factual and applicable in a real-life scenario. A close analysis of the demographics of Hispanic people in Iowa presents an existing business opportunity for a prospective mobile notary agent. The need to, however, build trust through the provision of quality customer services is, therefore, critical as it will ensure that the business achieves customer loyalty and satisfaction.
Bilingual (spanish) mobile notary service
References
Bader, A. (2015). Latinos seek understanding. Veritas, 1(1), 8.
Johnson, D. C., Lynch, S., & Stephens, C. (2016). Educational language policy and the new Latino diaspora in Iowa.
MacNaughton, N. S. (2019). Health-seeking Behavior and Health Services Use by Latino Men in a Rural Iowa Community (Doctoral dissertation).
Rubright, J. D., Jodoin, M., & Barone, M. A. (2019). Examining demographics, prior academic performance, and United States Medical Licensing Examination scores. Academic Medicine, 94(3), 364-370.
Question.
Bilingual (spanish) mobile notary service . Will travel throughout Iowa in latino populated areas