Need some business ideas

[DragonFaerie]

I really, really, really want to operate a business from home, but I have no idea what.  I used to own a mortgage loan processing company and would love to do that again.  But, as we all know, the mortgage industry has gone to crap.  Not only that, but my state now requires processors to be licensed (which I can’t afford to do), and I have not been in the business in about 7 years, so I don’t have any current knowledge/experience given all the recent changes.

 

That said, I would love to do something like that again, but what?  I like paperwork (strange but true).  I love to coordinate and organize paperwork (being a processor, my job was to collect all the loan documentation, submit it to the lender, obtain any additional documentation, and make sure the file was complete for closing).  As a processor, I liked the challenge of thinking outside the box to make loans work for people (no, I never did or dealt with anything shady or any of the bad lending practices) .  I like doing all of the business management stuff (record-keeping, making forms, spreadsheets, etc.), too.  What I am not good at is any type of sales (the loan officers brought in the loans; I just made them work) or face-to-face anything with people (phone is okay; computer is much, much better).  And while I enjoy coordinating and organizing, I don’t want to be picking up anybody’s dry cleaning or scheduling their flights and hotels.

 

I have done some research online but not come up with anything.  So, what are some business ideas that would let me organize, coordinate, and push papers to my heart’s content?

[Jane in NC]

When my husband's mother died, he hired a person who sorted through the stacks of medical bills.  She questioned codes, double billings, appropriate charges.  It would have driven us nuts so we thought she was worth her weight in gold.

 

You may need specific medical knowledge for something like this, but we thought it was a great service.

[Dandelion]

Sounds like you might enjoy working as a "Virtual Assistant" (VA).  You could start up your own VA business, or work from home for one of the many companies out there.  Check out the International Virtual Assistants Association for more info: http://www.ivaa.org

 

How about using your mortgage loan processing expertise to start up a business that supports other mortgage companies?

 

You could become a type of "consultant" to mortgage companies and:

- do mortgage loan processing contract work (other companies hire you on a temporary basis to fill in when they have overflow work, etc.) - would you need to be licensed just to do some of their paperwork and administrative tasks?

- offer consultation/advice on some aspect of their business (process improvement, etc.), work with them to streamline their office, etc.

- start up a blog covering the mortgage industry for your area and provide tips/hints to consumers - sell advertising space on your blog to local mortgage companies (the blog would also be a great way to get the word out about your consulting/contract work)

[DragonFaerie]

When my husband's mother died, he hired a person who sorted through the stacks of medical bills.  She questioned codes, double billings, appropriate charges.  It would have driven us nuts so we thought she was worth her weight in gold.

 

You may need specific medical knowledge for something like this, but we thought it was a great service.

 

The organizing part I could do, but probably not the actual bill reviews, coding, etc.  Thanks for the suggestion, though!

 

Sounds like you might enjoy working as a "Virtual Assistant" (VA).  You could start up your own VA business, or work from home for one of the many companies out there.  Check out the International Virtual Assistants Association for more info: http://www.ivaa.org

 

How about using your mortgage loan processing expertise to start up a business that supports other mortgage companies?

 

You could become a type of "consultant" to mortgage companies and:

- do mortgage loan processing contract work (other companies hire you on a temporary basis to fill in when they have overflow work, etc.) - would you need to be licensed just to do some of their paperwork and administrative tasks?

- offer consultation/advice on some aspect of their business (process improvement, etc.), work with them to streamline their office, etc.

- start up a blog covering the mortgage industry for your area and provide tips/hints to consumers - sell advertising space on your blog to local mortgage companies (the blog would also be a great way to get the word out about your consulting/contract work)

 

Contract processing is what I used to do before the licensing requirements were enacted.  Now, yes, that does require licensing.  I like the consulting aspect, though I'm not sure the industry has recovered enough for loan companies to want to pay for that kind of service.  I do like the blog idea, though.  I'll have to look into that.  But do blogs really make any money?  I know the really popular ones with tons of readers can, but I didn't think that was true of the average blogger.

[plansrme]

Ooooh, oooh, I know! When we adopted internationally 12 years ago, we hired a woman to prepare our dossier. She took care of everything after the notarization--the authentication and whatever the other steps were, for a flat fee. There was copying and mailing and about a thousand other things I did not have time to do. I don't know what dossier prep is like these days, but surely it is no easier.

[Dandelion]

I do like the blog idea, though.  I'll have to look into that.  But do blogs really make any money?  I know the really popular ones with tons of readers can, but I didn't think that was true of the average blogger.

 

It takes a long time to build up your blog, and blog readership, before you can start making money from your blog.  But it is possible, and in the meantime, a blog is a great (and inexpensive) way to get your name out there and let people know about what you offer. I suggested it more as a form of advertising your business/other services, with the idea that in time, the blog itself can bring in income as well. 

[DragonFaerie]

Ooooh, oooh, I know! When we adopted internationally 12 years ago, we hired a woman to prepare our dossier. She took care of everything after the notarization--the authentication and whatever the other steps were, for a flat fee. There was copying and mailing and about a thousand other things I did not have time to do. I don't know what dossier prep is like these days, but surely it is no easier.

 

Do you have any idea what is involved with learning how to do this?

[SpecialClassical]

Do you have any idea what is involved with learning how to do this?

I don't think the learning curve would be too bad. Basically adoption agencies have it all laid out, but you would need to consult adoption professionals about state requirements. What was suggested above along with keeping tabs on the documents prepared by the agency would be a valuable service.

 

It drove me nuts that I had to double check everything the agency did for accuracy. For instance, they created one document that listed my son's name as the region where he was born (as if his name was Detroit or Gratiot). And in the same document they said he was located in Korea- he was in an African country!

 

In our experience we have found that most social workers had hearts a mile wide and organizational skills an inch deep.

[plansrme]

Do you have any idea what is involved with learning how to do this?

 

If you study a couple of adoption agencies' websites, you can probably find some that are pretty explicit.  At the time, everything had to be notarized, which we did; then it has to be sent to the county that issues the notary's seal, and they verify it and send it back; then it goes to the Secretary of State in our state, which then sends it back; then it went to the Chinese (in our case) consulate and back.  Every single piece of paper--our medical records, police report, home study, I don't remember what all.  But we got everything notarized (first step) and mailed it to our paper trail person/paperwork angel.  She had adopted from China as well, but before that was a paralegal or something else paper-intensive.

 

There are probably websites now for such services--maybe try googling "adoption dossier preparation."

[DragonFaerie]

Thanks for the suggestions, but I don't think the adoption dossier route will be for me.  There is a lot to it and it is so very sensitive and dear to people that I wouldn't feel comfortable trying to learn my way through someone's life like that.  People who are adopting deserve someone who knows exactly what they're doing and can help them much better than that. 

 

Any other ideas?

[Happy]

I think the VA is a good idea. Perhaps you could work with a team of real estate agents...helping coordinate transactions, doing office work (MLS entry, scanning paperwork, stuffing envelopes.) Your knowledge of the mortgage industry would be a blessing, I think.

 

I wish you could go to work for a title company, but that's not home based at all.

 

 

[DragonFaerie]

I think the VA is a good idea. Perhaps you could work with a team of real estate agents...helping coordinate transactions, doing office work (MLS entry, scanning paperwork, stuffing envelopes.) Your knowledge of the mortgage industry would be a blessing, I think.

 

I wish you could go to work for a title company, but that's not home based at all.

 

My concern with being a VA is the whole schedule-my-family's-vacation thing.  I have this terrible image of being somebody's peon that has to arrange for their housekeeping and call the kid's school when Junior is sick.  I really don't want to be anybody's "personal assistant."

I love the idea of working with Realtors again.  I actually did that for years before I moved into the mortgage industry.  But, alas, the lousy housing market affects Realtors, too.  I don't think many of them are hiring assistants anymore.

[duckabell]

When I first read your post my first thought was to become a VA as well.  You can set your own hours and if you do work on more of a project basis where you just have a deadline then you could work whenever, as long as the work was done.

[DragonFaerie]

When I first read your post my first thought was to become a VA as well.  You can set your own hours and if you do work on more of a project basis where you just have a deadline then you could work whenever, as long as the work was done.

 

I guess I'm having trouble imagining the types of a jobs a VA does that aren't of the personal assistant variety.  Also, how does one market VA services?

 

[Dandelion]

My concern with being a VA is the whole schedule-my-family's-vacation thing.  I have this terrible image of being somebody's peon that has to arrange for their housekeeping and call the kid's school when Junior is sick.  I really don't want to be anybody's "personal assistant."

I love the idea of working with Realtors again.  I actually did that for years before I moved into the mortgage industry.  But, alas, the lousy housing market affects Realtors, too.  I don't think many of them are hiring assistants anymore.

 

While there are VA positions where you are more of a personal assistant, there are many VA positions where you are purely doing exactly the kind of work you said you enjoy (administrative, paperwork, etc.). 

 

If you start up your own VA business, you'd be negotiating the type of support/hours you're available with each client.  You wouldn't have any of the issues you've outlined above.

 

 

I guess I'm having trouble imagining the types of a jobs a VA does that aren't of the personal assistant variety.  Also, how does one market VA services?
 

 

The International Virtual Assistants Association website that I linked in my original post above has a page covering 101 Ways to Use a Virtual Assistant (geared towards companies that might hire a VA).  

 

Here's an excerpt from that page relating to Real Estate (since you mentioned that as an area of interest): 

 

Real Estate Assistance

• You have a motivated seller and want to emphasize that you're organized, professional, and committed to their needs. VA prepares pre-listing/pre-sale package, including your resume of past sales; client testimonials; advice about pricing, selling time and staging; and other important questions to think about. You send VA seller's contact info and VA prints and sends package. This can both give you an advantage for listing appointments and decrease length of appointments.
• You spend too much time scheduling showings and reporting to clients, with many phone calls back and forth. VA keeps in touch with clients and does your scheduling for you, using calendar you can both access online with the touch of a button.
• You need a flyer designed for your newest listing. You e-mail VA room descriptions and photos. Skilled in real-estate specific programs, VA enhances photos and writes text to romance listing. VA e-mails flyer to your list of buyers and interested agents.
• You send VA new listings, changes to current listings, price reductions, etc. VA enters them into MLS and your potential clients are e-mailed about updates.
• You need an edge over other real estate professionals who don't yet provide virtual tours of their properties. VA arranges panoramic visual tours of your homes for sale or creates dynamic Web commercial using your still photos.
• You'd like to show an attractive listing presentation to your potential clients. A VA skilled in using multimedia software creates presentation that you can show from your computer and creates CD you can leave with your clients.
• You want to thank those who have referred you clients and make sure your name stays at the top of their minds. VA creates attractive thank-you notes and birthday cards and sends them out on your behalf, as well as helps you choose and send custom closing gifts.

In terms of how to market your services, you can either sign on with a VA company (where you contract with them and they send you job assignments), or you can start up your own VA business.  In the case of the latter, you can market your services through associations like the IVAA (and there are others as well). You would also market your VA business online through various channels (your own website, adding your listing to online VA directories, responding to VA job listings on freelance websites, etc.).  Googling "how to market your online business" will bring up lots of ideas.

[DragonFaerie]

Thanks so much, Julie!  That is great, and it's gotten my wheels turning for how I might make this work.  My biggest concern is whether or not there is really a market out there.  Then again, I see that IVAA actually offers certification in real estate assistance.  Hmmm....

[DragonFaerie]

Actually, in reading over that list, I already have experience doing a lot of that. :-)

[duckabell]

Another great resource is an ebook called The Bootstrap VA http://www.thebootstrapva.com/. You can also buy it on Amazon, but it's a good overview of the industry and how to get started as a VA. The author does more helping with blogs as opposed to the type of work you have experience in, but I bet a lot would still apply.  There are also VA groups on Facebook as well as VA forums that would have more information. 

 

I'm not a VA, but I have been a transcriptionist from home and there are some similarities between the two. 

[LucyStoner]

How do you feel about mailings?  When I worked in non-profits, my favorite mailing services were the small ones people ran out of their garages.  I have often contemplated opening a full service mailing house for non-profits where I edit, design and send their annual and special appeals.  It's good money.  

[DragonFaerie]

Another great resource is an ebook called The Bootstrap VA http://www.thebootstrapva.com/. You can also buy it on Amazon, but it's a good overview of the industry and how to get started as a VA. The author does more helping with blogs as opposed to the type of work you have experience in, but I bet a lot would still apply.  There are also VA groups on Facebook as well as VA forums that would have more information. 

 

I'm not a VA, but I have been a transcriptionist from home and there are some similarities between the two. 

 

I'm a transcriptionist now, but it's not enough.  I'm also not sure I could manage to sit and type for hours and hours every day in order to make enough money.

 

 

How do you feel about mailings?  When I worked in non-profits, my favorite mailing services were the small ones people ran out of their garages.  I have often contemplated opening a full service mailing house for non-profits where I edit, design and send their annual and special appeals.  It's good money.  

 

This is intriguing.  I have experience writing and creating flyers, newsletters, recruiting campaigns, etc.  How does a mailing house work?

[LucyStoner]

 

 

This is intriguing.  I have experience writing and creating flyers, newsletters, recruiting campaigns, etc.  How does a mailing house work?

 

At a bare minimum they collate, stuff and mail out their customer's big bulk mailings.  Some will do things like hand address, hard stamp or personalize each letter (for a larger fee).  Sometimes the mailing house does the design and/or printing, other times the customer drops off everything that needs to be stuffed.  A great printer or a relationship with a good small printing shop, a little knowledge of sending out bulk mail, and perhaps a letter folder machine and you are in business.  In my head, my shop also offers document shredding.  But that is some investment of equipment.  The demand is there in my region big time.  Quite often the time that I would spend coordinating volunteers for these tasks was too big of an opportunity cost compared to the money I could raise by meeting with donors etc so paying a mailing house was far more efficient and generated more revenue for the organization's mission.  A lot of organizations have a list but no fundraising savvy or development staff so my idea is that by offering a full service write+mail service, I could help organizations raise funds efficiently when they don't really have the capacity or need for a FT development oriented person.  Thus far since leaving my FT in-house job, I have really just done the campaign consulting and writing/editing appeals anf grants (ugh, I hate grants) but if I ever need to make a living on my own and have the space, I think adding mailing would make the service very appealing.