When you think of starting a new business the first thing that comes to mind is MONEY! But before you start applying for loans, tapping out that 401K, or getting OPM "Other Peoples Money" there's something that is just as vital.
Mindset, having the right mindset is the drive that will get you through the trials and tribulations of going into business. We see the profits and how cool it looks to be an entrepreneur, but if you haven't trained your mind to accept the rough times than you won't make it. Your determination will determine how successful you are in being consistent in your business. You won't be denied. You will understand taking financial losses is part of the process. You will understand you won't be profitable right away and in some cases years. Who's willing to go through struggling to keep a business afloat and enduring setbacks before becoming successful?? If you have trained your mind to endure and sustain the process of success you will be unstoppable. You will know these things will happen and will be ready to adapt or find an alternate solution.
So if you don't have the correct mindset when you start a new business and you find out how stressful it is to obtain new customers, how strenuous marketing and sales can be, dealing with supply and demand, maintaining customer relationships. This will lead to the demise of your business among other things. Failing is a part of success and if you don't realize it, you won't last long building a business.
So How can this happen??? How much money do you stand to lose starting an ATM Business. There are plenty of Horror Stories to go around from trying to shortcut your way into starting a legit business. I am here to tell ya there's been some heartache and pain for some entrepreneurs getting into this industry. As with any business there are some bumpy roads and unexpected expenses. As you read continue reading I will share what to avoid so your ATM business won't end before you even get a chance to see your first profit.
While eager to get started with your first ATM, whether you've found a mentor or business partner, Don't shortcut buying an ATM. There are a lot of raw deals out there offering cheaper prices for ATMs without giving you the entire package. The best route is to do your research and get the best possible options with a trusted merchant. The best possible option is buying a new ATM with processing included at a monthly rate or either the lowest possible percentage per transaction. A horror story of a entrepreneur purchasing an ATM from Ebay later discovered the machine was out of date and non-compliant with processing chipped debit and credit cards (EMV Compliant). The machine was basically useless. The entrepreneur had to pay hundreds to get the ATM upgraded to accept the chipped credit and debit cards. This action resulted in him spending the same amount it would've cost to get a new machine, which was close to $2,100. The relationship you build with a merchant should be more of a partnership rather than someone simply taking advantage of processing fees and high cost sales of ATMs.
Just remember to inform yourself with the ATM industry before making big investments in a ATM machine. With that being said this is a very lucrative business and can serve you well as passive income or building wealth with a full fledged ATM business.
For quite sometime this business model of passive income has been low key and not made available to everyone. I'm here to tell you it's the greatest hidden gem out there. This business model is a low cost start up with no overhead and no complaining employees. The Automated Teller Machine (ATM) is a reliant machine that dispenses cash on demand for those who need it. The possibilities of locations are endless and is totally up to the Independent ATM Deployer (IAD). The person who owns the ATM will scout locations for businesses with the greatest opportunity for foot traffic. These are locations that have a lot of customers from day to day. Places where money is exchanged or used constantly such as convenient stores, bars, shopping plaza's, hotels, etc. The point of becoming profitable in this business is all about location. You have the mindset of the business owner who owns the brick and mortar. If you don't have customers, you don't have a business. It's as simple as that.
This business model can be managed by a person working a 9 to 5 or part time job. It requires maybe less than an hour a weak depending on the location. The ATM literally works on its own without lunch breaks, or any complaints. The biggest expense for this business model is the ATM itself, which for a standard machine can cost from $1700 to $2500 which is negotiable depending on the merchant. The business is so easy you can even download an app which tells you every time someone withdraws money from your ATM. It will tell you when you're low on cash, so you can refill it. How that's for making money while you sleep or working your full time job. The only time you have to spend time with the ATM is when you have to refill it with money (which takes less than 10 minutes). If and when there is an error or problem with the ATM, just remember they come with a 2 year 24 month warranty. Call the help line and they'll send a technician free of charge.
As for monthly cost, the processing fee (the system that connects the signal to the banks), and internet or landline fees, you can be looking at between $40-60 bucks a month. Keep in mind the more people that use your machine the more you make. You make profit from the surcharge fees of every transaction. So the potential for income goes to how well you scouted your business partner and location.
As of now physical money isn't going anywhere anytime soon. Due to credit/debit card fraud and charge backs from these cards. Cold Hard Cash will always have a major role in the everyday business dealings of society.