If you’re looking for a business opportunity that can produce a healthy revenue stream for relatively little effort, you might want to consider starting your own ATM business. People are constantly in need of cash, and when you place ATM machines in high traffic areas, you can generate a sizable income.
That being said, you don’t want to enter this business impulsively or unprepared. As with any enterprise, building a successful ATM business requires careful planning, startup work and usually some cash outlay. To help get you thinking in the right direction, here are 5 questions you should ask yourself before starting an ATM business.
1. Is this a primary business or side business?
Many business owners set up an ATM company as a side business to supplement one or more businesses they already own. Some entrepreneurs jump in with both feet and make ATMs their primary business. Which one are you? This is one of the first and most important questions you should ask yourself because the answer will greatly affect how much time and money you’re willing to invest.
2. What type of ATM business do I want?
Since ATM machines are found almost everywhere, not all ATM companies are shaped the same. Some entrepreneurs prefer the slow-and-steady approach, placing permanent or semi-permanent ATMs in strategic businesses and shopping areas to catch ongoing traffic. Others prefer to work in short bursts, placing pop-up ATMs at trade shows, festivals and similar large events to generate large amounts of revenue over the course of a few days at a time. Deciding how you want your business to be structured will inform the types of machines you use, as well as your time commitment.
3. Do I want to own the machines?
You must next decide whether you want to own your ATMs outright, or place them through a third-party company like National ATM. Owning your machines can generate more income per machine, but it falls on you to stock and maintain those machines, which can cost you more time and money. If you have a third party handle placement and management of the machines, you make less per machine, but it’s almost all passive income. All you do is provide the space.
4. What are my startup expenses?
Obviously, the answer to this question is informed by the last one. If you plan to buy all the machines, you’ll need more cash up front, or at least some sort of loan. If you operate your business through a third-party company, your cash outlay is considerably less. Determining how much money you have to invest up front will help answer these questions, as well as help you decide how many machines you can afford to start with.
5. What are my running costs?
Again, this question will hinge extensively on whether you own the machines. If you do, you should plan on at least $2000 a week to stock the machines, plus other expenses like electricity, Internet connection, ATM insurance, etc. If you have a third-party company manage the machines, these running costs go way down.
Whichever way you answer these questions for yourself, a well-planned ATM business can generate significant revenue for you. If you’re ready to explore your options, AtmMachines.com, LLC is here to help. Give us a call at 1-866-295-2329.