Looking for a lucrative business option? While there are many potential choices, from fast-food restaurants to gyms and everything in between, most of them require a significant commitment of time, money, and effort. That leaves little time for you to enjoy your life as a successful business owner. Isn’t there something that offers the opportunity to create a thriving, profitable business but also enjoy your life?
One choice is to start an ATM business. Lucrative and recession-proof, this type of business also gives you plenty of flexibility so that you can have your cake and eat it too. How do you start an ATM business, though? It’s not as hard as you might think.
Make Sure You’re a Good Fit
Before you do anything else, make sure that you are a good fit for this type of business. Just because you have an entrepreneurial spirit does not necessarily mean that this is the right option for you. Successful ATM business owners should be:
- Tech Savvy – This is particularly true today as ATMs have evolved to include Internet connectivity, and even the ability to vend cryptocurrency like Bitcoin.
- Handy with Tools – ATMs combine electronics and machinery into a single form factor. There will be times that the machines break down. Being handy with tools can save you on repair bills and downtime.
- Security Knowledge – Working with ATMs often means dealing with cash (unless you go all-digital, but even then, security is a consideration). Knowing security best practices helps improve your safety while doing so.
- Local Knowledge – More than anything else, ATM business owners need to be familiar with the local area. Where is there a demand for an ATM? What business owners might be open to allowing you to install a machine? Where is the flow of foot traffic densest?
Do you fit the bill? If so, that’s great. There’s more you need to do, though.
Start Your Business
The next step is the hardest in many respects. You must start your actual business. You’ll probably need a business plan, at least if you intend to apply for financing of any type. If you’re going to bootstrap your business, a business plan is still a handy guide (and chances are good you’ll need one down the road anyway).
In addition to a business plan, you’ll need a business license. Depending on your state, you may have other requirements, too, such as an ATM vendor permit. Most small businesses will also need an occupancy permit, an Employer Identification Number, and possibly a sales tax permit. Once you have all this taken care of, it is time to move on to the next step.
Choose Your ATM Type
Unless you’re actively looking for them, how much do you really notice ATMs? Most people don’t until they need them. This leads to a lack of understanding regarding the vast range of machine types available today. You’ll need to dive into the options and choose the type (or types) right for your needs. Note that it is not unusual to use several types, with variations based on installation locations and audience type/need.
For instance, more affluent areas might benefit from a Bitcoin ATM, while less affluent areas might be better served by a more traditional cash-based ATM. As a note, if you go the Bitcoin ATM route, you will need to meet local regulations and register with BTMcompliance, obtain a FinCEN and ensure a steady supply of bitcoins for your customers. Once you’ve decided which types of machines you want, you will need to purchase your ATMs.
This step actually occurs in tandem with the previous step. You will need to decide where you want to install your ATMs, which means finding property owners willing to allow it. Some may be willing to allow this free of charge, particularly if the presence of the ATM will be a draw for customers. However, many will require that you pay rent for the space your machine(s) take up.
Kick Back and Grow Your Business
Once your ATMs are installed, running this type of business is really about maintenance and ensuring that your machines always have a supply of cash and/or bitcoins. The rest of your time can be spent building your business, marketing your machines, or just enjoying the flexibility of being your own boss.