Owning an ATM is one of the thriving business ideas today. With so many entrepreneurs looking for low capital businesses, this idea is the most suitable one. After installation of the ATM, you don’t need a storefront or employees which significantly cut the operational costs. Besides being a low start-up idea, ATMs are also capable of paying back your expenses in less than six months. Another reason why you should invest in these machines is the convenience of managing the business off-site concerning your schedule. You may only visit the site once or twin every month depending on the amount stocked in the machine and its usage. This convenience makes the business an ideal idea for busy people or those looking for side hustles that require minimal attention. If you have been thinking about owning an ATM, we will highlight some of the steps you should follow for a successful installation and operation.
Secure Adequate Capital
As mentioned above, ATM business is a low capital idea that makes it ideal for people with a strict budget. You can purchase the first machine for as little as $2000 and stock it for $500 at minimum. Most investors stock their machines with between $1000 and $3000 which makes $3000 sufficient capital to begin the ATM business. In cases where there are no franchise fees (which is mostly the case), it is possible to pay off the machine in the first six months or less after which you begin making profits. These machines can last as long as 7 to 8 years and more which translates to long-term profits. It is advisable, to begin with, one or two machines, gain experience and earn adequate profits to allow you to expand the business later on.
Identify A Perfect Location(s)
The location plays a significant role in owning an ATM. A perfectly located ATM makes utmost profits as it is easily accessible to most potential customers. Locating an ATM outside a restaurant or at the heart of the city increases the possible customers that are likely to come along which translates to more profits. Contrary to most people’s belief, you don’t have to own a business to get an ATM. You can identify a certain thriving business and situate your machine outside or inside. To place the machine inside the premises, however, you should talk and agree with the business owner to avoid any legal issues.
There are several reasons why business owners may want an ATM inside their premises. Besides lowering their credit card costs, this decision may also mean more cash being spent while attracting more potential customers in the form of ATM users. Some of the high traffic locations that you should consider when looking for a perfect location for your ATM include:
? Coffee and barber shops
? Small cash-only restaurants
? Pubs and bars
? Internet cafes
? Beauty and hair salons
? Hotels and motels
? Check cashing stores
? Laundromats
? Cannabis dispensaries
? Pharmacies
? Tobacco/vape stores
? Quick loans stores
There is no better location than the other. Find one with the heaviest foot traffic as it determines your profits in the end.