If you are looking for a part time job or simply need more money, you should consider running an ATM machine business. Like all new business ventures, there are both advantages and disadvantages to starting. Fleshing out both points will help you determine if it is a smart business move for you.
Advantages of the ATM Business
Starting your own ATM machine business has many advantages. First, it is an extremely low maintenance job. There is a bit of work required in the startup phase, but after that the business tends to run itself. You will need to be on call to make sure everything is running smoothly, but you sit back as people use your machine and you generate income from service fees. You will contract with an ISO to handle bank transactions, so you don’t need to worry about any of those details. It is a very hands-off business that can generate a nice recurring income.
Disadvantages of the ATM Business
There are disadvantages to this job which may deter you from starting. To start ATM machine business, you will need at least $5,000 to $10,000. This money is used to purchase your machine and stock the machine in cash. You will make the money back over time, but in the beginning you do need these startup funds. This is the cost for just one machine – each additional machine will require thousands more dollars. You will need to make sure you live within driving distance of your ATM machines, and you have to be prepared to be on call at all times if there are any problems with your machines. If a machine needs servicing, you need to be able to attend to it, since a machine that isn’t working means lost profits for you. Finally, you may have difficulty finding a profitable location. ATMs are very widespread now, which means that many of the most lucrative spots have been taken. Still, with a little looking you may be able to find a great place with a lot of foot traffic that needs cash.
Understanding both the advantages and disadvantages of starting your own ATM machine business will help you determine if it is the right move for you. If not, remember that there are many ways to make money from home, such as starting a catering business. Comparing and contrasting each business will help you in your quest for successful self-employment.
- Getting Started With Your Own ATM Machine Business (gotfreebusinesscards.com)
- 3 Mistakes People Make When Starting An ATM Machine Business (onlinesurveysforcash.org)