Aspiring entrepreneurs who are looking to “get-rich-quick” always turn to ideas where they think they can put in the minimal amount of work, yet yield the maximum (and sometimes most ludicrous sounding) amount of money in a short amount of time. Sadly, they’re also the ones who are more likely to buy or invest in anything that “sounds” good without really researching and fully investigating the idea.
There is absolutely nothing wrong with buying or starting new businesses with the sole goal of making lots of money. But what IS wrong is when the idea of making large amount of money overshadows the amount of initial work and commitment that it will really take before any budding new business takes off the ground.
The ATM business is a very good entrepreneurial endeavor and does yield a lot of revenue for ATM owners. However, going into business as an ATM entrepreneur is just not right for some people and their mode of thinking, and can quickly turn into the worst thing they’ve ever done.
No Money
As an aspiring ATM entrepreneur, if you don’t have any reserved money to invest into this business, then it may be a bad idea for you. Although getting into the business only requires a nominal amount of money, you do have to and need to be prepared to spend something to get the business set up. This is not a cookie-cutter business or a “business-in-a-box” and you will see that you’re going to need to treat the investment as a serious endeavor and be prepared to spend a few thousand dollars. Whether you obtain a small business loan or borrow the money, you will need to have something to get started.
No Business Plan
If you don’t have a plan of action or a comprehensive business plan, it’s not a good idea to go full force into this business. However, without a business plan, it WILL be difficult for you to be successful in this business. Too often, new entrepreneurs think they can perhaps install a few ATM’s at random locations and just rake in the cash without planning or forecasting. A solid business plan will help guide you through setting up the business, establishing contacts, understanding and signing legal contracts, planning for business changes, including profitable times and when there’s a loss of revenue due to unforeseen circumstances. A good business plan will also guide you on how to effectively market your ATM business and even what type(s) of software products you’ll need to have for your ATM’s, depending on their locations.
No Legal Agreements
Speaking of legal issues, contracts that are properly signed and worded are of the utmost importance for this kind of business. Verbal agreements are certainly great to have, but in the ATM business, you need to have comprehensive agreement contracts that cover each area and responsibility of the business as well as ensuring that you are covered as a businessperson.
No Mentor
With those legal issues, marketing issues, finding good ATM locations and even locating ATM investors for your business can best be covered with the help of a business mentor. This would, of course, preferably be someone who has or is currently in the ATM business world. They can help guide you and offer suggestions on your ATM business journey. However, if you are planning to simply dive into the business without any mentoring or guidance, you may be taking on much more than you can handle. Yes, you can certainly have success without a mentor, but you’ll have that success much sooner and without as many hiccups if you secure a mentor to help you along the way.
So, Is the ATM Business a Bad Idea?
With the aid of a good mentor, solid business information and an acute awareness of what you can expect out of the ATM business, you certainly can find great success and form a profitable business. Regardless of the length of time it may take, which can be shorter or longer for each person, your goal should be to build a solid, profitable, sustaining ATM business that will reap monetary rewards and personal satisfaction.