Tag Archive for: atm business owners

7 Myths About Running an ATM Business in the US

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Running an ATM business is the ultimate side hustle. It offers faster ROIs, lower start-up costs, and fewer barriers than most other side gigs or passive income streams. But there are some common myths and misconceptions about running an ATM business. You might even be surprised to find out that not all ATMs are owned by banks!

What does it entail? What are the possibilities? Once you have an idea of what you can realistically expect from running an ATM business, then you can confidently make the decision to get started yourself! Don’t let the wrong impressions keep you from making a little extra money.

1. Get Rich Quick

There are ATM business gurus who will try to appeal to you with their successful business models that generate thousands of dollars a month. They did it, and so can you. 

While it is absolutely possible to generate a $50,000-$60,000 income with an ATM business, it takes hard work and dedication to get to that point. Many independent ATM deployers (IADs) start with just one ATM machine to generate some extra spending money. It isn’t until you build an entire route of ATM machines that you will start seeing thousand-dollar paydays.

So, whether you want to get started with one machine and earn a few hundred bucks each month or scale up to 12-24 machines and make five to ten grand a month to support yourself, make sure you maintain realistic expectations. You might not get rich, but with a little time and effort, you can definitely make money running an ATM business.

2. Passive Income vs. Semi-Passive Income

You might hear revenue generated from running an ATM business referred to as “passive income”. Passive income typically means that you do some work one time, and that work continues to generate revenue without any further effort. For that reason, it is more accurate to say that an ATM business generates “semi-passive” income.

Running an ATM business generates passive income in the sense that you make money while you do other things: work another job, play golf, sleep…. You make money from your ATM machine(s) without being tied to a location for hours a day. However, it is really only semi-passive because you do have to maintain your business; you don’t just put in the work one time and then forget about it.

You have to make sure your machine is always stocked with cash. You have to address any error codes, repairs, or software updates. And you should probably be regularly monitoring your ATM activity to ensure everything is always running smoothly. But remember, you can monitor activity remotely. That’s the beauty of running an ATM business!

3. You Need Business Experience or Technical Skills

Another common myth that keeps many people from getting into the ATM business is the notion that they need some sort of business experience, technical skills, or industry knowledge. And that simply isn’t the case.

These are all things that you can gain on-the-job. As an ATM business owner, you will be in business for yourself—an entrepreneur. You are the boss; you call the shots. So in that respect, yes, you do need some business acumen. But many IADs get their entrepreneurial start with their first ATM machine; no prior education or training necessary.

But what about technically operating an ATM machine? Well, if you’ve ever used one yourself, you pretty much already know how it works and what the components are. ATM machines are not complex, and each new model is designed to be more user-friendly than the previous; rapid technological advancements and a competitive market make this possible.

Then there are plenty of resources available to you. From technicians to user manuals to Facebook groups to YouTube videos, there is no shortage of information out there. Especially if you work with a reputable ATM processing company dedicated to your success, they’ll walk you through each step you need to get started.

Running an ATM business is not easy. But it is simple. It is simple enough that anyone can do it with the right resources.

4. Easy to Find Profitable Locations

Running an ATM business is not easy. It will require a little leg work. For example, you have to find a location from which to operate your ATM machine. This could be as simple as finding an old, run-down, frequently out-of-order machine and offering to replace it. Or, you might know someone already who owns a retail store and wants to offer ATM service to their customers. Or, you might just have to ask around to find an interested location.

But negotiating a placement agreement isn’t all you need to make money. You want a location that will generate a lot of business for you. So the best locations are going to be high traffic areas with high cash needs. And those aren’t always so easy to find.

Don’t be discouraged. Another benefit of running an ATM business is that if one location isn’t doing well, you can always move it or just place another one somewhere else! An ATM business offers you that flexibility.

5. Easy to Get a Bank Account

Many new ATM entrepreneurs underestimate the patience and finesse required to open an ATM business bank account. Unfortunately, it isn’t as easy as opening an average business bank account. Regularly providing an IAD with large volumes of cash presents banks with a degree of risk and extra effort.

So for a bank to open an ATM business bank account, they have to be sure it will make them money and be worth their time. Be prepared to purchase a number of products (open a line of credit, fund multiple accounts, etc.) to prove that you are a worthwhile customer. And of course, be respectful, patient, and grateful. Some banks don’t open ATM business bank accounts at all. Others might simply refuse you. Just move on and keep looking!

6. You Have to Have an LLC

This often worries a lot of new ATM entrepreneurs because they don’t want to mess with the fees associated with forming and maintaining an LLC. But the good news is that you don’t have to, and most IADs don’t. The most common way to establish your ATM business entity is as a sole proprietor with a fictitious “doing business as” (DBA) business name.

However, if you do plan to scale your business to include a route of multiple machines, an LLC might be a good idea because of the limited liability protection it offers. But if you are just starting out with one or two machines, a sole proprietorship will suffice, and you can always purchase general liability insurance if you want that peace of mind.

7. Cash Is Obsolete

Maybe the biggest myth about running an ATM business in the United States is that cash is becoming obsolete. This keeps a lot of people from investing in an ATM business because they worry about the security and longevity of it.

But while cash is currently competing with a number of digital payment methods, we will not become a cashless society any time soon. There is still too much tradition tied up in cash and there are too many benefits associated with cash payments. 

Cash allows people to budget, avoid debt, conduct business without a paper trail, and manage without a bank account. And, more and more businesses are pushing for cash payments and becoming cash only in an effort to alleviate credit card processing fees. 

So as long as there is a need for cash, there will be a need for ATM machines. And as long as there is a need for ATM machines, there are business opportunities for you.

Conclusion

Now that you know the truth about running an ATM business, hopefully you feel better prepared. There are many reasons why an ATM business is the ultimate side hustle. You can be your own boss, earn semi-passive income, and rest assured that your ATM service will always be needed!

Still not convinced that anyone can start an ATM business? Check out the ATM Business Road Map completely risk free! Take a look at the first three modules, and if it’s not for you, just email us within 30 days of purchase for a full refund.

If you are ready to start your semi-passive ultimate side hustle running an ATM business, get your ATM startup kit today!

7 Benefits of Getting an ATM Business Mentor

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A business mentor is a valuable resource in any industry. Having a mentor provides you with access to years of experience you don’t already have if you are just getting started. When starting a business, you don’t have to reinvent the wheel. Learn from others’ mistakes, repeat what works, and be humble enough to ask for help and admit when you don’t know something. Otherwise, your path to success will likely be a long and rocky one.

An ATM business is no different. Any business mentor will be able to give you business advice to a certain extent. There are some ins and outs that all businesses share. But a business mentor with specific ATM industry experience is a rare find. 

If you’re interested in generating passive income with an ATM business, you’re in the right place. In this article, you’ll find out all of the value an ATM business mentor can provide as well as how to get access to your own ATM business mentor who will be by your side every step of the way.

1. Get Answers to Your Questions  

One of the obvious benefits of an ATM business mentor is having someone to answer all of your questions. Yes, you can find answers to your questions from a variety of sources. But how long will that take? 

You might not find an answer that applies to your unique situation. You might come across outdated or incorrect information. And if you enlist the help of other individuals, you are at the mercy of their busy schedules.

Basically, having a dedicated ATM business mentor provides you with timely, reliable answers to your questions. You will rarely, if ever, have to spend time interpreting and discerning the different opinions you will get from a basic internet search or forum.

2. Avoid Mistakes

Plus, you don’t know what you don’t know. Without an ATM business mentor, how do you know whether or not you’re asking the right questions? Some of your questions might only arise after a mistake has been made and needs to be fixed. 

Without an ATM business mentor, you will make common mistakes that are easily avoidable. What you need is someone to give you a heads up! A good business mentor knows what you should do, but also what you should not do. This can save you time, money, and unnecessary stress.

3. Get Started Faster

There is a lot to do when starting an ATM business. You have to complete all of the necessary paperwork, get a business bank account set up, establish a location, purchase equipment…. That’s a lot of steps and a lot of new territory to navigate. 

But do you know what happens when you work with an ATM business mentor? You get started faster! Given your financial circumstances, how soon do you need to start making revenue? The longer it takes you to get started, the longer it will take to start making money.

Working with an ATM business mentor can help streamline the process. It can also help keep you accountable. That way, if you start to feel lost or overwhelmed, you’re less likely to abandon the idea altogether. So rather than waste time and resources trying to go it alone, invest in an ATM business mentor to increase your chances of success.

4. Make More Money

The sooner you get started, the sooner you can start making money! You will also save money by avoiding simple mistakes. The less money you have to put into your business, the more you get to put in your pocket.

And the smoother your business runs, the better your service will be. This will earn you more contracts, more customers, and before you know it, you’ll be making a steady flow of passive income.

5. Receive Ongoing Support

It’s important to remember that once your business is up and running, your questions and learning won’t stop there. Parents don’t send their kids off into the world once they learn to walk; there’s years of development in between.

Having an ATM business mentor ensures that you aren’t alone in your business once you’re operational. When extenuating circumstances arise, you will still want someone there to guide you through your situation. 

Your business will change over time, too. You might want to adjust the role you play in your business. You might want to scale your business. These changes will be easier and smoother with an established ATM business mentor who can help you make the best decision for you based on your unique situation and goals.

6. Borrow Authority

It can be difficult to gain clients and customers without any previous experience. Many people fall victim to imposter syndrome, wondering how they can assure people that they are serious, dedicated, and professional without any proof to back it up. 

This is where borrowing authority comes in handy. If you can align yourself with someone who is well-established, people will feel more comfortable with you and will take you more seriously. It also proves that you have access to the knowledge, tools, and resources you’ll need to do a good job. 

Aligning yourself with someone who has years of experience provides you with access to more and better networking opportunities, too. If you are ever in a position where you need to connect with other industry professionals, your ATM business mentor will know just where to look and who to call. They can introduce you to valuable contacts, potential clients, or partners, which can open doors for your business.

7. Try the Business Risk-Free

Finally, working with an ATM business mentor can allow you to explore various aspects of the business before jumping right in. This way, you can determine whether or not an ATM business is right for you before you get started. 

There are some questions you will have and things you will want to know before you invest your time and money. If you take advantage of the ATM Business Road Map, for example, you get access to mentorship from ATMDepot.com’s own founder and CEO, Noah Weider, with a 30-day money-back guarantee.

That means that if after 30 days (or 3 out of the 9 modules) you don’t think the ATM business or mentorship is right for you, then you haven’t lost anything!

Conclusion

Overall, having a business mentor can accelerate your learning curve, increase your chances of success, and provide invaluable support throughout your entrepreneurial journey. You don’t have to look any further for an ATM business mentor. The ATM Business Road Map has everything you need to get you started in the ATM business plus ongoing support throughout your business journey.

If you are looking for an ATM business mentor, Noah Weider is a trusted name in the industry with years of experience behind him. He is motivated by the growing need for successful local ATM business owners and operators who know what they’re doing. If you’d like to generate a couple grand a month in residual income, you can get started today!

Is There a Business Training Program on How to Start an ATM Business?

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If you are looking for a business training program on how to start an ATM business, look no further. Now, you can get ATM business training, mentorship, equipment, and processing all in one place. 

A good ATM business training program doesn’t just provide you with a set of steps and instructions. It also provides a wealth of resources and ongoing support, all from someone who’s been there and seen it all.

That business training program exists, and it’s the ATM Business Road Map. Created by ATMDepot.com founder and CEO Noah Wieder, the ATM Business Road Map allows you to start your ATM business today with tools, resources, and instructions you can reference as you go. 

A road map doesn’t provide one direction at a time. It shows the route from beginning to end with all of the turns along the way. You can see where you’re at, where you’re going, and all of the places you might need to stop (fuel, food, rest, etc.) as you travel. 

Similarly, the ATM Business Road Map provides you with the information you need as you need it. With Noah Wieder as your navigator, you can be confident that you will get from point A to point B without getting lost.

What Does an ATM Business Training Program Include?

There are a few topics you should expect from a good ATM business training program, most of which are based on frequently asked questions. For example:

Market Research and Placement

You will want to know how to gauge the market in your particular area. What should you look for when it comes to scoping out a location for an ATM machine? How can you be sure that a location will be successful for your ATM? How can you negotiate a place to operate your ATM from? Who is your competition and how can you keep up?

Business Setup and Documentation

You will also need to know how to navigate legal and regulatory requirements. How will you establish your business? What’s the best way to set up a business bank account? What documentation will you need? 

Business Model and Goals

There is a lot of room for customization with an ATM business. What do you want yours to look like? What are your goals? Which skills, resources, and assets do you already have and which ones do you need? 

Equipment and Installation

Then you need to choose your equipment. Which machine is best? Which one is best for you? Should you purchase any upgrades? Right away or after you start generating revenue? What does installation and programming look like? Will you install the machine yourself or hire it out?

Maintenance and Monitoring

Once you have your equipment, you need to consider ongoing maintenance. What will this include? What tools and resources will you need? How much cash should you load? Where do you get the cash? Who will be responsible for loading the cash in the machine? How will you monitor the activity on your machine? How will you handle customer service?

Marketing and Customer Acquisition

And, the most important questions might be about getting customers. Who are your customers? How will you attract customers to your ATM machine? What do customers in your area need and want from an ATM service? How can you provide it? 

You’ll be able to answer all of these questions and more, confidently, with the help of the ATM Business Road Map.

ATM Business Road Map Training Program

“I’ve been around the block, and I’ve seen it all,” says Wieder. “But there’s one business model that stands out like a diamond in the rough – the ATM business.” 

The goal of the ATM Business Road Map is to help you generate a steady flow of passive income from one or more ATM machines. If you want to

  • Call the shots
  • Be your own boss
  • Earn passive income
  • Achieve financial security
  • Quit your day job
  • Spend more time with friends, family, and hobbies

then it’s time to get your ATM Business Road Map.  

This program wasn’t designed to be something you take once and never return to. It was created as a resource you can come back to time and again as you progress through different stages in your business. The program includes over 50 video lesson modules and hundreds of pages of resource material. To ensure your success, simply follow the road map.

Meet Your Mentor: Noah Wieder

From Zero…

Noah Wieder has been in the ATM business for 30 over years. Before he got started in the ATM industry, he was hustling. After graduating from college, he moved from upstate New York to San Diego, California with everything he could fit into his van—and with no job lined up.

He worked in the merchant processing industry until he became the first employee of U.S. ATM and one of the first Tidel ATM technicians. He later founded XtraCash ATM for the National Bankcard Association, Inc. and was among the first five people invited to join the very first Triton ATM Advisory Committee. 

Wieder has been training ATM entrepreneurs since the late ‘90s when he held quarterly business opportunity training seminars. 

He installed ATMs in 190 San Diego-area McDonald’s locations, helped coin the term “McMoney,” and installed over 5,000 ATMs nationwide over the span of 5 years.

Wieder worked for 2 years as the V.P. of ATM Sales & Marketing for CIBC before setting off on his own and starting ATMDepot.com in 2002. He grew the business slowly, solely from cash flow, and barely made enough to buy a cup of coffee with his first residual check. 

…To Hero

Today, ATMDepot.com is debt-free, manages over 3,500 ATMs, and has nearly 2,000 independent ATM deployers (IADs) as clients who receive education, training, sales, service, and support.

There’s a reason Wieder has worked in the ATM industry for over 30 years: it’s the ultimate side hustle. He created the ATM Business Road Map to address the growing need for successful local ATM business owners and operators who know what they’re doing and are doing it right. 

Wieder has learned from all of the mistakes so that you don’t have to. He’s put all of that experience into one ATM business training program to help you get from wherever you are to generating a couple grand a month in residual income.

Why Choose the ATM Business Road Map Training System?

The ATM business has one of the fastest ROIs and lowest barriers of entry of any side hustle or semi-passive income stream. Simply invest in a machine, find a location, and set it up. Before you know it, your investment will pay for itself. Get a dozen machines up and running, and you’re easily making $50,000-$60,000 a year—a salary that most people would earn from grueling 40+ hour work weeks—almost passively!

You can find training programs through online courses, industry associations, or specialized consulting firms that focus on ATM business startups. But working with an experienced ATM operator provides the most valuable insights, knowledge, resources, and support.

Satisfaction Guaranteed

Still not sure if this ATM Business Road Map is right for you? Try it for 30 days with no risk! If you’re unhappy with the course for any reason, just email us within 30 days of purchase or before you start Module 4.2 for a full refund.

Plus, in addition to lifetime access to the ATM Business Road Map Training System, you’ll also receive 

  • Lifetime access to the full slide reference guide which includes all module notes, bonus modules, all terms, test your knowledge quizzes for each module, and a task list
  • Lifetime access to the digital version of Wieder’s new book, How to Start and Grow an ATM Business: The Ultimate Side Hustle
  • A full 12 months of access to the ATMDepot.com member area
  • A full 12 Months of access to the private “ATM Business Road Map – Clients Only” Facebook Group moderated by ATMDepot.com staff
  • And a Certificate of Completion (Official IAD)

This is a serious business, and you can earn serious money. But you will need to put in the initial work and avoid quitting prematurely if you aim to grow your wealth and generate a steadily increasing semi-passive income.

If you’re ready to take control of your financial future, check out the ATM Business Road Map today and unlock all the secrets of the ATM business!

7 Top ATM Business Training Programs

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ATM business training isn’t a requirement of starting an ATM business. But it sure can help! One of the many great things about starting an ATM business is that anyone can do it. You don’t need any specific certification, education, or training. However, if you want to save yourself time and money that avoidable mistakes can cost you, it might be worth it to invest in an ATM business training program so that you can start making money fast.

Now, we know you have a lot of options when it comes to ATM business training programs. And that can be overwhelming, especially with so many scam websites out there. 

So, to help, we’ve compiled this list of 7 top ATM business training programs that come up with a basic internet search to help you determine which program is right for you.

Insure ATM – ATM (Online) Training

Insure ATM Global Distribution and Services offers an online training program for ATM technicians. This training material won’t walk you through the ins and outs of starting an ATM business as an independent ATM deployer (IAD). Instead, this training program is designed for ATM business owners who employ a workforce of ATM technicians. They promise a comprehensive training solution customized to fit the needs of your technicians.

Their training classes are all entry-level and concern the use of ATMs and their installation, removal, upgrading, servicing, and repair. Insure ATM is a global supplier of original spare parts of the world’s major ATM brands with significant experience and keen understanding of the industry and a multilingual sales team. 

However, they are based out of the Netherlands which might create a barrier for US-based ATM owners. Furthermore, their training only covers ATM-machines and parts of the latest types of NCR and Diebold Nixdorf which are not the most common independent ATM models in the US. 

ATMMachines.com: Start Your Own ATM Business Empire

National ATM Wholesale offers an ATM business online course that promises to help you build a six-figure income without any capital or credit. Founder Justin Gilmore is proof that you can start an ATM business without a specific background in ATMs or sales, a high school diploma, or even money. 

Their ATM business training course covers everything for starting an ATM business from ATM placement to branding to value-added services. They warn that this is not a “get rich quick” scheme, emphasizing the value of hard work and dedication to the training and the business. What’s more is they offer a full refund after your first placement to help motivate you to see it through to the end!

Udemy

There are a number of different courses available to you on Udemy. The biggest concern here is that basically anyone can publish a course on this site, so it’s hard to tell the quality of the information before you spend your money. 

The publishers of courses like “The ATM Machine Business Crash Course,” “How to Start A Successful ATM Machine Business,” and “How To Get Started In The ATM Business- Complete Blueprint” are individuals rather than full-fledged companies. That means that they will not offer ongoing support, equipment, contracts and documentation, or online monitoring. You will have to get all of that from a separate ATM processing company and/or vendor.

Now, because of this, these ATM business training courses will be among the cheapest you’ll find, ranging from about $29.99-$64.99. This price corresponds to the amount of information you’ll receive: 30 minutes – 2.5 hours of videos, 1 article, and a few downloadable documents. And honestly, you can find a lot of basic information online for free whether in blog articles or by joining a Facebook group for ATM entrepreneurs and just asking questions.

ATMIA

The ATM Industry Association (ATMIA), a leading non-profit trade association that represents the entire global ATM industry, is the authority on ATM machines and operations. ATMIA serves more than 9,000 members from around 500 companies located in 70 countries spanning the entire ATM ecosphere, including financial institutions, independent ATM deployers, equipment manufacturers, processors and a variety of ATM service and value-added solution providers.

Naturally, they offer training courses and support to their members. However, rather than focus on helping IADs start an ATM business from the ground up, their business training courses are more specific. For example, they offer separate training for vault managers, first line maintenance (FLM) technicians, operations supervisors, and customer service representatives. There is also a security training course. 

ATMGurus

ATMGurus offer hands-on, in-field repair ATM training. Again, their training is specific to servicing most retail ATMs rather than becoming an IAD. Furthermore, their training is on-site, not online. While their training facility is located in Long Beach, Mississippi, they do offer to travel to you. So if you are in the area looking for hands-on FLM training, this could be beneficial for you.

If you want to become an ATM technician, you can check out their comprehensive retail ATM training program. Or, if you’d like to become well-versed in servicing your own Hyosung, Genmega, or other model, you can check out those specifically curated classes. They also encourage you to request any particular training you might be looking for and are struggling to find.

ATM Freedom University

ATM Freedom University promises to unlock a reliable stream of passive income every year with their ATM Business Partnership Program. They will build out your entire ATM business from the locations to the ATMs to full certification. And they guarantee your first placement in 90 days or your money back. 

Their exclusive training will show you how to build out a profitable ATM business from scratch…if you’re an investor or business owner with at least $10,000 in investment capital…. This training is not for the average Joe looking to start learning the ATM business one machine at a time. Instead, it’s for someone with enough money to invest in a number of machines right away. So if you don’t have a lot of start-up cash, this ATM business training is not for you.

ATMDepot.com: ATM Business Roadmap 

ATMDepot.com offers a complete roadmap to financial success by showing you how to start an ATM business. This ATM business training will help you start your business as an IAD with live support available every step of the way. ATMDepot.com is an ATM processing company, so you can purchase equipment, process transactions, use their online monitoring system, and receive ongoing support throughout the course of your training and beyond. 

While other training programs claim to be comprehensive, ATMDepot.com’s ATM Business Roadmap takes you through the start-up process taking complete beginners with no knowledge of the ATM industry to purchasing and placing their first machine. But the ATM business training doesn’t stop there. 

You can continue to grow your business by adding more machines to your business, revisiting the roadmap as necessary. ATMDepot.com will provide you with all of the tools and resources you need, answering all of your questions along the way. You’ll have lifetime access to a community of ATM business moguls who have your back.

The ATM Business Roadmap Training System is given by ATMDepot.com founder himself, Noah Wieder, who has been in the business for 30 years. He’s seen it all and therefore can help you avoid costly mistakes so that your ATM business venture goes as smoothly as possible. 

The ATM Business Roadmap is suited for both those looking to get started with one machine and earn a little extra spending money and those looking to scale up to 12 – 24 machines and make a couple grand each month. This makes this business training program not only comprehensive but also universal.

Not sure? Try it out and get a full refund within 30 days of purchase or after the first three modules (a dozen lessons!) if it isn’t right for you.

Give Yourself the Gift of Financial Freedom

Whichever route you decide to take, the new year is right around the corner. There is no better time to start looking into ways to get out of your dead-end job and just finding your next stream of income.

As you reflect on the past year, think about whether or not what you’ve been doing is working for you. If it isn’t, it might be time for a change. Ask yourself: Am I a talker, a dreamer, or a doer? This year, be a doer. Go into business for yourself where you call the shots and make money while you sleep, travel, and pursue other hobbies. 

For these reasons and more, an ATM business is the ultimate side hustle. What are you waiting for?

7 Common Small Business Mistakes

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There are some common small business mistakes that apply to independent ATM deployers (IADs) as well. Fortunately, you have an opportunity to learn from those mistakes others have made. Being aware ahead of time of what can go wrong can not only provide you with peace of mind but also save you time and money in the long run. 

Knowing where things can go wrong can help you avoid headaches and early failure. Use this list of 7 common small business mistakes to make the most out of starting your ATM business. 

7 Common Small Business Mistakes

1. Trying to Do Everything Yourself

Don’t try to do everything yourself. Especially at the beginning. Use your resources. Ask for help when you need it. This will help you avoid a number of other, industry-specific mistakes.

Talk to other IADs for advice. There are a number of Facebook groups you can join to learn from other people’s questions and ask your own. And don’t hesitate to ask your ATM company for help. You never know what resources are available until you ask. Your ATM processing company wants you to succeed because if you make money, they make money.

Finally, it’s absolutely okay to delegate any ATM business operations you don’t enjoy handling. If you don’t want to clean your machine or load cash, pay someone else to do it for you. The point of an ATM business is to generate passive income. So if you find that you are doing more work than you feel is worth it, share the load!

The point is to avoid making mistakes by not being afraid to ask for help. Plus, you want to make sure you don’t get burned out. Operating a business that you don’t enjoy isn’t going to see as much success as one you do enjoy.  

2. Overspending or Underspending

This one is tricky. You want to make sure you find a happy medium when it comes to overspending and underspending. You will need to weigh pros and cons to determine which costs are necessary and which are extra. 

For example, a refurbished ATM machine will save you money upfront compared to a brand new machine. However, if you aren’t great with tech, a new machine might be worth it in the long run if it saves you time and money having to figure out a less user-friendly machine or constantly calling technicians for help.

You also want to be mindful of your cash flow. Make sure that your list of expenses is very detailed and that you have a budget for your business. Although it’s exciting to start seeing that passive income hit your account, be careful not to spend it right away. You will want to account for any costs related to maintenance, repairs, insurance, or other emergencies, so make sure you set some money aside for these things. 

And don’t forget about financing. You can always look into leasing a machine or getting a loan from your bank, a friend, or a family member to get your business up and running. Don’t let that stop you from starting your business.

Just remember that some costs are absolutely necessary while others can wait. You might want to go ahead and pay for your own wireless router but wait until your business starts making money to spring for video surveillance. You want your business to be reliably operational before looking for ways to improve the customer experience.

3. Launching without a Plan

One of the most harmful common small business mistakes in the ATM industry is starting without a plan. Planning includes everything from negotiating a good placement location to drafting contracts to preparing for emergencies.

Before you can operate your ATM machine, you need to have a site to operate it from. Before you can get a site, you have to approach multiple location owners to gauge interest. And before you can get a location owner’s interest, you have to know what you are going to say and how you are going to handle their objections.

If you don’t have these plans ahead of time, you could get overwhelmed or feel pressured and stressed. The longer you have a machine without a place to operate it from, the longer it will take you to make your return on investment (ROI) and profit. So the better your plan, the quicker and easier getting started will be.

And don’t skip the contracts. Any time you enter into an agreement with a location owner, vendor, or other third party, make sure you read their contracts very carefully or develop your own. This is an important step in ensuring that all responsibilities and compensation are clearly outlined and that no one backs out unexpectedly leaving other parties in a tight spot.

4. Neglecting to Set SMART Goals

Goal setting is paramount to success. How else will you know whether your business is working for you or not? How else will you be able to scale your business? Specifically, we recommend setting SMART goals. SMART goals are specific, measurable, actionable, relevant, and timely. 

So any goal you set for yourself should be specific. Rather than just say, I want to make passive income, think of a number (this will also help you determine the perfect surcharge fee). 

Numbers are also measurable. If you say you want to make $100/day, you can definitively say yes you’ve accomplished that or no you haven’t by looking at the transaction history. 

Once you have that specific, measurable goal, you can then act on it. If you say you want to make $100/day, then you know that by setting a $5 surcharge, you can reach that goal with 20 transactions. If you are shy of your goal, act again. Do you need to reposition the machine? Add a sign to draw attention? Lower the surcharge fee to get more transactions?

A financial goal is also relevant. It is an important reason for why you are in this business in the first place. It’s an important step toward other goals you might have such as purchasing a vehicle, taking a vacation, quitting your day job. A goal that is important to you is more likely to be accomplished.

Finally, you want to set a timeframe. Maybe expecting to make $100/day is a lofty expectation to have the day you install and program your machine. Maybe, at the very latest, you want to start making $100/day within the first 6 months of being up and running. THAT is a specific, measurable, actionable, relevant, and timely goal.

5. Failing to Market or Advertise

This is one of the common small business mistakes to avoid when you are looking for more placements. If one of your goals is to scale your business, you need to let people know what it is that you do. So once you’ve been in business with at least one machine for a while, it’s a good idea to start marketing yourself once you have enough revenue to do so. 

You can create a business name and logo to display on your machine screen or ATM wrap. You can create ATM business cards to have on hand when meeting new people. And you can even advertise your service on social media. There are lots of ways to market yourself, so don’t skip out on this if you want to own a fleet of machines!

6. Being Disorganized

As you’ve probably gathered from the five common small business mistakes above, it’s extremely important to be organized. But don’t worry. There are a lot of tools and resources at your disposal. And if you don’t consider yourself to be a very organized person, maybe this is one of the tasks you end up delegating!

First, of course, don’t start without a plan. Second, make sure you are prepared to start your business by gathering all of the necessary paperwork and documentation. Third, don’t forget about contracts, particularly the site location agreement (SLA). 

Additionally, keep your finances organized so that you don’t find yourself out of money in the event of an emergency. Finally, make sure your machine never runs out of cash!

If your machine runs out of cash, you won’t be able to operate your business. You will lose out on income during this downtime, and you risk losing face with the location owner and customers. Running out of vault cash over the weekend or a holiday is even worse since you won’t be able to withdraw large sums of cash when your bank is closed.

Fortunately, with remote online monitoring, you can get low cash alerts. This is the number one tool you will want to use to stay organized. You can view all activity on your machine in real time, and you will want to use this data to inform all of your business decisions. Knowing the busiest days and times can help you create a convenient vault loading schedule to ensure your machine is always stocked.

Being organized shows that you are serious, professional, and reliable. That is the kind of IAD people want to work with.

7. Fearing Failure

The most important of all of the common small business mistakes you can make is fearing failure. This is what can keep you from trying at all. You can’t start a business or make money if you don’t even try. You have to take the ATM business one step at a time knowing that if you fail, you will learn from it and do even better going forward.

But fearing failure is a mistake you can make even after you’ve been in business for a while. This can cause you to refuse to pivot which can be a costly mistake. You have to be able to recognize when something isn’t working or when something could be done better—and then change it. 

Don’t just do something because it’s what you’ve always done or because it’s what everyone else is doing. Every small business is different. Each ATM business is curated to fit the IAD’s lifestyle and goals. So if your business model stops aligning with your lifestyle and goals, your business model needs to be adjusted.

This might mean leaving a toxic partnership with a particular location owner or delegating some of the ATM operations. Try not to worry about revenue risks. It will be worth it to get back to enjoying your business. Your business should not hurt other areas of your life. If it does, it might be time to pivot.

Finally, don’t be afraid of new technology. Technology is constantly improving to make your life and your customers’ lives easier. So don’t be afraid to try something new and improved, and don’t choose traditional routes just because they are familiar. 

You can’t win if you don’t play. You can’t succeed if you don’t try. So don’t be afraid to pivot, and don’t be afraid to fail. 

Conclusion

Don’t plan to make no mistakes in your ATM business. If you set out with that expectation, you risk disappointment and discouragement. Instead, treat them as learning experiences and move forward stronger. Sometimes, it can help to document these mistakes. Jot down what went wrong, what you did to fix it, and how you can prevent or avoid repeating the mistake. 

Use this list of 7 common small business mistakes as a map for how to proceed in your ATM business smoothly, and rest assured knowing that there are very few mistakes you could make that you wouldn’t be able to recover from. And remember: ask for help. ATMDepot.com has a host of resources for new IADs including training videos, SLA templates, and 24/7 live support. So don’t hesitate to contact us today!