Tag Archive for: entrepreneur

9 Additional Income Ideas for Brick-and-Mortar Entrepreneurs

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Additional income ideas are often sought after no matter who you are. But if you are a brick-and-mortar entrepreneur, you might have a leg up already. You already own a business which means you already have products and services ready to offer your customers and clients. Now, it’s just a matter of optimizing the resources you already have in place.

Here, we have 9 additional income ideas for brick-and-mortar entrepreneurs. That’s anyone who owns his or her own business and operates it from a store or office, but some of these ideas will apply to any business. If nothing else, use these ideas as a springboard for developing an additional income stream that works for you!

Workshops and Classes

Workshops and classes are a great way to promote your services and engage with the community. And, you don’t even have to have a lot of space. Depending on the nature of your business, you might be able to host workshops and classes online. These can be live, like a webinar, or prerecorded, like a class. 

This is one of the most flexible additional income ideas. With pre-recorded classes, you can create the content and roll it out when there is particular demand for it, or just sell it as an appetizer for done-for-you services.

Online classes and workshops allow you to offer this service without the need for a ton of space, and those who are interested will be better able to fit it into their schedules. However, if you do have the space, in-person workshops can bring in traffic to your store where they can view and purchase items and services. It’s a great way to get exposure.

Workshops and classes work well for any service people typically have done for them. This might be financial maintenance, meal prep, auto repair, or crafting. If you have expertise in a particular area related to your business, you can offer workshops or classes.

Online Sales

If you own a brick-and-mortar retail store, you might consider offering online sales. You can do this from your own website or even from social media and other third-party platforms like Amazon or Etsy. Determine a maximum shipping radius and develop a set shipping fee or adjust online ticket prices and offer “free” shipping. Either way, this can bring in more sales without costing you anything extra. 

Even if you don’t own a retail store, you can still offer online sales. You can sell any product related to your industry that clients and customers might need from someone like you. Say you own a salon, for example. You might consider selling beauty products online. 

As an expert in your industry, your customers will value your product recommendations. This can put you ahead of the competition with other big businesses. It also offers your customers a one-stop-shop. They’re already buying your service; why not buy your products, too?

Extra Services

To piggy-back on online sales, think of other services you can offer your clients related to your business. For example, if you run a beauty salon, you could offer makeup or skincare consultations. If you specialize in clothing design, offer alterations. A lawn care business could expand into other outdoor maintenance like cleaning gutters or washing windows. A restaurant or cafe can offer delivery, catering, or meal-prep packages. 

With specialized knowledge or expertise in your industry, you can offer consulting services to customers and even to other businesses. The possibilities are endless!

Loyalty Programs and Memberships

Loyalty programs and memberships are great upsells in and of themselves, but they also encourage repeat business and a steady stream of income. Offer a one-time or annual charge in exchange for discounted product pricing, special offers, coupons, free shipping, and other incentives. 

This is one of the most cost-effective additional income ideas. It requires very little extra time and resources.

Events

Hosting events offers a lot of benefits:

First, it helps you connect with your community. Especially if you live in a small town, people are always looking for something new to do. This is a good way for you to get to know your community better and network.

Second, it’s great for exposure. People who might not have previously been aware of your business might find you through your event. And then, of course, if held on-site, you bring in extra traffic to your business location. 

Events could include product launches, fashion shows, talent shows, singles’ nights, or networking events. Charge admission fees or partner with other businesses to sponsor the events. Partnering with other businesses that offer complementary products or services could include cross-promotion, joint event, or bundled offering opportunities, too.

Merchandise

Whether you own a salon, a lawn care company, or a financial advising business, you can sell merchandise. Sell t-shirts, ball caps, tumblers, etc. with your name, logo, slogan, or motto to friends, family, and regular customers and clients. Not only will they more than likely be happy to support you, but you benefit from the additional marketing, too!

Franchise Opportunities

If your business model is successful, consider franchising it to expand your brand and generate additional income through franchise fees and royalties. Scale your business and open more locations!

Rent Space

If you have extra space at your brick-and-mortar location, consider renting it out to other businesses or individuals for events, meetings, or pop-up shops. You can also rent store space out to an independent ATM deployer (IAD). Having an ATM on-site provides you with a number of benefits. 

It encourages cash payments which can save you money on credit card transaction fees. It also brings in more traffic to your location. Some people might visit you rather than a competitor for the extra ATM service. Others might visit you just to use the ATM machine. That’s okay. It still brings them into your business so that they know you exist and maybe even make an impulse purchase! 

There are also advertising opportunities with an ATM machine. You can work with the IAD to customize the graphics to promote your business and offer coupons on transaction receipts to encourage repeat business.

And, most importantly, you can earn a portion of the surcharge fee on each transaction made on an ATM in your location. So if you are approached by an IAD or are able to locate one, you should jump on the opportunity to let them operate an ATM machine from your location and share in the benefits, namely passive income: you make money without doing the work!

ATM Machine

Why share in someone else’s surcharge revenue when you could have it all? Sharing your location with an IAD is a great idea, especially if you feel like you are too busy to take on more responsibility. But if you have a few hours a week to spend on vaulting your own machine, it could be a worthy investment for you.

Owning your own ATM machine provides you with all of the benefits above plus the whole surcharge fee revenue. And, since you are already benefiting from having an ATM on-site, the surcharge revenue might just be the icing on the cake. Therefore, you could find yourself offering a competitively low surcharge fee which will bring in not only your own customers but ATM customers, too. You basically end up operating two businesses simultaneously!

Conclusion

When it comes down to it, an ATM machine might be one of the best additional income ideas because it requires the least amount of effort. It will require some regular maintenance, but you don’t need to spend nearly as much time planning and marketing for an ATM machine as you do for other additional income ideas. 

Plus, it’s cost-effective. It will require a little bit of money up-front if you purchase your own, but once it’s up and running, you make money anytime someone uses it; you don’t even have to be there! And if you are able to place it outdoors, you could be making money 24/7.That’s what’s great about being a brick-and-mortar entrepreneur: you already have the number one asset of a location. Now all you have to do is optimize it. Interested in making additional income? Get your ATM start-up kit today!

Becoming an Independent ATM Deployer: FAQs

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Becoming an independent ATM deployer (IAD) is a great way to generate passive income. It can also become your main source of income depending on your individual goals. But while becoming an IAD is quite simple, it isn’t necessarily easy. 

There are some industry ins and outs you will need to become familiar with before you really get going. So you will have to put a little work into getting started. Fortunately, there are a ton of resources and experienced IADs available to help you every step of the way (and there really aren’t that many steps). 

To help get you past any pre-business jitters you might be experiencing or any other obstacles that might be standing in your way, we’ve compiled a list of the most frequently asked questions from new IADs. Our hope is to remove as many hurdles as possible so that you feel confident going into business for yourself as an IAD.  

What is an Independent ATM Deployer?

An IAD is an individual (or a company) who owns and operates ATMs without being affiliated with any specific financial institution. A common misconception is that all ATMs are owned by banks. But ATMs can be deployed in various locations such as retail stores, gas stations, salons, and other public places. Just like bank-owned ATMs, independent ATMs offer cash withdrawal and sometimes additional services like balance inquiries and transfers.

An IAD works with an independent sales organization (ISO) that provides processing. This is how an independent ATM machine is able to communicate with users’ financial institutions to provide account information and approve or deny withdrawal requests. It is an IAD’s job to purchase ATM equipment, place it in a location that provides customers with convenient access to their accounts, and maintain the machine to keep it functional. 

How Can I Become an Independent ATM Deployer?

You can become an IAD in just a few simple steps. First, there is some documentation you need to prepare. You will need to prove your identity, pass a background check, and complete any agreement forms required by your ATM processing company. This documentation might include your ATM business bank account information so that the processing company knows where to send your settlement funds and surcharge income (more on this later).

You also need to find a bank that will work with your ATM business. This can be tricky, so keep reading for more information on finding a bank to work with. Next, you want to purchase your ATM equipment. This can include the machine and any upgrades or ad-ons you’d like. At the very minimum, you will need a machine. The rest can come later depending on your budget (cost estimates coming up next!).

Once you have the ATM machine, you can begin to learn the functions (most new ATM machines come preprogrammed). Review the manual, test it out, and practice operating it. The only thing that’s left to do is to find a location to place it.

When you find a location that can benefit from having an ATM onsite, and the location owner agrees to work with you, you can plug the machine in, connect it to the internet, load it with cash, and start making money! And THAT is how you become an independent ATM deployer.

How Much Does It Cost to Start an ATM Business?

There are some startup costs associated with starting an ATM business, just like there are with any business. However, compared to most other businesses, ATM business startup costs are fairly low. The biggest expenses will be the purchase of the machine itself and the cash you use to vault the machine.

ATM Equipment

We recommend that new IADs start with a new ATM machine. They are user-friendly, compliant, programmed, and typically experience fewer technical problems. New machines run from around $2,000-$3,000 depending on the size and manufacturer. Of course, you can find used and refurbished machines for a little less, but they also come with a modicum of risk.

Once you feel a little more comfortable and confident with ATM equipment, you can look into used and refurbished machines for future placements. But you will want to make sure that all faulty parts have been replaced or repaired, software has been updated, and that it is compliant.

Vault Cash

The other major startup cost is the vault cash. This is the cash that you load into the machine to be dispensed to your ATM users. Plan to start with about $2,000. 

At the end of each business day, your ATM processing company will deposit the sum of all cash withdrawn from your machine back to your settlement account, or your ATM business bank account. Then, you can withdraw the funds back from this account when you are ready to restock the machine, so on and so forth. Vault cash is yours at the end of the day, but it is tied up in your machine, so try not to think of it as cash you are able to use.

Other Costs

Other costs associated with operating an ATM business include receipt paper, any cleaning supplies you need to maintain your machine, travel to and from the machine, insurance if you have the budget to purchase it right away, and a wireless device.

It’s a good idea to just invest in your own internet connection from the start. That way you don’t have to rely on the location’s internet service. If their internet goes down, you will be at their mercy and that of their service provider to get back up and running. And the time that your machine isn’t operational is time that you aren’t making money.

How Can I Make Money as an Independent ATM Deployer?

You make money as an IAD from the surcharge fee. This is the fee that you set for each transaction made on your machine. It’s the price your customers pay for convenient access to their accounts. A standard surcharge fee is about $3 but can be as high as $8 and even more in some locations. It depends on the type of location, average withdrawal amount, and convenience of the ATM.

Before you can start to make a profit, you need to make back as much as you put into the business. Your surcharge fee and revenue split with the location owner will determine how quickly you make your ROI and can begin to profit.

You can expect to make a few hundred dollars a month, a few thousand a year, with one machine. But remember that this is passive income. Your machine makes money while you work your day job, travel, sleep…. Once you get the hang of the business, you can start adding more machines to your portfolio. Soon, that few thousand a year can turn into tens of thousands a year so that you are making full-time income.

How Do I Get a Bank Account for an ATM Business?

It can be tricky to get a bank to work with your ATM business. Because of the cash-heavy nature of the business, banks can be held liable for your business practices. Therefore, banks that handle ATM business accounts are subject to costly audits to help monitor and prevent money laundering. 

Our number one tip when it comes to finding a bank is to start where you already have a good relationship. If you already know your bank manager or tellers well or have had accounts with them for years, make an appointment to speak with someone about opening an account for your ATM business.

Some banks will flat out say no; some banks don’t handle these types of accounts at all. Others might use their discretion on a case-by-case basis. So if you are turned down from one financial institution, be polite, patient, and understanding, and move on. 

To make yourself a more appealing customer, offer to open multiple accounts. The more products and services you purchase, the more lucrative you will be as a customer and the less likely the bank will be to close your ATM business account. Your settlement account will often have a low balance as you withdraw the funds to vault your machine, and it will take extra time and money for the bank employees to order and count enough cash for your business needs. So prove to them that you’re worth their time.

Some IADs have success at banks that others don’t and vice versa. Our list of ATM business-friendly banks is a good place to start, but don’t rule out local, regional, community banks. Sometimes, they are under less scrutiny than tier 1 financial institutions and might be more likely to take on your business.

How Do I Find a Location for an ATM Deployment?

There are a few tips to keep in mind when it comes to looking for a location to place your ATM machine.

The first, again, is to start where you have good relationships. What are some businesses that you frequent and even know some of the employees? This could be a good way to get your foot in the door or even get a referral.

Look for gaps in service. Where do you see a need for an ATM where there currently isn’t one? Find out who owns the location or property and see if they wouldn’t mind a free ATM placement.

And obviously, look for places that experience a lot of foot traffic like shopping centers, event areas, or other attractions.  Statistically, the more people who pass by your machine, the more transactions you are likely to see. Cash-only locations are great spots as well as new businesses that haven’t been approached yet for ATM service.

Even if a location already has a machine, find out if they are happy with it. It doesn’t hurt to ask, and you could end up replacing someone else’s machine that’s been neglected.

What Are the Advantages of Becoming an Independent ATM Deployer?

There are many advantages to becoming an independent ATM deployer. First and foremost is being your own boss. Each ATM business looks different. There are a lot of decisions you get to make based on your own specific situation, needs, and goals. Your ATM business is yours to curate.

That includes curated responsibilities. As an IAD, you can outsource any aspects of the business you can’t or don’t want to handle, whether it be vaulting or cleaning or maintenance.

Which brings us to the most appealing advantage of becoming an independent ATM deployer: generating passive income. Your ATM machine works with very little onsite effort from you. Aside from loading the machine and regular cleaning and maintenance (all of which you can hire out if you want), you can go about your regular life and watch those revenue deposits hit your account.

Finally, the ATM business is scalable. Want to make a little more passive income? Place a second machine. Want to replace your 9-5 income? Invest in 10 or more machines. You’re in control. And you don’t even need any official business or entrepreneur education, training, certification, or experience to get started.

What Are the Challenges and Risks Associated with Being an Independent ATM Deployer?

Like any other business venture, there are some challenges and risks associated with being an IAD. But there are also ways to mitigate and handle them.

Challenges

The first challenge might be the initial funding. However, since good ATM machines are about $2,000-$3,000, you can sometimes find credit companies that offer little to no interest for 12-18 months. That gives you time to get your business up and running so that you can start to pay off your machine as soon as you start to generate income rather than purchasing the machine outright.

Another big challenge for IADs is finding and negotiating locations. But there are a couple of things to remember here: 

First, you don’t have to limit your search to locations without an ATM machine. You could be looking for machines that are old, unkempt, or frequently out of order. This could be a great opportunity to approach a location that clearly wants ATM service but can’t keep up with it on their own or is dissatisfied with their current provider.

Second, it helps instill confidence in new IADs to remember that they aren’t selling anything. As an IAD, you are offering a service—for free—that benefits the location and its customers. 

There are a number of objections you might encounter when approaching location owners to negotiate a placement. But with preparation, practice, and active listening skills, you can become better at addressing these. 

An obstacle that isn’t unique to the ATM business is imposter syndrome. It can be particularly daunting to try to negotiate a deal when you don’t have any experience under your belt. But you can also spin this in your favor by emphasizing your dedication to just ONE machine and your motivation to provide service that’s good enough for a referral or recommendation in the future.

Risks

As with any business, again, you risk not making money. But unlike other businesses, your ATM investment probably won’t bankrupt you, and you can always move your machine to a better-performing location. 

Actually, let us take that back. It’s really hard to lose money with an ATM business. As long as it’s up and running, if someone uses it, it will make money. However, it might not bring in enough quickly enough, and that is a potential risk that can be solved by relocating the machine or adjusting your signage, advertising, surcharge rate, and/or incentives.

Safety and security can be a risk as well. When it comes to the safety of your business, just make sure you protect yourself with contracts. There are templates you can use and industry experts you can borrow from without having to get a lawyer involved. 

When it comes to the safety and security of your machine, there are lots of things you can do to protect your assets. You can also prevent potential risks and unnecessary challenges by avoiding some of the most common small business mistakes. 

How Can I Ensure the Safety and Security of My ATMs?

The first thing you can do is to purchase general liability insurance. There are other, more comprehensive policies you can invest in, too, but general liability is pretty standard. While insurance isn’t preventative, it can provide you with peace of mind and protect you in the long run. 

Second, use common knowledge. Make sure that the machine is within eyesight of employees and/or security cameras (some machines come with a camera which is a great way to deter crime). Don’t place the machine in an area that is easy to breach like near doors or windows. If you want to, you can invest in your own surveillance system (cheap cameras can be purchased on Amazon, for example) or GPS tracker for your cash. And bolt down the machine. Don’t let a location owner talk you out of it.

Most of the time, a simple sign that announces that the machine is under constant surveillance is enough to deter criminals. But try to predict weaknesses or potential points of ingress and reinforce them. Blocking the machine against a wall or other furniture can prevent both external attacks and internal attacks like software hacking. 

Maintaining current software updates can help protect your customer data as well. And keeping up with compliance changes can help protect you and your customers. 

Finally, keep an irregular vaulting schedule. Don’t make it easy for someone to predict and plan when you and the machine will be vulnerable. It’s also a good idea to vault the machine outside of the location’s hours of operation so that there is less foot traffic during vaulting.

Is An ATM Business Worth It?

Only you can answer this question. We will say that an ATM business is worth it for thousands of IADs in the United States. If it works for them, it could work for you. You don’t need any official education, training, certification, or experience to get started in the ATM business. And once you get past those few initial steps, you can start making money immediately with little to no marketing efforts.

Your success as an independent ATM deployer is completely up to you. The process is simple, but don’t expect it to be easy. It will require some effort. You will need to plan, be organized, and make well-informed decisions. Fortunately, you don’t have to do any of it alone. 

If you work with an ATM processing company like ATMDepot.com, they will walk you through each step. Do your research, ask lots of questions, and start making passive income! How much is up to you. Ready to get started? Get your free ATM start-up kit today!

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!

9 New Year Business Quotes for ATM Business Owners

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New Year business quotes function much the same way as any other motivational quote you might have seen in your lifetime. The difference is that these quotes can be directly applied to business owners.

The beginning of a new year is inherently motivational for most people. It signifies a fresh start, a second chance, and new opportunities. This applies to us personally as well as professionally. As a business owner, entrepreneur, or self-starter, do you feel more motivated with the arrival of the new year?

If you need a little more motivation or inspiration, here are 9 New Year business quotes to help you achieve business success this year.

1. “Another day, a whole ‘nother set of possibilities.” -MacGyver

We like this New Year business quote because it doesn’t just apply to a new year. You can apply this one to any day. A new year, a new quarter, a new month, a new day…. All signify opportunities to achieve more. 

What are your goals for this year? What are your goals for this month? For today? And those are just the possibilities you’ve listed for yourself. Those don’t even account for the opportunities that will come your way that you might not even expect. Will you take advantage of those opportunities? 

Angus “Mac” MacGyver is famous for his unconventional problem solving skills. Will you be defeated by any problems this year brings, or will you welcome them as possibilities and opportunities? 

2. “Cheers to a new year and another chance for us to get it right.” -Oprah Winfrey

“Cheers” is right! Hopefully you welcome the new year rather than dread it. You should celebrate an end to the previous year, a year surely filled with mistakes that you have since learned from. Take comfort in knowing that this year offers you a fresh start, a clean slate, a chance to put into action everything that you learned from last year.

Although it may seem that Oprah gets everything right all of the time, that is far from the case. And if she needs another chance to get it right, cut yourself some slack and try, try again.

3. “There are far better things ahead than any we leave behind.” -C.S. Lewis

C.S. Lewis is a writer known for The Lion, the Witch, and the Wardrobe and The Chronicles of Narnia. As a fiction writer, he knew a thing or two about possibilities. You, too, are a writer. Although Lewis’s famous works contain fantastical elements, you have the chance to write your own story. 

What does the new year hold for you? What are you manifesting or working toward? No matter how successful (or disappointing) last year was, you now have the chance to make this year even better. The pen is in your hand. 

4. “A person can succeed at almost anything for which they have unlimited enthusiasm.” -Charles M. Schwab

Sure, easy for Charles M. Schwab to say, a man who accumulated a fortune of around $200,000,000 in his lifetime. Nonetheless, there is truth to what he says. Everyone measures success differently. Success looks different for each individual and for each business. However, if you love what you do, find joy in your work, and are genuinely enthusiastic, there is no doubt that success will follow.

5. “Work smarter not harder.” -Allen F. Morgenstern

We know, we know. You’ve heard this one before. But did you know that it dates back to the 1930s? Allen F. Morgenstern, an engineer, coined the term during a work simplification program with the intent of increasing peoples’ ability to produce more with less effort. 

Now, there is some controversy about this particular new year business quote. So allow us to clarify why we’ve included it here:

First of all, it doesn’t mean you should work yourself to the bone. It doesn’t mean you shouldn’t ask for help. It doesn’t mean you should already have all of the answers. Quite the opposite.

Working smarter, not harder, in the context of your ATM business, means you should rely on those who have more experience in the industry. Ask questions. Ask for help. And plan ahead.

Working smarter also means you should prepare for any and all potential threats to your business. By this we mean ATM security. What potential threats, problems, malfunctions can you prevent this year that will save you time and money resolving in the worst case scenario? 

With the appropriate processes and procedures in place this year, you can ensure more revenue with less effort this year. Just like Morgenstern taught us.

6. “Do more than is required of you.” -General George S. Patton

Does anyone really succeed by doing the bare minimum? General George S. Patton didn’t. One of the most famous American military commanders during World War II, General George S. Patton was known as “Old Blood and Guts” and was awarded a Distinguished Service Medal and the Purple Heart.

General George S. Patton went above and beyond his duty and was revered and respected for doing so. This is what is necessary to make a name for yourself. If you’ve “gotten by” in the past, this year, try to do more than is required of you and see if you notice a difference in your business (and your life!).

7. “Creativity is intelligence having fun.” -Albert Einstein

Once you have some experience in the ATM industry under your belt, you can start to get creative. Experiment with your surcharge. Will a lower surcharge bring in more customers and therefore more revenue? Or is your traffic mostly local regulars where a higher surcharge brings you more consistent income?

What about advertising? Is there anything you can do to draw more attention to your ATM machine or business? Are there any extra features you’d like to add to your ATM machine this year to set your business apart from the competition?

Can you get creative with opportunities in the ATM industry? Maybe you want to start selling ATM machines to locations or get into cryptocurrency ATMs. 

You don’t have to be a genius like Albert Einstein to be successful. Once you have a little more experience, or intelligence, about the ATM industry, you can start to get creative and have a little more fun with your business.

8. “If you want something new, you have to stop doing something old.” -Peter F. Drucker

This New Year business quote from Peter F. Drucker, management consultant, reminds us of another: Insanity is doing the same thing over and over again and expecting different results. Do you want to make more revenue? Do you want to scale your business? Are you unhappy in your current position? Would you prefer to work out of a different location?

If there is any aspect of your business that makes you unhappy or uncomfortable, it’s time to make a change. Whatever it is you are doing now that isn’t working needs to stop. 

“Something new” could refer to something material: If you want a new car, you might have to make more revenue. Okay, so what changes could you make to your business that might generate more income?

Or, “something new” could refer to a state: If you want to feel less stressed in your business, you might need to consider a different business model. Is there an aspect of your business you’d like to focus more on? Are there parts you could outsource, maybe parts you dread or don’t really have time for? 

Every ATM business looks different. There is no one way to do it. What do you want yours to look like this year?

9. “A business absolutely devoted to service will have only one worry about profits: they will be embarrassingly large.” -Henry Ford

Henry Ford knew a thing or two about service and profits. His service made him a household name, and he would have been worth about $200 billion today.

Now, your ATM business operates on a much smaller scale than Ford Motor Company, but what is one surefire way to ensure you keep generating profit? Focus your energy and attention on the customer. 

Great ATM customer service goes a long way. Customers are loyal to businesses that listen to them and know them. What do the customers in your area need? What surcharge is convenient for them? Are they able to contact you? How quickly do you address machine issues?

You don’t have a business if you don’t have operating machines. And you don’t have income if you don’t have customers. So focus on them this year.

What Can New Year Business Quotes Do For You?

If you struggle to get motivated or stay motivated, these quotes might just help. Take it from the experts, from business owners, entrepreneurs, and self-starters just like you. They’ve been where you are, they know what it takes. And so do we.If you need help getting started, scaling your business, or exploring other opportunities in the ATM industry, don’t hesitate to contact us here at ATMDepot.com. We can help you reach your business goals this year.

What Makes a Good Entrepreneur?

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What makes a good entrepreneur? Are desirable qualities the same for every industry? Well, yes and no. Some qualities will help you no matter what your entrepreneurial endeavor is. Others might vary depending on the requirements of your specific business.

For example, leadership and team-building are generally considered good skills to have if you plan to run a business. But most independent ATM deployers (IADs) work alone. So while those are good qualities to have, you don’t have to spend as much time developing those skills as you do some others that you will need immediately.

Due to the nature of the ATM business and the tasks you’ll have to perform, there are some skills you need to have. To make sure you have what it takes to run an ATM business, strengthen these 9 qualities.

1. Professional

Whether you own your own ATM, place ATMs for others, or sell ATM machines to other business owners, you are a businessperson. So you have to act like one. This is how you will continue to get people to work with you and can continue to run a successful business. 

Presentation

First, you have to be professional in the way you present yourself. How do you approach location owners to negotiate a space for an ATM machine? Do you show up prepared with ATM business flyers? Do you have ATM business cards to leave behind? 

Professional moves like these show that you are serious, can be trusted, and are worth working with. Professionalism is also how you will get referrals. Word-of-mouth marketing is the best kind because your credibility is established by the referrer, and it doesn’t cost you anything to market yourself this way!

You might also want to think carefully about your business name. When you start your business, you can register as a sole proprietor under a “doing business as” (DBA) business name. Or, to gain instant credibility, you can see if your ATM processor will license you the rights to their name. Associating yourself with a well-known name in the ATM business that your leads can research will boost your reputation.

Behavior

Second, you want to act professionally toward your prospects and partners. When making negotiations, make sure you respect the needs and wants of all parties involved. And when you promise to assume certain responsibilities, make sure you follow through.

If you promise to refill your ATMs with cash and receipt paper, make sure you do so. If you promise to take care of technical issues should the machine malfunction, make sure you do that too. And do it in a timely manner. You aren’t the only one relying on the machines to operate. Your customers and the location owners rely on them too. So don’t let them down.

2. Decisive

Although you are probably a one-man/woman-band as an IAD, there are still a lot of decisions you need to make for your business. 

First, you have to decide where you’re going to place your machines. Where is there a market gap (or need) for ATM access? Where will a machine do really well? How long will your lease agreement be for?

Then, you have to decide what equipment to purchase. Will you order a new or refurbished machine? Do you want a free-standing or through-the-wall (TTW) machine? Will you purchase insurance? What extra features and upgrades do you want? 

You might realize that some decisions need to be made immediately while others can wait. You might want to run your machine for a while before determining what extra features will optimize your machine. How much are you going to charge customers to use the machine? You want the surcharge to be high enough that you make a worthwhile profit, but not so high that you drive away customers. Where is that sweet spot?

Will you start with a higher surcharge and then lower it once you make your return on investment (ROI)? Or will you start low to draw a lot of customers and then raise it gradually?

And who is going to take care of each responsibility associated with running the machine? Who will load the cash? Who will make service calls? How often will you visit the machine? When will it be cleaned and who will clean it? You have to decide which responsibilities you are willing to shoulder, which responsibilities you want to delegate, and which services you want to pay for.

If things don’t go according to the original plan, you also have to decide what changes to make along the way.

3. Creative Thinker

Despite all of the best and most careful planning, there are likely to be curveballs, and you will have to get creative and make changes as necessary. 

Your ATM may not perform as well as you anticipated, for example. This might be due to the location not being as busy as you expected, or maybe the surcharge is too high. Maybe there is another ATM close by that is competing with yours. If this is the case, you will have to consider moving to a new location, adjusting the surcharge, or both.  

The site location owner might make some decisions or pose some requests that you will want to consider to maintain the relationship. He or she might want to use an ATM topper for ad space. Or the store might be moving to a new location. Will you follow or look for a new location sooner than you expected?

No matter what your plan is, remember that you have to remain flexible with it in order to be successful. When a challenge arises, use creative thinking to figure out the best solution.

4. Risk-Taker

To start a business, you have to be a risk-taker. Because you don’t know what’s going to happen. You can’t predict everything, and your plans can change at a moment’s notice. 

That can be scary when you invest your hard-earned money into a new business venture. But people do it every day. Starting an ATM business requires minimal start-up costs when compared to other business models. And you can make money immediately after set-up. So don’t let fear keep you from taking the next step in starting your ATM business.

5. Perseverant 

You are going to need perseverance when the going gets tough. To be successful, you can’t give up when challenges and obstacles arise. 

The first obstacle to overcome when starting an ATM business is the paperwork! It is relatively simple, but the number of documents that need to be completed can be overwhelming. Just prepare yourself early and take it one step at a time. Once it’s over, you can order and place your equipment and start making money.

You also need to exercise perseverance when negotiating a location for your ATM machines. It might take multiple visits, phone calls, emails, business cards, etc. to get in touch with local business owners and coordinate meetings to discuss your proposal.

And of course, don’t give up if your machine doesn’t do as well as you expected. You can always try another location or adjust the surcharge. You might also try to get creative with your marketing to boost traffic.

6. Knowledgeable 

Of course, you need to know about the service you offer. However, you don’t have to be an expert. At least not at the beginning. At the beginning, you need to be open to learning. That is how you eventually become an expert. 

You might need to rely on your ATM processor and technicians for support when you’re getting started. But once you get your questions answered, you can begin to take over some of those duties yourself as you learn more and more.

You might need to do some research to determine what equipment is right for you. And that’s okay. The more research you do, the more you learn, and the closer you come to being an expert. You can also watch videos to learn strategies and tips along the way.

7. Ethical

You want to make sure you are an ethical business owner. This will keep people wanting to work with you. 

When you negotiate a location for your ATM and develop the site location agreement (SLA), keep your partner’s interests in mind. Come up with a proposal that is fair and meets the needs of all parties involved.

Keep your surcharge fair, too. It’s okay to set a competitive surcharge; you are, after all, running a business. But don’t set it so high that your customers get a bad deal. That’s not the kind of business you want to run.

Finally, you want to maintain a strong work ethic. The ATM business isn’t extremely demanding, but it does require a bit of work. Don’t get lazy. Stick to a schedule, keep your promises, and be consistent, and your business is sure to succeed. 

8. Goal-Oriented

Your goals will drive any endeavor. Without goals, you risk losing momentum, and it’s easy to give up. Once you get comfortable operating one machine, you might find that you’re ready to deploy more. Six to ten machines later, you might find that you’re getting closer and closer to reaching your income goals.

Do you want to quit your day job and enjoy the flexibility of running ATM machines exclusively? Then you might need to scale your business and plan to add more ATMs to your route. Just want a little extra cash to supplement your current income? Then focus on that!

No matter what your goals are, make sure you’ve identified them and keep them in focus. This will drive you. Along with your passion for the business.

9. Passionate

The more passionate you are about what you do, the more enjoyable it will be, and the more successful you will become. Location owners will turn you down. Friends and family will shake their heads at your ideas. But if you are passionate, you will be able to move past all of that and keep going until you reach your goals.

Your competitors will be passionate. They will be networking, scaling, and providing good service, and if you plan to keep up, you have to meet that passion with your own. 

Your passion will bleed into your work, others will see it, and success will follow.

What Makes a Good Entrepreneur?

So what makes a good entrepreneur? The list goes on and on. Of course, there are more than 9 qualities that successful business people possess. But we’ve singled out some of the most important qualities that you will need to run a successful ATM business. Before you dive in, ask yourself, “Do I have what makes a good entrepreneur?” If the answer is yes, then head over to ATMDepot.com and find out how to get started in the ATM business!