Tag Archive for: side business

7 Reasons to Start an ATM Side Gig

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Side gig, side hustle, side business—whatever you call it, many people are looking for flexible ways to make extra money in addition to their regular jobs. As the cost of living continues to raise and salaries struggle to keep up, extra income streams are increasingly sought out and pursued.

But what side gigs are best? And how do you get started? Here, we’ll explain the best qualities to look for in a side gig and why an ATM side gig might be right for you.

What is a Side Gig?

A side gig is really anything you do to generate income in addition to your main source of income. Technological advancements, changes in consumer behavior, and economic factors have contributed greatly in recent years to what is now known as the “gig economy”. 

Technological advancements and a changing work environment spawned by the Covid-19 work-from-home movement have created more freelance, part-time, or short-term job opportunities facilitated by digital platforms. Side gig opportunities have diversified to include not only ridesharing, food delivery, and freelancing, but also virtual assistance, online teaching, and remote project-based work.

One of the key attractions of the gig economy is flexibility. People seek out side gigs that provide them with the ability to choose when and where they work, providing greater autonomy over their schedules. However, side gigs often lack the job security and benefits associated with traditional employment. This leads to financial stability and long-term sustainability concerns for those who come to rely on the income. 

But what if there was a flexible, financially stable, sustainable, and even scalable side gig opportunity? Would you be interested? If so, then an ATM side gig might be right for you!

7 Reasons to Start an ATM Side Gig

1. Flexibility

Like we said before, flexibility is probably the most important quality to look for in a side gig. It has to work around your schedule which might include a full-time job, family responsibilities, hobbies, etc. Rather than leave your full-time 9-5 to head to a part-time job from 6-10, a side gig should be something you do because you can not because you have to.

Flexibility means you aren’t devoted to a set schedule. You can set your own hours and work when you’re available. Not only does an ATM business provide you with this flexibility, it goes a step further by offering passive income.

2. Passive Income

Passive income is money that you generate even when you aren’t working. An ATM business can earn money while you work your regular job, travel, or even sleep! Once you set up your machine, it works for you. Aside from vaulting and periodic maintenance, there is really only a little time you need to devote to an ATM side gig compared to other hustles. There aren’t many side gigs that offer this kind of freedom.

3. Freedom

Freedom doesn’t just refer to the ability to set your own schedule or make money while you go out with your friends. It also means being your own boss. A part-time job comes with a set schedule, a boss, a dress code, etc. Freelance projects and gigs come with clients and deadlines constantly looming. And while there are many side gigs that allow you to work from the comfort of your home, an ATM business doesn’t restrict you to a computer screen for hours a day.

Operating an ATM machine isn’t just a side-gig; it’s a small business, and you are the owner. This puts a lot of power in your hands. You make all of the decisions. 

4. Low Overhead

Now, since your ATM side gig is really a small business, that does mean it will require some initial investment. The biggest costs will be the ATM equipment and vault cash, but other side gigs have their costs as well. Rideshare and delivery services come with fuel costs as well as general wear, tear, and mileage on your vehicle. Online teaching and other internet-based gigs might require extra computer equipment, software, or training.

Not only are ATM startup costs low, they also pay for themselves quickly and provide stability and sustainability. Again, these qualities are hard to find in a side gig.

5. Steady Demand

Have you ever heard the phrase, “Cash is king?” Well it is, and that’s good news for ATM owners. Despite the rise of digital currency and payment options, cash still has its place in society. It isn’t going anywhere anytime soon. 

There are still many situations where cash is necessary and/or preferred. And there are a number of benefits of using cash rather than card. This means that there is regular, predictable income to be made with an ATM machine as opposed to other side gigs that might require you to bid for jobs, sell yourself short to keep up with competition, or rely on seasonal opportunities. What could be better than steady demand? How about scalability.

6. Scalability

An ATM business is different from other side gigs because it is scalable. Want a raise? Increase your surcharge fee. Want to save up for a trip or new vehicle? Invest in another machine! Once you have one ATM machine up and running, there is nothing stopping you from owning more. 

In this way, you have full control over how much money you make. What’s more is your ATM business could even end up replacing your main source of income. You could quit your regular job to focus solely on making passive income with ATM machines!

The possibilities are endless, and you have the power to make your ATM side gig look however you want.

7. Diversification

There are lots of ways to make money in the ATM industry. Keep in mind that you don’t have to own and operate your own machine to make money in the ATM industry. You could negotiate locations for other ATM owners. You could just be the cash vaulter for someone else’s machine. Or, you could be an ATM salesperson and sell machines to businesses that want to operate one themselves.

Even if you do own your own ATM machine, you can still pick and choose which tasks you handle and which you outsource. Your ATM business is completely customizable.

How to Start an ATM Side Gig

Yet another benefit of starting an ATM side gig is that anyone can do it. It doesn’t require any specific certification, training, or education. Of course, training and education resources are available and valuable, but they are far from required. You can start an ATM side gig in just a few simple steps.

First, you will need to select and purchase your equipment. Then, you need to find a processing company to work with. This is how you will get your machine to communicate with the credit card networks. Many ATM processing companies like ATMDepot are also vendors, so you can take care of both of these tasks in one place.

Next, you need to find a bank that can supply you with regular vault cash. When opening an account, let the banker know about your ATM business and cash needs. This can help them prepare and let you know whether or not they are in a position to maintain an account for your ATM business.

You also need to find a place to operate your machine from. You want to find a place with a lot of foot traffic that’s not too close in proximity to a competing ATM machine. But basically, you just need to find a business that is interested in reaping the many benefits of an on-site ATM machine so that you can install your ATM there and generate surcharge revenue.

Once you find a location and order the equipment, the next step is installation and programming. After that, just advertise that your ATM machine exists and start making money.

Start an ATM Side Gig Today!

Convinced? ATMDepot.com offers a wealth of resources, both paid and free, to help you get started in the ATM industry. You can also expect continued support throughout the course of your business with ATMDepot as your ATM processing company. 

Whether you want to supplement your main source of income, own a business already and want to add another revenue stream, or are interested in replacing your regular job with ATMs, ATMDepot.com has everything you need. We have startup kits available for everyone from ATM entrepreneurs to store owners. 

For more information, join our ATM Entrepreneurs Facebook group, or contact us! If you are really serious about starting an ATM business, check out our Member’s Area where you’ll have access to negotiation scripts, videos, contract templates, and more.

If you’re looking for a simple way to make some extra money, start your ATM side gig today!

The Side Income Idea That Could Replace Your Full-Time Income

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If you need extra money, creating a side income stream is an excellent option. The problem with most side income ideas is that the pay model is that you trade your time for money.

If you have a full-time job, finding the time to work a side gig can be tough. And, trading time for money is simply a losing proposition, in the long run.

The best side income ideas (and the best full-time incomes) are those that aren’t capped by how much time you can spend making money. In short, you need income streams that can be scaled. Otherwise you’re severely limited in how much money you can make, because time is an incredibly finite resource.

With that in mind, the best side income ideas are usually some type of business.

To get right to the point, an ATM business is one of the best side income ideas out there, if not the best overall. Here’s why (and how to turn your ATM business into full-time income, if you want).

Why an ATM business is the best side income idea

There are a few things that make an ATM business unique, as compared to other businesses. Your ATM business can be as large or as small as you want. It’s truly a lifestyle business. Build your ATM business any way you want.

But these are the three characteristics that make an ATM business an ideal side income idea:

  • The upfront investment is very low.

No matter what, you’ll need to put some capital into your ATM business to get it off the ground. However, it’s a minimal initial investment, compared to other businesses. The upfront cost is low enough that you could easily borrow all the money you need.

You can get an ATM machine for $1500 to $2000. And you’ll need $500 in cash to stock your ATM. So, on the high end, you’d need about $3000 to get your first ATM up and running.

It might not be ideal, but you could conceivably put the entire upfront cost on a credit card. We don’t recommend this. But it’s an option. This is a good article about how to fund your ATM business.

No matter how you do it, the benefit here is that you just don’t need that much money to get started. So, an ATM business is a great side hustle to start with little money.

  • The time investment is asymmetrical.

If you’ve read the blog of Tim Ferriss, you’ve probably heard the word “asymmetrical” a few times. That’s because it’s a relevant business term, especially for those who want to create lifestyle businesses. Here’s what it means in the world of ATM businesses:

What we mean here is that the return on the time you put into an ATM business is not one-for-one. Meaning that if you invest one hour working on your ATM business, you’ll get more than one hour’s worth of income out of it.

That’s because your ATM (or ATMs) keeps working even when you’re not. The income that you get out of your ATM business scales with the number of ATM machines you own, not the time you put in.

Of course, the time requirement of your business will increase slightly as you add more ATM machines to your fleet. But, the income will scale much faster than the time required. It’s an asymmetrical investment.

Once you’ve got your ATM business humming along, you could spend a few hours a week working on your ATM business, and get part or even full-time income out of it.

  • The business can eventually run without you.

The ultimate goal for many business owners is to have a business that runs and generates income without them.

It won’t happen right away. But, your ATM business can easily become a self-contained enterprise if you set it up right.

The majority of the work in your ATM business is maintaining and stocking your ATM machines with cash. These tasks can easily be outsourced. There are ATM vaulting companies that can take care of filling your ATMs with cash. And you can easily set up a maintenance contract with an ATM technician.

All of this will add some overhead to your ATM business. But, you can easily figure out how your business needs to be structured to be self-sufficient. Here’s what to do:

Establish your target revenue from your ATM business.

Calculate your average revenue from each machine (most successful businesses rake in between $400 and $500 per month from each machine).

Calculate the cost of outsourcing your ATM vaulting and ATM maintenance. You’ll need to do a little research, since the costs vary by area. Remember that the cost will go up a bit for each additional machine.

Use the average revenue from each machine to determine how many ATM machines you would need to cover your overhead expenses, while hitting your revenue goals.

For the math minded types, it looks something like this:

(Target revenue + overhead expenses) / average revenue per ATM machine = total number of ATMs required

That will tell you how many ATM machines you need to get up and running to create an ATM business that’s almost completely hands-free (sorry, there’s no such thing as truly passive income. You’ll have to get your hands at least a little bit dirty at some point).

If that sounds like creating full-time income, that’s because it is. However, it’s also the perfect formula for creating a side income stream. That’s because your target revenue doesn’t have to be your total life income.

You can set your target revenue at just the additional money you’d like to make from your side business. That will tell you how many ATM machines you need to build a side income stream that’s almost entirely automated.

All this goes back to the fact that you can build your ATM business any way you want. It’s a flexible business that you can build to suit your needs and your life.

What to do now

All this sounds pretty good, right?

It is. And it’s easy to get started. If you want a quick guide, check out our guide to getting your first ATM placement.

Or get the book on how to start an ATM business here.

And, if you want the most in depth training and guides that will help you start making money fast, become an ATMDepot member to get all the training and templates you need to become an independent ATM operator.