Top 4 Problems Starting an ATM Business (and solutions)
If you’re wanting to start an ATM business but want to understand what types of problems arise when
starting an ATM business then you’ll definitely want to check out this post.
The ATM business is a business just like any other that you’d potentially start. So, just as you could face problems starting any kind of business, well naturally you can face problems starting an ATM business. Right?
Hopefully this post helps you get through your problems starting an ATM business though.
Potential Problem #1
Not Having Money To Start Your ATM Business-
This is probably one of the easiest problems starting an ATM business that you can fix. Seriously, I’m not kidding. The reality is that when you’re starting an ATM business you do not have to start by purchasing $40,000 or $50,000 high end ATMs.
Retail ATMs are extremely affordable. The ones I purchase (and have been purchasing for over 3 years now) are about $2,000. And that’s new.
Ok, ok you’re thinking “yeah that’s great Carey but what if I don’t have $2,000?” If you said that to me I’d tell you to think outside of the box. Ever heard of O.P.M.?
O.P.M. is Other Peoples’ Money. Use it. Family members, friends, co-workers, anyone that you know that has money they could lend you for a decent return. I promise that the return you would pay them is probably better then what they are already getting. This should be viewed as an opportunity for THEM and YOU.
Oh and one more thing….O.P.M. doesn’t actually have to come from people. Think credit cards, lines of credit, etc. Think outside of the box. But when you utilize O.P.M. do so responsibly and pay it back on time, every time.
Problem #1 Starting an ATM Business Solved!
Potential Problem #2
Picking Bad Partners-
Sometimes when folks decide to start an ATM business they will decide to partner with someone who is already in the business. This can turn out to be a major problem starting an ATM business.
Whether it’s just a money partner or a 50/50 partnership in other ways. You want to be careful who you partner with, even if that person is already in the ATM business and you feel that they know what they are doing and could teach you the business.
Ask me how I know? The guy who taught me the ATM business was not a very honorable man. He lacked something very important in a partner: integrity. This was my fault though for not researching him and talking to other partners he has had. We leave an we learn. The good news is….I managed. I learned the ATM business and I learned wayyyy more then he ever taught me.
In the end I guess it all worked out. So, just pick your partners wisely. Don’t just say “hey, yes I will put all of my trust in you because you’re already in the business and offer to take me under your wing!” Check ’em out. (Yes, that includes ME! But I’m thinking because I included this as the 2nd thing on my list for you to watch out for that it should be a giant clue that I have honor and integrity.)
Problem #2 Starting an ATM Business Solved!
Potential Problem #3
Not Having Contracts-
Not having contracts when you start out could be a gigantic problem starting your ATM business. Why?
Well you could potentially lose business.
Now, don’t get me wrong, I’m not saying there are a gabillion people out there that are independent ATM business owners that will potentially steal your locations, but there are banks out there that may want to have their ATM there. And there may be other ATM owners that may exist. (Don’t worry though, the ATM business really isn’t saturated. You may want to check out my ATM Business Training Webinar above to learn why I can say that.)
You just really want to have your butt covered. Have all i’s dotted and t’s crossed with businesses that you want to place your ATM in. My very first ATMs that I placed I did not have a contract with the business owners.
But guess what? 1 of them in particular did soooo well that I realized real quick that I needed to get them to sign a contract because I never wanted to lose this location.
And you should also have a contract with a potential partner that you would get involved in. Big advice here is to have YOUR attorney review this contract for YOU. Ask me how I know about this advice?
Problem #3 Starting an ATM Business Solved!
Potential Problem #4
Not Knowing What You’re Doing-
If you have a mentor, coach or someone who is a partner that is already in the ATM business that is a great start. They could help you eliminate the lack of knowledge problem starting an ATM business.
Don’t forget to re-read Problem #2 above again though, ok?
Even if you found a partner in the ATM business to help guide you along, don’t you think you would feel more confident if you knew what you’re suppose to do yourself?
There is a lot of information out there on starting an ATM business. I’ve read and seen most of it. A lot of it is old and outdated or just crap that may be painful to get through. (This is actually why I created my ATM Business Blueprint home study course.)
Anywho, there is stuff out there so my point is that people (myself included) are making it affordable for people just like you to learn what you are doing in your ATM business, so you can avoid the huge problem starting an ATM business and not knowing what to do next??
How do you find great locations? What do you say to business owners? How do you find great team members to work with? How do you fill the ATM? How do you get paid? Plus a ton other questions that I’m sure you have as a potential new ATM business owner.
So, educate yourself. If you purchase the right ATM business course then guess what? You most likely won’t even need a “partner” that is currently in the ATM business to walk you through things. You will know what to do yourself and THAT my friend will keep extra money in your pocket. (A lot of times when you have a partner that’s going to teach you the ATM business, it’s a 50/50 split. So, basically you’re giving up 50% of your profits on machines they partner with you on.)
Keep 100% of your profits and learn what to do in your ATM business to start it and grow it all on your own. I know for a fact that with my ATM Business Blueprint course that you wouldn’t need a partner who is in the biz currently to hold your hand through your first few ATMs. You’d know exactly what to do from my course. It’s a step-by-step, comprehensive home study course on how to start and grow your own profitable ATM business. The cost of it is miniscule when you realize you’re not going to be giving up 50% of your profits to your “partner” who is currently in the ATM business and going to teach you the ropes. (You can thank me later hehehe)
Obviously, I’d love for you to become an ATM Business Blueprint member, but you don’t have to. I just want you to educate yourself first before starting your ATM business. This is a problem starting an ATM business that you can nip in the bud quickly.
Problem #4 Starting an ATM Business Solved!
If you’d like to see what my ATM Business Blueprint home study course has to offer; please feel free to head over there to claim your free copy of my ATM Business Cheat Sheet, ATM Business Road Map and a 30 second video that explains it all.
Any other problems starting an ATM business that are on your mind? Post them below.