Everyone knows that a turnkey business is considered the easiest way to start an entrepreneurship. One potentially lucrative and promising idea that few people ponder is owning an Automated Teller Machine. Purchasing and operating an ATM may seem very expensive and complicated to some.
But it is actually not that different from running a vending machine venture. Better yet, this kind of business can be very profitable in the long run if there is a high volume of transactions. If you would like to make a dent in this industry, consider the blueprint listed below.
Plotting a good course
Before counting the money in your head, you will need to weigh in your options when it comes to your Automated Teller Machine venture. There are two paths people should consider: an independent or a franchise operation. Franchise businesses come with a lot of training and support as part of the package. On the other hand, going as an independent proprietor can be pretty profitable if you have the initial capital to go alone.
Funding and red tape
No matter how people plan on structuring their new business, they will need to take care of the legal rigmarole before they can operate. It means filling for a license in the state or city they live in, forming a Limited Liability Company or S corporation, and setting up a bank account.
To know more about S Corporations, click here to find out more.
If you think that you will need money to ramp up the venture, you might be surprised at how cheap to get it started. As a matter of fact, people can theoretically get an Automated Teller Machine running for as little as $2,000 with a little planning. People can even lease a machine for as little as $150 per month.
Buying the equipment
Getting an Automated Teller Machine is not like buying a coin-operated video arcade and placing it in the mall or bar. Depending on the owner’s preferred business model, the process of looking for an ATM will differ quite a bit. But it is not challenging to get a cheaper device.
Granted that such machines do not come with similar support as expensive installations. The best way to go is to franchise first and use independent models later. The ATM quality, access to surcharges, and maintenance costs are all variables that need to be considered when purchasing an ATM.
Positioning the ATM
The most important part of a successful Automated Teller Machine business is the placement of the device themselves. Obviously, finding a high-traffic location like in a successful venture is the best way to go. Before setting up the device and signing a profit-sharing deal with establishments, you will need to do a lot of research to maximize your profit.
How to find high-traffic locations? Visit https://www.entrepreneur.com/article/73784 for more info.
Make sure to consider factors for local demographics like average incomes, projected population growth, and population densities when choosing the location. Ventures that deal primarily in paper money or whose customers are mostly tourists, is an ideal location.
Once the machine is operational, the people’s demand and need will drive profit to it. People should restock the ATM with cash regularly. It means that owners have to go to the bank regularly. Consequently, safety precautions need to be taken when transporting a lot of money. Entrepreneurs will also need to fix damaged or malfunctioned devices.
They can either retain an ATM maintenance firm’s service or learn to fix the problem by themselves. Not only that, they will need to check with access charges and placement contracts with the establishment owners to increase profits.
Taking the next step
If a person is interested in operating and owning an ATM, they are obviously thinking about the future turnkey business that leads them into expansion. They can check out pages like Greenstar ATM contact us page to ask for more information about the industry.
Once they have gotten enough experience under their belt, they can expand their business and funnel the income into other profitable ventures. Serial entrepreneurs know that nothing is permanent in this kind of industry. That is why they constantly hunt for new and profitable opportunities even while their present venture brings in the income. This kind of business venture might be proven as a foolproof path to big profit in the years to come.