What is the ATM Solo Entrepreneur?
There are several divisions of the financial services industry that are profitable and fairly easy to maneuver, especially for those who have a keen interest in the industry. Just about any capacity of the industry can be simulated either with a large team of individuals or a one to two person operation. This includes anything from big banking institutions on the corners of large cities to a small team of financial consultants in a strip mall complex.
One such financial service or product that can be managed on a small(er) scale is that of the ATM entrepreneur. The consideration of managing this type of business in a smaller way is in no way reflective of the amount of business that these entrepreneurs do, but rather it’s indicative of how many people or systems are in place to manage a (sometimes) multi-million dollar business, usually by one or two people.
Getting into the ATM business is not at all that difficult, but like any other profitable business, it does require careful planning and the time necessary to put in the work to get the business up and running. For those entrepreneurs who are new to the industry, getting involved with the ATM business will require that they perform thorough research to determine what methods, systems, products and services are right for them. They will need to find and work with reputable vendors and also find ATM machines that are affordable as well as current enough to keep up with any consumer demands for current and future usage.
The solo ATM entrepreneur usually doesn’t get to work with a team of employees. He essentially manages everything himself, down to re-stocking the ATM’s, troubleshooting any problems and working with other outside vendors to make sure the business is run smoothly.
Owning and managing an ATM business can be very lucrative, especially if the owner has multiple machines at different locations. In order to really be profitable, it’s a good idea to have as many machines as possible running so as to ensure a nice monthly profit from that investment.
At any given time, an ATM owner can easily manage as many 50 ATM’s at once. This of course depends on his personal preferences, but to effectively manage large ATM numbers, there are a few things that the solo ATM entrepreneur should have in place before proceeding.
- A reputable ATM company will take the time necessary to explain the ATM business to a new ATM Entrepreneur to help ensure success.
- Find a reputable ATM distributor or ATM Company to work with to buy and/or lease machines. A reputable dealer may even offer to help find or arrange financing for the ATM machines for the owner, especially if they are just starting in their business.
- It’s suggested to start slow and install one or two ATMs locally and be hands on to learn all the ins and outs of the ATM business.
- Once the ATM Entrepreneur gains a thorough understanding of the business a larger portfolio should be considered in order to have a full time income.
- When considering owning and operating a larger number of ATMs (more than 10), it’s important to consider working with accounting and legal professionals to develop a comprehensive, workable business plan that will turn the investment into profit within a reasonable amount of time.
- Ensure your ATM Company and service provider is able to provide optimal service to include software updates, hardware upgrades and prompt telephone support for an ever-changing component of this type of business. Many times, software engineers and packages come with the services that are provided by the ATM distributor.
- As a suggestion, it’s best to work within the local area as a new distributor before branching out to outlying areas. This makes it easier for the new distributor to capitalize on those already-established business relationships for possible machine locations.
There are many business owners who have trailed the path to ATM ownership. Looking to these individuals for guidance and direction is sometimes much easier and more preferable than trying to go do things alone. The business does require a lot of detailed, concentrated work on the front end to get things set up. However, once the initial set-up work has been done, then managing the ATM’s on a routine basis becomes easier as time goes along. Over time, the profits begin coming in as the business grows, making the investment much more worthwhile.