Perhaps you’ve already explored an ATM entrepreneurship and its possibilities. For decades, ATMs have been a great way for people to access cash when they need it most. Indeed, the business of ATMs is still a profitable endeavor with the capability to generate passive income. So beneficial is business ownership in the ATM industry that some people have been able to quit their jobs and support their families on nothing more than their ATM entrepreneurship. In fact, many have more money now than they ever had before when they were working a full-time job for 40 or 50 hours a week.
Today, however, there is also a way to generate income with BTMs.
What Are BTMs?
We’ll try to keep this as brief and understandable as possible. Comparable to the way an ATM works, a BTM machine functions similarly. But instead of dollars, bitcoin is utilized. Through the machine, you are able to purchase and sell bitcoin.
BTM’s are meant to be complementary to ATMs, not to replace them. The two machines are not in competition with each other. In fact, BTMs are sometimes referred to as bitcoin ATMs.
Starting a BTM Business – Doubling Down
The prospect of BTM machines is very exciting.
Numerous individuals have invested in a bitcoin/crypto currency. Whether or not crypto currency is a good investment is a topic for another day and time, however. The point is that people have invested and are interested in buying and selling at times other than when they are sitting in front of their computer at home. That’s where a BTM comes in.
- First, you’re going to need an LLC, as you would if you were starting an ATM business.
- Then you will need a business checking account.
- Next, you will need a bitcoin ATM machine.
- Locate the most profitable spot for your BTM. Between $20,000 and hundred thousand dollars could literally be going into your machine if you have the ideal location. Note: With all that cash being generated, you may want to have a precise plan/cash management system in place or hire someone to handle all your cash.
- Finally, Uncle Sam gets involved. You’re making thousands upon thousands of dollars, so the IRS is bound to get excited. But you want to keep your money. Having a compliance plan is of the utmost importance here. Make sure you’re being diligent by complying with all of the laws. Have something in place – whether it’s an actual lawyer, specific business employees, or someone else – to handle compliance. You have to register on the federal level, you have to register on the state level, and maybe in your city or county. Outsourcing isn’t a bad idea here. It’s just part of the business sometimes.
How to Achieve Success
Here are just a few tips as to how to succeed in business with bitcoin machines (BTM):
- If something isn’t helping you make money, outsource it.
- Automate whatever is possible.
- Charge a convenience fee that customers will have to pay to use your BTM (recommended between 15% and 20%).
- Location is everything. Land a good processor and set up a network.
Note: It’s important to have a two-way bitcoin ATM. Why? This way, your customers can buy and sell crypto right there, at your machine. Currently, these machines can only deal in crypto currency referred to as bitcoin. In the future, however, other options are expected to be available.
Set Up ATMs or a BTM/ATM Combination with ATM Together
Set up an ATM in a great location or opt for a BTM/ATM combination machine – the important thing is to get started generating thousands of dollars of passive income, courtesy of your new business venture. Join forces with the ATM Together team for your best chance of success. Every step of the way, we will offer guidance and advice when it comes to purchasing, locating, owning, and operating ATMs.
Still have questions about how to fund your new ATM business? Contact us for information. Our team wants to help you succeed.