If you’ve been thinking about starting an ATM business, you can do it within five days or less! But, to do so successfully and stay successful, there are numerous ATM business mistakes to avoid.
If you could be your own boss, rather than working for someone else for the rest of your life, would you take the opportunity? Even as a beginning entrepreneur, you could be successful running your own ATM business. Imagine generating passive income, having more time to spend with friends and family, and never having to take orders from someone again.
Here are just a few of the mistakes to avoid to better assure your success.
Mistake One: Signing a Contract
Contracts are nonsense. Don’t get tied into a contract when you work with an ATM processing company. Being tied to a contract doesn’t give you the freedom you’re going for. Remember, part of being a successful entrepreneur is enjoying the freedom to run your business the way you see fit. Sure, you’re looking for good income, more time with family and friends, etc. But being limited by a company to which you are tied down hampers the experience (and profits) of entrepreneurship.
Mistake Two: Paying Too Much for Assistance with Paperwork/Filing
ATM Together can introduce you to ways through which you can get your LLC, do your EIN, and get other types of paperwork completed correctly, quickly, and either at the best prices or for free (i.e., irs.gov, incfile.com, etc.). They are also instrumental when it comes to compliance. Unless you’re a lawyer, you’ll appreciate this.
Mistake Three: Failure to Research Locations
Location is everything when it comes to ATMs. You must research multiple locations before choosing the best one. If it ends up not being as advantageous as you thought, it’s time to move the ATM machine. All locations are not created equally.
Ask yourself the following questions regarding location:
- What is the need for cash at this location (will people be buying lottery tickets, for example)?
- What is the daily foot traffic at this business?
- What are the surrounding businesses near the business location you’re considering for your ATM location? Might their clientele need cash? (Example: ATM placement in a convenience store situated next to a bar.)
Mistake Four: Going With An ATM Company That Doesn’t Offer Ample Support and Guidance
The ATM company you partner with should be a good fit. Customer service is of the utmost importance. The company you choose should be a “one-stop shop”.
Make sure you have the support you need from the ATM group you partner with. When you work with ATM Together, support is at the tip of your fingers. There’s always someone there to help you through any hurdle you may encounter.
ATM Together will also help you look for good ATM locations, advise you about financing, offer step-by-step training, and provide guidance on marketing, sales pitches, opening business checking accounts, and more.
Now That You Know Some of the Mistakes to Avoid – Start Your ATM Business
By partnering with ATM Together, you always have a support system. In most cases, someone is just a text away. With the assistance of the ATM Together team, you’ll stand a better chance of avoiding some of the most common mistakes and receive the advice and assistance you need to succeed.
If you need information, we will provide it to you. Anything regarding purchasing, owning, and operating ATMs is common knowledge to every team member.
Do you have questions about starting an ATM business? Join forces with ATM Together for your best chance of success. Our team wants to help you succeed. Contact us for information.