Do you want to start an ATM company from scratch? Or you need a sample ATM business plan template? If YES, then i advice you read on..
The financial sector is a major player in the service industry of almost all countries in the world. There are loads of businesses that can be started in the industry and one of them is an ATM business. There is hardily any bank in most part of the world that has not bought into ATM mode of attending to their clients. It enables customers to perform banking services like cash withdrawer, cash deposits, bills payments, purchase and checking of account balance.
There are various forms of automated teller machine business that an entrepreneur can engage in. you could decide to start ATM servicing, repair and supply business and you could decide to buy the franchise of a company to help in installing and managing ATM in various locations. Before making your choice on the ATM business to go into, it is important that you first study your market to be sure that you will get good returns on your investment.
The truth remains that ATM business is indeed a viable and profitable business even of you are in a place with numerous ATM in various locations or you are in a place with fewer ATMs. If you are in a place with numerous ATMs, you could decide to start ATM servicing and repair business and if you are in a place with fewer ATMs, it will be ideal to start ATM installation and managing business.
Now let us quickly consider some of the steps you would need to take if you want to successfully start your own ATM machine in any location of your choice, and then build the business to profitability;
Starting an ATM Business – Sample Business Plan Template
If you live in major cities of the world, you will realize that ATMs are installed in strategic locations not just in banks, but also in malls, cinemas, hospitals and public places generally. This goes to show that ATM business is a thriving business indeed.
So if you want to start your own ATM business, it is important that you first of all conduct a thorough feasibility study to ascertain the area of ATM business to specialize in. From the report you get from your feasibility studies, starting an ATM repair and servicing business might just be ideal. Just ensure that you do your due diligence to be sure that you are investing your money in the right form of business.
2. Make up Your Mind
There are various means of making money via ATMs, but you just have to make us your mind on the direction to follow in setting up your business. If you are technically inclined then it will pay you to start your own ATM servicing and maintenance company.
You can even start ATM manufacturing company of you know you have the financial capacity and the technical background needed. The bottom line is that you just have to make up your mind before committing your money and time to the business. The truth is that the business can be demanding but at the same time, it is also rewarding.
3. Register Your Business and Obtain Necessary License and Permits
There is hardily any line of business that you can start in the financial sector that you won’t be required to operate as a legal entity. The only way your business can be legal is to register the business with the corporate affairs commissions of your country.
The process is simple to follow through, but if you know you don’t have enough time, you can contract the registration of your company to your attorney; they know how to go about registering companies with less stress. Once you are done with registering your company, you can apply for the required operating license from the government and then open a corporate account for the business.
4. Acquire the Required Equipments
If you decides to go into ATM repairs and servicing, you would need to purchase the required tools / equipments needed for the service and also if you decides to purchase a franchise from an ATM company so you can install your ATMs at strategic locations, you would also be required to purchase Automated Teller Machines.
These machines are expensive, so you must be financially equipped to tow this path. As a matter of fact, one Automated Teller Machine can cost as high as 10,000USD. There are some that sells below that price though; at about 3,000USD.
No matter the kind of business you are into, the location you choose for the business is a major contributor to the success of the business. If you want to go into installing and managing ATMs the locating your business in a location with fewer ATMs is the right decision for you and if you choose to start ATM repair and serving business, then locating your business in a location with loads of ATM machines is just the right business decisions to make.
The number one rule when employing for the financial sector especially when it has t do with handling cash, integrity is a watchword. Your ATM business will definitely grow someday, and you would need helping hands. So make plans to employ trustworthy and reliable people.
7. Source for Business
There are various strategies you can adopt to generate business deals for your ATM business. You can talk to banks to help them install and manage their ATMs or to help them service and maintain their ATMs.
The bottom line is that whether you are into ATM manufacturing, or you are into AMT servicing, your primary partner in this line of business is the bank and your secondary partners are the owners and managers of public and even private facilities.
In sourcing for business deals, you will be required to do a presentation, so, ensure that you master the art of delivering convincing presentations that can easily convert potential clients / leads to loyal customers
There you have it; 7 steps to follow in other to start your own ATM business.
- 5 Tools and Equipment You Need to Become a Locksmith - October 29, 2020
- How Much It Cost to Dispose Hazardous Waste Per Ton - October 29, 2020
- How to Be an Effective Manager – 37 Tips to Help You - October 29, 2020