Have you ever been appalled at ATM fees and wonder whose pocket they go into? Today we have an ATM “mogul”, with a popular online following, who has spend most of his career dealing with ATMs. Noah talks to us about how an ATM business can start small, and can be very profitable if you pick the right locations and manage risks accordingly. You’ll see a lot of similarities with the vending machine business, which fortunately allows you to also start relatively small. Instead of snacks, however, your main assets are quite literally $20 bills! In a world of PayPal, Venmo, credit cards and more, there will always be a role for cash to play. So yes, cash is still king!
In this episode, you will learn about:
- Overview of Noah’s ATM business
- Advice for starting an ATM business
- Best spots for deploying an ATM
- Best way to keep your ATM profitable – it’s a relationship business
- Biggest risks of the business
- Dealing with loading ATM machines (its not as complicated as you think!)
- Noah’s story about an exploding ATM machine
- Best advice: This business is just like real estate, it’s all location, location, location. Just make sure you got the right location.
- Best resource: The Amazing Money Machine: How to Make Money and Build a Passive Income Owning and Operating ATM by Noah Wieder
Think you know a good spot for an ATM? Start Start by checking out Noah’s website.