Get your own 24/7 Bank - Earn Passive Income!

[100k]

I came across this video the other day and I thought it was worth sharing with you guys.

I know someone of you are looking for business opp. (be it to spread your income or as a startup) and I thought this business model would suit many of you well.

1) It meets a need (people always need money).

2) It can be run free of your time (you can hire someone you trust to manage the machines for you).

3) You can scale it up (find more locations).

4) You have control.

5) Barrier is so so - you need to do your research for a couple of weeks to find the best location and you need a couple of $5k - $10k to get started.


Enjoy, please share your thoughts.

[video=youtube;FdMhUa8Ry4k]http://www.youtube.com/watch?v=FdMhUa8Ry4k[/video]


Idea for a good location; retirement homes ..... old people need money but can find it hard to move around....why not put your machine near their "village" ? Some retirement villages or whatever the correct term is, can consist of hundreds of elderly people.

 

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[RBefort]

I guess the world will always need atms in spots, but it's not the trouble of finding one for a person. The problem is finding one OF YOUR BANK nearest you, so you can just go take 20-50 bucks out without paying 5-6 bucks in fees. I remember in my college town in the drinking area there were atms lining that main drag. Seems like it would be more of a commodity type thing, although you don't really have prices per say. Most of the time I won't remember what I paid for fees somewhere (except in casinos where I think it was absurd). Dont' know much about this though. You asked for thoughts

 

[MCLARENF1]

I would be interested to hear opinions about this as well, thought about doing this last year but backed out. I still like the idea.

 

[KeonTheGreat]

The problem is finding one OF YOUR BANK nearest you

THIS!!! I'll walk a few extra blocks to get to a chase before I go to any old ATM to withdraw money. Did that once and got charged by the bank and the obvious ATM fee. That and those random ATMs just seem sketchy to me. Luckily there is a chase practically on every block on NYC lol

 

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[100k]

I get what you guys are saying.... but why not just put the commission at something like 1.5% and just say it clearly. Most people would not be put off by 1.5% I reckon.

$6 flat fee is just greedy. I would not use that ATM either (not unless I really had to).

 

[RealOG]

You would be investing in a dying tech. How many of you regularly carry cash around? I will bet its a lot less than 2 years ago...

Even credit cards are slowly dying off, moving to phone payments and electronic transfers.

If you are going to put a lot of effort into a new business, I would suggest getting on the front lines - not investing in a waning industry.

 

[Determined2012]

@RealOg-

What if you already have a brick and mortar business like a barber shop or beauty salon- or other service similar business? A lot of salons and shops do a lot of cash transactions-- (and) it is also true that stylists are also setting themselves up with Square and Paypal accounts to accept their payments as well.

Do you think an ATM in a location like this would be an exception to your statement, or no?

 

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[Runum]

Reminds me of all the payphones that popped up right before going obsolete by cellphone. Payphone owners could charge what they wanted and you didn't know the charge until too late.

 

[RealOG]

There is probably still a need for cash at some establishments, but think about this: how put out do you feel when you eat/drink/shop/ticket/etc. and go to pay with a credit card or debit card, only to find out the store only accepts cash?

I am not saying there is no longer a need, only that the need is disappearing. By the time you get your ATMs placed and rockin', that business will be near dead. Wouldn't you rather have focused on something that will keep growing? Don't get into a business that is going away...

 

[mayana]

I am not saying there is no longer a need, only that the need is disappearing. By the time you get your ATMs placed and rockin', that business will be near dead. Wouldn't you rather have focused on something that will keep growing? Don't get into a business that is going away...

I'm not disagreeing, but I think back to Felix Dennis and how he made his fortune in a waning industry. I think it has to be approached in the right way. We are pretty far away from being a cash-less society, though we are definitely moving towards it.

That said, making money in dying industry is probably more difficult than it would be in a growth industry. The challenges are different.

 

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[comment]

..I use ATMs everyday. Think of cash-only businesses like some bars and strip clubs.

Here's a good one: Drag strips. They see upwards of 2,000 people on event days and drag strips are all cash only.
State fairs and carnivals would be good too