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Small Business Ideas Forum

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Old 16th April 2009, 07:33 AM   #1

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Default Plz help...

I have saved up 2000 to invest in a business...Now i see great potential in a business which involves those ATM Cash Points ( Paper shop, pub etc...) Now at every transaction u can charge 1.75... As i have not got much money do u thk it would be better to invest in a company or maybe try to buy say 2 or 3 ( i dnt knw how much they cost) and start my own small business? Any help would be much apprechiated....

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Old 16th April 2009, 09:33 AM   #2

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I would recommend starting your own small business. Best business would be with your money starting a website, but with an good idea.

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Old 16th April 2009, 09:42 AM   #3

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hi thx... Any suggestions i did buy a website once.. (discountfitnessnow.com) it was a amazon associate website where i was advertising gym equipment on my website frm amazon...but did not earn a penny..LOL. At the moment i have this cash and to be honest any online business which will make me decent amount of cash will be fine...

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Old 17th April 2009, 11:36 AM   #4

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i wouldn't put much into that website you bought.

do you have any experiences with an online business? If not, and even when you do, it takes time. I wouldn't expect to buy a website and make money.

Regarding the machines, I'd investigate if it is feasible and how much it would cost. Then estimate how much you think you could make. Without that, at bare minimum, you are making decisions that are only guesses.

I'd start out by doing more research into various ways to get yourself started. What do you love, have experience with?

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Old 17th April 2009, 01:40 PM   #5
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Now i see great potential in a business which involves those ATM Cash Points
The price for those machines will play an extremely large role in whether they will be an attractive business for you. If they cost 1000, for instance, and you earn 1.75 per transaction, it will take 571 transactions just to break even.

I don't know how often cash points are utilized, but I imagine you could determine this with a little legwork. Park yourself for several hours with a pint at a local pub ATM that gets a fair amount of business. Count the number of transactions that are done each hour. Do this at several different locations over a number of different time periods (happy hour, lunch hour, middle of the afternoon, early morning, etc) to get a feel for how many transactions a cash point could realistically do in a day. This will let you help you estimate how quickly you could expect to generate a profit.

I wouldn't be surprised to find that there are hidden fees that you'll need to take into consideration. For instance, a pub or a convenience store will probably want a fee or even a percentage of each transaction fee for the right to place your ATM in their establishment. There might be monthly bills for the electricity usage of the machine. Merchant services like VISA or Mastercard likely charge for access to their network of banks.

Then there's the maintenance and upkeep. How long do these machines last before they need to be replaced? How often do they need to be serviced and how much does this usually cost? Someone will need to regularly replenish the supply of cash.

These are all questions I'd recommend you thoroughly research before making a big upfront investment. That way you'll set your expectations appropriately as far as the profitability of this business is concerned.

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Old 17th April 2009, 03:38 PM   #6
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If you're looking for long term success, get involved in a business where you have a passion. If you don't like the industry or business market you get involved in, you will not do as well. But when you really love what you do, then it's easy to succeed! You will offer better service and do things for your customers that you may not otherwise consider doing. When you overdeliver on things like service, your customers will respect it and come back to purchase.

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Old 18th April 2009, 10:00 AM   #7
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I would not be in any rush to spend your savings. You may regret it and then also have to deal with the associated feelings of disappointment, together with lost opportunities.

Research your own passions/interests first, in context of business viability and models.

Do consider the online business models too.

Get some key, quality advice/training. It does not necessarily mean a large expense. Find experts and learn from them. As you do, you will see opportunities starting to appear.

All the best anyway.

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Old 18th April 2009, 10:16 AM   #8

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Try to investigate the interactive/touch screen technology (single/dual/multi touch).
I believe this is something people will want to use - a small seed investment with a great ROI.

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Old 19th June 2009, 06:21 AM   #9
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Yes thats good start your own business but remember 1 thing make a perfect market research this will decrease your failure chances, find out potential customers

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Old 9th July 2009, 05:49 AM   #10

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I want suggest you optimize your website on your business keywords and get traffic on your website.....SEO is all you really need to do to get traffic, but it has to be done right.

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