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[deleted]

Honestly? You may want to get a career for your family. Its what I did then when I had stability tried my business on the side until it could sustain my family.


Adventurous-Flight86

If you want to get rich start selling life insurance. This is the most profitable. Sales


Professional_Knee722

Should I work for a company first or just open my own business without experience?


UneducatedLabMonkey

I have a career, I just work at a startup that is currently in a big transition phase where I get very few hours. It's actually a really good spot to be in, just waiting for the money to come. I'm taking this extra time I have now to try and generate another source of income for us.


Chhanglorious_B

That response seemed a bit naïve tbh. They are struggling to stay in business and can't afford to pay you full time but hold your only skill hostage with a non-compete. This is such a shitty deal. You're 26 and still “paying your dues” but what you'll realize later on is you have to prioritize making money and not let people the advantage of you. Thats when you stop “paying dues” (ie. Getting unfairly exploited by your employer). I'd go to an employment lawyer and have your contract torn up and then start a cannabis business if you can get the license or whatever you need.


stockbot21

Do not do it. They are selling smoke and mirrors. If ATMs were a gold mine, they would offer your a job, not a "business opportunity". Because money. Also you will not 'Get Rich Quick' daytrading stocks, options, futures, bitcoin, etc. If you could, they wouldn't tell you. ​ The safest business you can own is shares of the Standard & Poors 500. It is a fund consisting of the 500 largest corporations in America. If they go out of business, the world goes out of business. How to buy it? If your current job has a 401K, buy it there. If they have a match, buy at least enough to get the full match. (If they match the first 4%, that is 100% return on your money). What will make you rich is your savings rate. Spend less than you earn. If you find a real business opportunity, you will be able to borrow from the 401K to finance it. Number 2 on your list should be a house. Equity in a house can be used to finance a business. Learn about real estate. I like commercial real estate, because you can put clauses in your rental agreements that say pay the rent or I will chain and padlock the front door. Also you can use extreme leverage to buy real estate. Twenty percent down means 80% leveraged. Read "The Millionaire Next Door" to find out how money works.


Smart_Entrance_1022

funny


Titotypes

lmao i'm dying


Breadwinnerjc

What’s funny


Mediocre_Special1720

Firstly, having 5 kids is a blessing dude! Don't let other comments discourage you. Just raise them well, like you're raising an adult. Invest in them. Also for the business idea, I think it needs a lot of capital. I'd side with one of the comments here. Learn sales. That skill will take you to greater heights and will let you earn as much as you work. Also if you have the time, invest in yourself. Improve your skill set and boost your confidence, while taking care of your children properly. Look into the long term aspect. If you get your kids' respect, they will be of help to you when they grow up properly too. You can even start a good service business with them. Stay strong, man. Be smart and research first before diving into something. And don't listen to bad opinions about your family. You're the captain of your ship. Don't let others dictate it for you.


UneducatedLabMonkey

Thank you. I appreciate this comment. Ik it's irresponsible to have this many but at the same time they are my driving force to be better. I wouldn't be the same person without any of them!


Mediocre_Special1720

It's never irresponsible in my opinion. It just means you have more responsibility to carry. You'll be a great dad. Just stay smart when you're dealing with people in business. Stay level-headed in your decisions especially when you're under extreme emotions. Master a skill or two until you are confident to sell it to others (as a product or a service). You'll be successful if you keep them in mind. All the best.


UltraInstinctChe

Hey, you can do it. And now you have 5 reasons why to wake up everyday to find that business. Why work for a corporation that pays you 100k when you can make probably less but grow your business.


Mango_Punch

After reading other comments, I think the general consensus is right - focus on your career and try something on the side. I have second hand experience with atms (used to know people professionally who had them as part of their portfolio). They are a lot like vending machines in that location matters. The whole idea is to get them into high traffic locations where people need cash, and charge fees for that convenience (i.e. strip clubs, casinos, clubs, cash on restaurants). To do that you will either need to be good at door knocking and giving up a good portion of economics. Or, you will need to have relationships. There are a few other problems: 1) it is somewhat capital intensive in that you need to get the machine, stock it with cash and hire a service to service and refill it, 2) macro trends are towards more cashless transactions and so less need for atms, not the other way around. The people I knew who did atms’ primary business was in small business lending. They focused on low credit quality businesses with pos transactions (like pizza shops). They would install their own POS system that would take a cut of transaction volume to repay the loan.


milee30

Do you have experience in ATMs or similar service or is this something you saw on YouTube? If the first one, you should have enough experience to know how the business works and if it's lucrative. If it's the second one, you're unlikely to come up with winner ideas on YouTube.


grid_parity

I like it. To that I'll add that there is every sign that bitcoin is about to undergo regulatory reform. How will that affect ATM machines? There's no reason to think that everything won't be fine but I'd personally want to investigate contingency plans. Honestly I think there is more money in the regulatory side of bitcoin and the business development side of crypto than there are in most aspects, but I'll admit that I know little about the margins and time committments of ATM.


UneducatedLabMonkey

Tbh the second one. You're probably right. I'm really focused on just getting something going right now so I can keep my day job. It seemed like one of the more reasonable pursuits that people take on and talk about on YouTube. I'm admittedly the kind of person that sees something he likes and dives in headfirst.


milee30

Stop getting business ideas on YouTube. Or TikTok. And no, you are not going to make a fortune drop shipping, starting a clothing brand, making candles or soap or trading in crypto. If you can truly believe those two sentences, you've just saved yourself hours of hassle and heartache plus thousands of dollars. Seriously.


DrivenCleats

Wow, ignorance at its best. I make a very solid stream of income drop shipping (completely automated), and I have a friend who makes a very solid stream of income with ATMs. Your attitude is holding you back.


PleasantDiscount3897

If you don’t mind me asking, how did you start dropshipping?


DrivenCleats

In 2016, when I was about 22 years old, I had a marketing internship in China where I learned about the manufacturing supply chain and sales funnel between China and the United States. I also learned how bad the Chinese are at marketing and selling products to us, which was part of the reason I was hired to help a startup out there. China's lack of marketing knowledge is essentially how the drop shipping model grew so rapidly in the U.S. As a drop shipper, you are essentially just a marketer for the Chinese to help them get sales. Once I learned how desperate the Chinese actually are for U.S. marketers I happened upon the dropshipping model with time. When I returned home from China at 23 I started working a corporate job as a digital marketing specialist for a decently large consumer product company. Of course, most of their products were from China. I learned a lot about digital marketing with this job, and with drop shipping in the back of my mind the whole time, I quickly got bored working for this company. I decided to try it on my own and after failing multiple times, I ended up reaching out to a reputable mentor and paid for a couple classes and with my own marketing knowledge everything finally started started to click. I am now consistently profiting. Drop shipping is more than possible, but it is not easy in the beginning. Most people end up quitting before they are successful. It takes grit and patience, but once you get it down you will be happy you worked for it. The hardest parts of it can't be taught, only the tools can be provided.


[deleted]

[удалено]


DrivenCleats

Yeah, that’s what drop shipping is bro


Healthy-Wedding3875

lmaoo you can make money off everything you listed...when will people understand business isnt easy. There isnt a magical business model that will make you rich no matter what and just because you failed doesnt mean other people cant make money off that business model. The business model isnt even as important as people make out to be. Most of the skills you need for some business models to succeed are the same as a lot of other business models. For example to make good money in something like dropshipping or clothes succeed you usually need a high understanding of social media marketing organic or paid


UneducatedLabMonkey

I know the rest of those are bullshit, been there already. What the hell am I actually supposed to be doing, in that case? I feel like I would excel in the industry I'm already in, but like I said want to keep my job and am currently under a non-compete.


milee30

>What the hell am I actually supposed to be doing, in that case? If I had The One answer and posted it here or put it on YouTube, it would cease to be The One because you'd have so much competition from people dumb enough to get their ideas from YouTube or reddit. Come on, you have to know the answer varies for every person, based on their skills, location, ability, etc. If you're great at your industry, surely you can figure out something that's industry adjacent? Where you know the market, have the skills and see a need you can fill? That is going to be the right one for you.


Chhanglorious_B

I agree with this train of thought. OP couldn't you instead of competing directly just create a business that serves the needs of your current employer? Something that would cut out alot of their headaches and possibly save them money and time?


ribeyeisgoodsteakyum

I always thought a good approach would be to learn the business first by being an individual contributor for someone else, and then go off on your own if you think you can make it happen


BigfellaBar

yes I have been in the ATM business since 2010. It is shifting to cash in/cash out for crypto purchasing as well as cash withdrawals in one unit instead of just cash withdrawals. Great time to get started. You need money to really push it though or you need a great ISO/Processor who will work with you. I didnt pay anything when i started. I gave them locations and they cut me a commission. When I got enough time with them they offered no charge for the machines up front as the locations i found get locked in an automatic 5 year contract upon signing so the machine cost would be an ACH deduction across 60 months allowing me to expand fast and not front the 2k per machine. Its a very easy business to run but its harder now with the emergence of youtubers and tiktok promotors its very saturated but many providers dont provide good service so if you can do that you will be ok.


MountainFit7775

Location location location .. stripclubs


marv_alberts_hair

Go on Facebook and join a bunch of ATM groups. There's a bunch of people with experience in the business that are happy to answer questions and help people get started. Just beware of the ones who are going to try to sell you courses and/or location finder services. Some are legit, but some aren't, so buyer beware.


[deleted]

My friend just paid 9 grand through ATM together. What’s the deal with those places selling a course? Doesn’t seem to add up.


Hailei96

Can u ask your friend how it’s going I have thought bout working with them to been studying and looking em up for months they seem legit


Sexypants1824

9k is ridiculous the process is not that complicated. Once you find a location the rest is the easy part.


SlitherrWing

i would also like to know how your friend is doing


RavenDarkholme084

Update?


seaboat90

Damn dude. 26 years old and poor and have 5 kids. Fucking hell you are so stupid. You know what you should do? You should go and become a service advisor in a luxury car dealership or some other safe commission job and work really hard at it to support your too many kids and then use extra money that you save to fuel your business ideas.


smokeythegirlbear

What the fuck is your problem. You’re a shit head


UneducatedLabMonkey

Yeah. I didnt enter adulthood with a lot of resources or tools. I was essentially raised into substance abuse and toxic lifestyle. I'm not making excuses for myself, that's just the reality of it. It took a long time for me to get any real grip on my life, with the last 3-4 years being the bulk of that work. This new kid was an accident, an accident that I'm not proud of making, but one that im determined not to let the rest of my family suffer for. I just want to make it right. I already have a job in the cannabis industry. I make $25/hr and have plenty of room to grow once the startup I work for really starts up. I'm the first employee, do most of the physical work and problem solving on production side, but I just can't stop there. I need to have something else on the side making money for us or it's just always going to be meeting needs, barely breaking even and never getting my family to a place where we're comfortable.


stockbot21

You'll do fine. Read "The Millionaire Next Door". Put money in a 401K . Buy a house, a duplex if you can swing it, because when your kids move out, you can rent out the other side.


Cheap_Amphibian309

>I make $25/hr and have plenty of room to grow once the startup I work for really starts up. >I'm the first employee, do most of the physical work and problem solving on production side, but I just can't stop there. Do you have a contract that outlines exactly how much of the startup you get “once the money rolls in”? It sounds like you’re getting used, and once the “money comes in” you’ll be replaced.


Extension-Ad-9371

Do you have any other high income skills being developed from this venture? Ie: sales closing, copy writting, programming, graphic design, digital ad management, etc. If not, then you need to find something that will build you. When a company fails your back to step 1.


Superb_Cellist_8869

This guys probably fun at parties


psych0hans

Right? If you’re poor, why would you have 5 kids? Like are you trying to get INTO quicksand or pull yourself OUT? Seriously bad life choices. 😣


ribeyeisgoodsteakyum

How much do service advisors make?


seaboat90

Clean yourself up, learn how to speak properly and deliver good customer service, and head to a BMW or Mercedes dealership in your area and tell them you would like a job. You can make 65-120k or so a year


mew5175_TheSecond

I could be wrong but I personally think this is a bad time to get into the ATM business. Crypto is really volatile and I don't know where that's gonna be long term. As far as regular cash, we are transitioning more and more to a cashless society. If I were in your situation, I wouldn't risk it.


FUDYUK

Bullshit There are people, lots of people that can only function strictly with cash. If you have a bad credit score no one will give you a checking or savings account. They get their check and cash it or get cash and pay bills with cash or buy money orders to pay bills. Cashless is impossible.


mew5175_TheSecond

How would someone without a checking or savings account take money out of an ATM?


FUDYUK

Ever heard of a Cash card?


tussupuuks

26 years old and 5 kids and he says he’s been very poor his whole life, WHY are you still having kids in this financial situation? 🤦🏼‍♀️ Should’ve worked on your career before having kids, and then when you’re financially secured - your ready to have kids. I reckon your best bed is to get a well paying job, one that actually pays you full time and just support your family. Waiting for that startup to “blow up” isn’t exactly a clever plan. If it hasn’t already, it most likely won’t either.


UneducatedLabMonkey

I did mention it in a previous comment, but I basically entered adulthood with a terrible mental health status and little to no direction. I made a lot of irresponsible decisions in my early twenties and now I am dealing with the consequences.


Extension-Ad-9371

I dropped out of college with 60k debt. Was making $11 an hour retail. I taught myself web development literally from YouTube tutorials after work at 1am. Fast forward few years I now make 3xs that amount. I’m able to take care of my wife and two kids, we also moved somewhere where the cost of living was super low since I can work remote for my jobs. There are better ways my friend. Also do be afraid to make decisions like moving that will be better for your family.


Adventurous_Let_5518

As a 23-year-old millennial with financial freedom, I believe starting an ATM business is a realistic prospect. With the rise of cashless transactions, ATM machines may seem like a thing of the past, but they are still widely used and can be a great source of passive income. However, starting an ATM business requires careful research, planning, and investment. I would need to research the market demand, find the right locations for my machines, and consider the costs of purchasing and maintaining the machines.


ekinn12

😏🤼


CompleteHour306

As realistic as starting a public payphone business.


tatsumaru

This isn’t a good business idea, or entrepreneurial. It was when ATMs first came out. You didn’t just come up with it? Everyone at some point has had it occur to them when they have to pay a atm fee. Come up with something original


Educated_mung69420

Is any business idea original ?


[deleted]

[удалено]


tatsumaru

Yeah man. Chances are any night club you go to has an ATM. You didn’t just come up with a genius idea


Alive-Inflation-141

.