Benzinga - by Bibhu Pattnaik, Benzinga Staff Writer.
Former law enforcement officer Paul Alex embarked on a remarkable journey from police work to a highly profitable side business.
What Happened: After earning an annual income of $272,000 in the police force, Alex contemplated investing in ATMs.
In 2018, he identified high-traffic locations — tourist hubs, nightclubs, restaurants, and small businesses offering cash-back services — and presented a compelling proposition to businesses: free ATM installation and maintenance.
This approach secured him six prime locations, encompassing liquor stores, barber shops, and a nail salon.
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While some locations were more lucrative than others, Alex's keen business acumen allowed him to optimize his ATM placements, relocating machines to areas with higher earning potential.
By 2020, he had amassed a total of 30 operational ATMs across the San Francisco Bay Area, consistently generating monthly net profits ranging from $9,000 to $12,000.
This steady income provided the financial stability needed for Alex to bid farewell to his police career in 2021 and concentrate on nurturing his ATM-related enterprises.
Alex encountered skepticism from colleagues who questioned his decision to invest in an unfamiliar business domain. Nevertheless, his unwavering commitment to self-improvement and exhaustive research eventually bore fruit. Between January 2021 and April 2023, his venture — ATMTogether — recorded $12 million in sales and $3.5 million in net profit, Business Insider reports.
He also runs Merchant Task Force, which specializes in credit-card terminals. The venture recorded an income of $844,000 and a net profit of $742,000 during the same period.
Reflecting on his experience, Alex underscored the significance of self-investment and continual learning in realizing entrepreneurial aspirations.
Alex's strategic investments in ATMs not only reshaped his career trajectory but also offered newfound financial freedom.
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This story is part of a series of features on the subject of success, Benzinga Inspire.
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