Today’s Maven IG Profile is a great example of what we have been preaching about here at MoneyIsJustAnIdea. Paul along with his business partner Jose started their own business buying and placing ATM’s across the city. They started off with one machine and has now grown to over 80 across Atlanta. Once you have your ATM machine set up, you have very little work to do after that. This really turns into a passive income stream. Read below to see how he got started.
Name: Paul Giaccio
Company Name: JC & Associates
Date Started: 10/13/2004
Q: How long have you wanted to start your own business?
A: I always knew that I wanted work for myself, but wasn’t quite sure the exact business that I wanted to get into.
Q: Why did you choose the business you are in?
A: It was a suggestion from a good friend who wanted to go in with me as business partners. I didn’t know the market that well, but he had family that was doing it successfully which made it an easier decision.
Q: What did you feel was holding you back from starting your business?
A: Time. It’s so easy to get caught up in your daily job and life routine, it’s difficult to break out on your own and create your own path. I had the desire, but didn’t make the time to start doing my own thing.
Q: Who or what was it that gave you that final push to start?
A: I was laid off from my previous employer which forced me to either interview with another company or just go out on my own… The decision was easy.
Q: How did MoneyIsJustAnIdea help you in creating your business?
A: At the time, there was no “moneyisjustanidea.com” website but it certainly could have been helpful if there was. It’s great to know that there are resources like this now.
Q: What resources did you use?
A: The key resource for us was to know people already in the industry who were able to provide some good advice on how to succeed. Financially, after 2 years in business, we were able to qualify for a 50K small business loan which helped fund our growth. This money truly allowed us to grow at an exponential rate. Underfunding is often the cause of failure in many businesses and we didn’t want to just be another statistic. We needed to have sufficient capital to sustain a successful business model.
Q: What advice would you give to anyone out there trying to start their own business?
A: Decide what you want and go for it. Too many people seem to always talk about what they want to do, but never start the process. Write it down, set weekly, monthly & annual realistic goals towards the accomplishment of your long term plan. Stick to it, update your goals regularly and never give up!!