Paul Alex
Photo credit: Paul Alex

When Paul Alex decided to start, he knew he was onto something big. The core of his business idea was to create a service that would help people earn a passive income, in this case, by owning ATMs in good, profitable locations. Paul Alex knew that people wanted to earn a passive income because the degree of freedom it provides was too good to turn down.

Still, he didn't plan for the business to blow up as quickly as it did. "I launched in January 2021 and made $6 thousand a couple of days after launch," he said. "Within 18 months, it was a $6 million business, cash collected."

Paul Alex
Photo credit: Paul Alex

The original idea undoubtedly played an essential role in the success of his business. Still, it's safe to say that the way Paul Alex approached it made all the difference and helped it skyrocket as it did.

Having the Proof of Concept

Risk-taking is at the very core of entrepreneurship. Every new venture is an opportunity to achieve greatness – or fail miserably, and entrepreneurs need to be ready for both. Paul Alex knows the risk as an entrepreneur and viscerally as a former law enforcement officer.

He also knows that minimizing risk is excellent and that a great way of doing that is by leaning on the lessons we've learned in the past. "I already had experience owning ATMs and some success with it," Paul Alex says. "That served as proof that what I'm preaching works."

This prior experience worked in Paul Alex's favor in two ways. First, he used it to gauge the potential success of his new business and to ensure the services he offers are the ones that will be most beneficial to his potential clients.

Second, he was able to use his success in communicating with potential clients to establish trust.

Playing to One's Strengths

When he started, Paul Alex had experience in two fields he'd need to run such a business effectively. He knew the ins and outs of being an ATM owner and just how important having a good location is. He was also adept in digital marketing.

Paul Alex is also a great communicator in a way that only a former salesperson who's also been a police officer can be. He has a very goal-oriented mentality that helps him get what he wants, no matter how hard he must try. He has leadership skills he used to build a community around the idea of ATM ownership.

Most important, however, is that Paul Alex had enough foresight to build his role in the company around his strengths and skills.

Choosing the Right Partnerships

Even though Paul Alex is a capable man, he knew he wouldn't be able to make a successful company of that type so quickly on his own. So instead of trying to be everything in the company, he decided to find people who'll do the things he wouldn't.

"When researching the business idea, I came across a supplier for the ATMs who'd also take care of technical services," Paul Alex says. "I've also found a call center that would be great for the online community. I told them my vision and said I'll take care of marketing, and they need to help me out with fulfillment."

Soon after, started cooperating closely with the two other companies that handled fulfillment; together, they grew to achieve astonishing success. They don't plan to stop there, either. Paul Alex firmly believes that is months away from becoming an eight-figure business. From there, the sky's the limit.