When you have a conversation with Josh Foti, you would be forgiven for thinking that this fresh faced young man was 10 or even 20 years his senior. You would also be certain that he would be successful in anything he strives to do in life.
He exudes confidence, drive and self-assurance which is reflected in his business. However, this was not always the case, as Josh himself will tell you.
He would also tell you about the two driving forces which led him to the NEIS programme and what ultimately led him to set up his own business, Your Local ATM.
Whilst studying for his bachelor of business, Josh was offered an opportunity to work for the Commonwealth Bank with paid training, so he left university to pursue his career.
“After a time working for someone else, and getting told what to do, I began to get frustrated. It was good money but I didn’t like the hours, or being told what to do,” Josh said.
His desire to work his own hours and make his own decisions drove Josh to seek business advice on setting up his own business.
“I found out about the NEIS programme through a friend. The NEIS programme gave me the practical skills I needed. Also having the support of the Business Foundations really encouraged me as well,” said Josh.
“I learned the fundamentals of business, how to register a business and how to put together a business plan, which I had never done before. It gave me a running track to follow.”
Josh spent six months researching ATMs, and meeting with CEOs and other operators who ran ATM machines.
A major hiccup Josh said he had to face was how expensive the machines were, and he started to run out of money quite quickly.
“Plus I spent ridiculous amounts of money on marketing and other things that I probably didn’t have to. Then I had more machines on the ground, but I had no money to put in them,” said Josh.
He started doing seminars to try and get investors on board.
“I did Rostrum and other public speaking forums, so I could learn how to public speak and get confidence. Eventually I did seminars, and was speaking to about 80 people at a time. That’s how I met a guy who was happy to be my investor,” Josh said.
“I went out and found staff and I have five under me, with seven machines on the ground.”
Now Josh has to contend with technological factors, which will eventually see ATM’s phased out within the next five to ten years.
“ATMs are passed their peak with the anticipated introduction of the ‘tap and go’ system. The next generation of mobile phones will be able to authorise transactions, and will eventually wipe out the need for cash altogether. Soon you will be able to tap your phone to authorise and pay for everything,” Josh said.
“Because I want to give my investor a five to ten year contract, I want to get ten machines on the ground which will give me a nice passive income for the next five to ten years.”
In true entrepreneurial style, Josh has already devised a contingency plan. He has just taught himself how to build websites, and will be launching his new web-based business in a couple of weeks. It is an online group buying business called Froogle deals. (www.froogledeals.com.au)
“I’m a key corporate sponsor of the local chambers, so every time they have an event, I go along and give a speech on what I do. There are about 80 people there, so I tell them about my ATMs, and now I can also promote Froogle deals and look for businesses to come on board with deals,” Josh said.
“I love networking, and being a part of the Chambers, Young guns, and many others. It’s my element and I see myself like Richard Branson and aspire to be like him.”
“Wherever your energy goes, motion flows and whatever you focus on, you become and I always stay focused on my goals,” Josh said.