For a business that lets you set your own hours and gives you freedom to work at your own pace, learning how to start a vending machine business is the ticket. Convenience is the name of the game in today’s society, and vending machines provide a quick solution for thirst, hunger, and a number of other needs.
The multi-billion dollar vending machine industry is continually growing and innovating, and it shows no signs of slowing down. Today, you can get a lot more from a vending machine than a candy bar or can of soda. Everything from razors to iPods can be purchased from vending machines. Some are even stocked with nearly as many items as a convenience store!
The vending machine business is a great way to start an entrepreneurial venture part time and work into full time status as the business grows. For someone leery about leaving a steady job for self employment, this transition is perfect.
What You’ll Need to Succeed
When planning how to start a vending machine business, remember to take into account all your expenses. Remember that you’ll be driving from location to location to collect money and restock your machines, so don’t forget to include gas, wear and tear, maintenance, and insurance for your vehicle in your costs of doing business.
Your first task when you start a vending machine business will be to find locations for your machines. Vending machines can be found pretty much anywhere that people can be found, so there aren’t many bad locations. Building managers and business owners will be your target market for placing your machines, and they’ll be willing to listen to you if you present a professional, pleasant approach.
Another important consideration is which kinds of vending machines you will specialize in. Candy and soda machines can be found all over, so think about placing unique products in high traffic areas to stand out from the crowd. Be careful though – if you end up placing higher dollar items in your machines, make sure they are located in good neighborhoods.
If you notice other vendors’ machines that are out of product often, it might be an opportunity to take over that spot and service the client better than they are. Just make sure you deliver on your promise to keep your machines well stocked.
When you’ve decided what you’ll carry and where you will place your machines, it’s time to buy or lease the vending machines. While it is possible to purchase good used vending machines, be sure they are in good shape and that they work well. Nothing is more frustrating to a customers than putting money into a machine and not getting a product out.
Research online to find out which machines fit within your budget and will work best for your purposes. From there, it’s just a matter of keeping your machines stocked, collecting money, and always expanding to new locations. Many people who have learned how to start a vending machine business have built their businesses into thriving companies, and you can too!