How To Start A Vending Machine Business
Welcome to Bizpremi, Let’s show you How To Start A Vending Machine Business, setting up a vending machine And how you can earn money with it. Taking you through is Adegbola Valentine. Now how do you start a vending machine business?
There are lots of business opportunities out there, and the vending business is a part. Permit me to say, there is nice profits to be made. And don’t forget, I always do say, profit making, should not be the sole reason of you wanting to start a business.
Now, if you’ve been looking forward to start a business, Vending business, might be a nice option for you.
You might be wondering, going into a vending business, means to purchase one. Fear not, if you’re not capable of buying or owning a vending machine, It’s a good thing to get funding for the idea. You can consider getting a business loan for it. Check here for Business Loan And How To Get It.
If you are skeptical, about going for a loan, since it’s just a startup business, you can go for rentage. Hit a nearby store close to you, ask for rentage price. Most times, those stores might not be into renting. Look for someone that buys and resells or that just put those machines out for renting. Once you obtain the vending machines you want, you need to find locations for them and keep them stocked with merchandise.
If where you placed the machine, is not a place you own, it means you’ll have to share profits made from the vending business with the owner of that particular place. Except of course, you are also renting the place. But it’s way better, if you can house the machines yourself.
The main types of vending machines, includes pop, snack, and candy vending machines. Though there are other vending machines. These are just the main type.
How Do You Set Up The Vending Machine
Typically, when you are just starting this vending machine business, it’s advisable to try to convince other businesses to allow you run your machine in their business outlet or space. And believe me, when they make more than they used to, with your vending machine, the more interested they become. But of course, you will have to get used to the word No. Because everyone can’t tell you yes. You’ll be declined in some cases. Also check Small Business Loan Qualification and Benefits article, to know how to qualify for a business loan.
Process To Ease Your Set Up Stress
Approach The Decision Makers
When approaching a business where you would like to place your vending machines, make sure you are talking to one of the decision-making people. A common mistake is speaking to an employee rather than the owner or a manager that is in charge. Be ready to have 90% of the businesses you approach tell you no, as i have said earlier. This is normal, but also that leaves 10% that will tell you yes.
You can’t approach 100 businesses a day and all tells you No.
Best Location For The vending Machine
Let’s take it that, you’ve got your yes. The next thing for you, is to locate the best space, for the machine so that you can maximize your revenue. For vending machines, the entrance and exits spots are mostly great space. Placing among other vending machines also is not a bad idea. You can also place near an ATM, lobbies, restrooms.
You just need a place where people stop or gather. Once you target this, people will surely use the vending machines. Who wouldn’t want a snack, after waiting or sitting?
Profit rates on these vending machines are good. Especially when a vending machine machine of gumball, toys or candies, are placed where kids overrun, or where kids are likely for their parents to pick them up. And i tell you this machines are mostly cheaper compared to a soda type machine. However, to make a living on these machines you will need to have many set in place.
A lot of businesses, make a lot of mistakes, especially when promoting their new businesses. Check this 7 Marketing Mistakes To Avoid When Promoting Your Business as not to fall a victim.
The soda and snack vending machines are definitely capable of providing a large amount of income. The advantage to these types of machines is the demand for the product. Combine that with good strategic locations that I have mentioned, and trust me, you’re in business.
In fact many companies will actually contact you looking for the placement of a vending machine, especially in lunch rooms and places where the public might gather. Population mixed with waiting time, equals with a vending machine, equals good profit making.
Would You Be Asked To Eventually Remove The Vending Machine From It’s Place
in most cases, you won’t be told to. Provided your vending machine is bringing in the good deals, which of course provided you placed it at those core locations. As long as it’s bringing that cash in, it’s unlikely for them to ask you to remove the machine in their business area.
There are also vending machines that sells medicines, toiletries, condoms. These are great for places like Bus Stations, Train stations and Airports. You don’t have to basically target kids alone, to make a lot of money from vending business.
Final Note
Vending machine businesses, provides wide range of getting money. If you want to go into a new business, I think it’s worth a try. As this business model, requires no special skills. So why not give it a try. You can visit more of our Business ideas page, for more business opportunities.
