Looking for a tried and true industry to enter? How about you start your own vending machine business?
Vending machine businesses are a great way to give people what they want but not having to be there when they make the purchase. They’re low maintenance, passive moneymaker that’s not on the internet.
They’ve been around for ages, there are a ton of people who make money from them so you know it works. And they’re relatively easy to start. The downside is while they’re easy you do need money to get started and you need to put in the work to find locations. But beyond that, getting started is pretty easy.
4 Steps to Start a Vending Machine Business
Are you ready to start a vending machine business for yourself? Here are four things you’ll definitely want to do:
Research the Industry
It should go without saying that you should not get into an industry without doing your due diligence and boatloads of research on what it is that you’re getting into. You want to go beyond the “how viable is it to move into” and see what kind of effort and work that you have to put into it to be successful.
Create a Business Plan
If you’re looking to start a vending machine business you need to create a business plan. You’ll want to make sure (as in all cases) that your business plan reflects the research that you’ve done.
Take a look at what you need to get started, what your financials need to look like for you to turn a profit, and what kind of work you need to put into it to see the result. Make sure that your business plan reflects your business and not anyone else’s.
Find the Best Places to Put Your Machines
Simply purchasing a vending machine and filling it up won’t do much for you. That doesn’t guarantee success. If you want to truly be successful you need to find the best locations to put your machines.
You’re looking for places where people will walk by. Not only that but places where people will actually want to make purchases. Putting a candy vending machine in the office of a dentist isn’t a great idea, but in the hall of a hotel, it’s great for late-night snacks.
Choose Products for Your Machines
If you’re going to start a vending machine business, you’ll want to choose the best products for your machines. Do some research, find out what people are purchasing and when, and make sure that your vending machine is filled with quality but affordable products.
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Tae started out as a journalist before following the money into the corporate world. But it turns out that the grass isn’t always greener and now you can find her spending most of her time writing about all the things she loves. Namely, money, travel and business with a hefty dose of self-deprecating humor. She is a podcast fanatic, blogging aficionado and loves to find new ways to turn passions into cold hard cash!
