Starting a Vending Machine Business
You have seen those vending machines in hospitals, schools and might have known how much they earn their owners everyday, but you don’t know how to get into the business yourself and reap those profits.
By reading this article, you will find for yourself a good business guide in starting a vending machine business.
Most people consider a vending machine business to be one of the best businesses that there are. This is because a single vending machine can dish out quite an income everyday, especially when the products that it contains are popular among the people. However, you cannot just get a vending machine and put it somewhere. You cannot just even decide on entering into the venture without careful research and planning.
Startup Costs of Vending Machine Business
The startup cost for a vending machine business will vary according to two factors: the type of vending machine that you will be using, and how many machines will you be deploying to different locations. A typical candy or gum ball vending machine, for example, would cost US$300 each.
Since you are just starting the business, it is advisable to start out with the smaller and less expensive machines, like the candy/gum ball machines. Even if they are small, candies are popular with children so they can give you good returns in as short a time as possible. A candy machine are capable of giving you as much as US$127.50 per week individually. When you have earned quite enough, you can then roll over the money and acquire some new and different types of machines.
Ideal Locations to Set up a Vending Machine
One factor that contributes to the success of a vending machine business is the placement of the machines themselves. A profitable vending machine is one that is placed at a location in which many people pass by. These places include the lobbies of buildings like schools and large companies, and outside restaurants. There are many places that you can deploy your vending machines and expect good returns.
The place should have a power source for your machine, or it will be useless. Also, if you are renting the spot, tell the owner that you wish to pay a fixed rent every month instead of a portion of the earnings. This is for your protection, because the more your machines earn, the more you will have to give to the owner. This might lead him to take the business for himself and boot you out.
It is also a good idea to check out locations for yourself, instead of taking advice especially from people who will charge you for every advice they give you. No one gains without taking a little pain, and the effort you exert in finding your locations will pay off later on when the place you selected turns out to be profitable.
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