5 Things To Think About Before Buying A Vending Machine
When youre just starting a business for the first time
, often times youll find yourself daydreaming about the thousands of dollars that will be pouring in. In reality, this isnt how easy the entrepreneur life is. There are a lot of things that you need to think about first if you are considering vending as a business. Here are five things for starters before you buy your first vending machines:
1. Is this a hobby or a serious business?
Ask yourself if youre in it for the extra few bucks or if you will make it a business. Vending machines are like any other money-making endeavor. If you treat it as a hobby, it will pay you as a hobby. If you treat it as a business and serious income stream, it will pay you legitimate and serious income.
2. How many machines will I need?
The answer to this depends on your answer to #1. If you want a serious business with legitimate money coming in monthly, you need to plan for several dozen to several hundred machines. But if youre just going into the vending business for the few bucks to make pay for the other bills, 10 or 20 machines will do.
3. Where will I buy vending machines from?
Carefully consider who you buy a vending machine from. There are companies who will try to scam you. This also applies to bulk vending machines (gumballs, candy, and toy machines). Be very careful about promises relating to money you will make with the machines and how easy it is to get a location. Most bulk vending operators get out of the business because they cannot place the machines they buy.
4. Bulk vending or snack and drink vending?
Bulk vending consists of selling product in bulk through a single vending machine. Typically, these are products like gumballs, candies, and toy machines. Snack and drink vending is a different market in that administratively you run your routes differently. With snack and drink vending, you are more limited in your scope of service area and you have to keep the machines serviced much more often (probably weekly on average). For bulk vending, you can often leave gumball and candy machines for 1-3 months to service. This gives more flexibility for someone with limited time. Also your cash investment is less to get started in bulk vending.
5. Vending machines can be stolen and vandalized
And thats a fact. Its part of the cost of doing business. Sometimes, even the owners will steal the machines. Thankfully, stolen machines are a small percentage of your overall number of machines, but it is still frustrating and discouraging when thefts occur. Its even more frustrating if youre not prepared for it.
Heres a tip: Start off with a few bulk vending machines and re-invest your profit for more machines to grow your business.
Once youre clear with the different things that youll have to face when youre in the vending business, you can now make a wiser decision.
by: Anne Carter
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