The vending machine business is widely discussed because of its easiness of getting into. With the wide discussion comes miscommunication about what it takes to run a vending machine business.
If you’re a small business owner or want to become one and curious about the myths surrounding the industry, keep reading.
Myth 1. It Requires Zero Effort
While starting up a local vending machine business is doable, that doesn’t mean you don’t have to spend time and effort into running the business. It takes planning and strategy to have a successful vending machine business. If you do the necessary planning that goes into starting a business machine company, you’ll most likely succeed.
You have to be practical about where you’re placing the vending machine. You also need to make sure you have items in stock at all times. A well-stocked machine means you’re making money rather than neglecting to keep up with the business you could be potentially getting from an out-of-stock or low-stock machine.
You may have to stock your machines once a day or in the middle of the night to keep up with business. It also takes preparation into ordering the right items that customers will be interested in.
Myth 2. It’s Hands-Off
Yes, a vending machine business is relatively hands-off compared to other businesses. But, you will need to spend time making sure your machines are in functioning order and your products are in stock.
It can be expensive to pay for maintenance for these machines. Part of the business means regularly checking on your machines and any potential problems that could arise with their functionality.
Smart vending machines exist for refrigerated foods, salads, electronics, or other non-traditional items. These have the potential to make you more money if you extend the effort necessary in keeping these machines running.
Myth 3. There’s No Investment Required
Many people are led to believe you can start this type of business without any money. Obviously, you’ll need money to start up, and it can be more than you think. If you’re purchasing a machine from a vending machine company, they will try to up-sell you into purchasing more machines than you may be able to afford.
This can already increase your start-up cost if you’re not careful in your decision-making. Ideally, you have the money for one machine, products, and maintenance. You can work your way up to purchasing more machines at this point.
Source out the right company to get your vending machines from. Find out more through the link.
Myth 4. You Don’t Make Much Money
One machine is not likely to make you a billionaire. If you’re patient and stick with it over a few years, you have the potential to make a very healthy living.
This takes some time to build up, but don’t get discouraged if you do not see results right away.
Myth 5. You Can Place Your Machine Anywhere
You can seek out the best locations for your vending machines, but you can’t just set up shop anywhere. You’ll need to make a deal with other business owners to maintain some sort of mutual business ownership between each other. While they won’t own your machine, you may have to provide an up-front fee or a cut of how much you make off of the vending machine.
Start Your Vending Machine Business
Owning a vending machine business is a fun, relatively easy way to generate extra income. It can even become your only source of income if you stick with it.
To hear additional business tips, read more on our ‘Business’ blog page.