Whats good wealthbuilderz its yah boy DeVaughn back again with another blog post
and today we are talking about building a vending machine business off line. I know I know I mostly speak on building business’s online but I’m starting a new series of blogs and videos where we talk about how to build specific types of business’s offline or online and today we are talking vending machines so lets go!
What So Special About Vending Machines ?
Vending machines average over $7 billion a year in sales. The snack and vending machine industry generates over $64 million a year in profits. The vending machine business used to be mostly cash-based but now it seems to me that they are doing more card based transactions.
Since we are a card based society its only right that vending machines are more card based. Here are some more statistics. If your thinking of starting your own vending machine business.
There are an estimated 4.6 million vending machines in the U.S. 56 percent of vending machine sales were for cold drinks, including soft drinks, juices, water, etc. And if you are thinking of vending machines as just chocolate bars and soda pop, think again my friend
Healthier snacks outsell traditional snack foods by 300 percent. In fact, some locales have legislation in place to mandate healthier choices in food/drink vending machines.
So yeah its alot of upside to starting a vending machine business.
How To Get The Ball Rolling With Your Vending Machine Business
So now you know the upside of a vending machine business how do we get the ball rolling?
1. Find a Location
Now this step is interchangeable with the 2nd step you can secure a location. Get the contract signed first. Most people would buy a vending machine first but you don’t want to have a vending machine stuck in your garage and have no money coming in.
2. You need to purchase a vending machine
You can go to http://americanvending.com and check them out. This would be a great resource for anyone looking to start a home based business for vending machines. You can have the machine sent directly to the location its to be placed at and you wouldn’t have to worry about delivering it yourself.
3. Buy Inventory
Now this is where you need to do your research. You will need to know what type of crowd your dealing with at the location your vending machine is serving. For instance if your vending machine is in a location where there is a gym. You might not want to put just junk food in the machine
4. Set Up A Website
Once you have 1 or 2 locations and money is starting to flow in. You will need to have some type of website for your future customers can find you and learn about what services you offer.
5. Customer Service
You should buy a 1800 number of some sort thats so you can place that on your machine just incase someone has a complaintor the machine breaks down. Don’t worry the cost of a 1800 number is less then $20 a month and you can forward it to your own cell phone if your still in the beginning stages of your business.
6. Get A LLC or sole propiertorship
You will need this for tax purposes. So after you get your first location and purchase that vending machine this step has to be completed.
So there you go 6 steps on how to start a vending machine business.
Thanks for reading my series on how to start a business. It could be home based or online. I break it down the best I can in these video and blog series. if you want more of these type of blogs or videos subscribe below.
How To Start A Vending Machine Business Video