Have you ever planned on having a vending machine business? Take time to make a survey of other vending machine operators on the advantages and common problems of this business. A vending machine is like a convenience store that provides the things you need in an instant. It’s also a convenient business for the operators, since all transactions are in cold cash. Another factor is that people are too busy from their work and often have less time to prepare their snack when going to work. And most people always try to find convenience and fast service. A vending machine can be just a few steps away, and you’ll get what you need. It is a business that has less maintenance, is not time consuming and requires less overhead expenses, yet provides a good profit because it is open 24 hours.
Here are the steps to consider on how to start a vending machine business.
- Location. Think of an area where you want to put a vending machine business. This is the key for your business’ success. Consider the target market; choose a place with many people passing by.
- Safety. Look for a safe place. It should be placed where it is visible to more customers and is secured from hacking and vandalism.
- Products. Consider the demands of the market, if you wish to put it in a place where there are lots of children, put out a candy machine that comes with toys; and if it’s an office, place a coffee machine, snack machine, or soda machine, etc.
- Business Permits. Secure your business permits with the local government and know the legal process about your business, because you cannot start the business without your permits. Take note of the taxes and tax deductions in this business. Ask the building administrator for the requirements and terms if you wish to put vending machine inside establishments.
- Machines. Look for companies that offer a wide variety of vending machines. Take note also of the dependable and honest manufacturers of vending machines. Be careful of the machine you’re going to buy, take a closer look at its parts and its quality. Choose very affordable vending machines or choose a second hand vending machine because it is cheaper than brand new machines. Some vending machines are for sale, but mostly they are franchised, so decide whether to buy or lease.
- Monitoring. Visit your business area regularly; this will give you more ideas about the needs of your customers to improve your operation. Always check your inventory, and know what the fast moving items are, so that you will never get out of stock.
Now, you’re ready to start off your business. A vending machine comes in various sizes and models. Almost anything is offered in these vending machines like soda, snacks, candy, cigarettes and even coffee. Choose the right vending machine that is appropriate for the chosen place where you decide to put it. Always remember that you are the boss of your own business. You are the one who will make serious decisions, you are to run the business strategically and you are the only person who will bring your business success.