One of the greatest things about the vending business is its passive income aspect. Vending machines that are currently operating are making money passively while youre reading this article. Operators dont have to be there for weeks at a time, they only go to their machines to pick up the money. Of course there are a lot more needed to run a vending business to keep things in order, but you wont feel the weight of that part of the business anyway.
Here are some basic guidelines if youre considering starting a vending machine business:
Dont overpay for your machines. Most especially in these bad economic times. If you pay too much and cannot get the business profitable enough, you have lost your investment. It is much easier to become profitable if you have less investment in your equipment on the front end. Keep this in mind!
Buy quality machines. No-no to plastic junk. This is one of the most common mistakes that amateurs make in the vending business. Broken machines cause operators to be discouraged and quit in the early stages of the business. Quality machines will have metal internal parts that will give you a longer time to enjoy your new career backup.
Keep a look out for other operators going out of business. Often the best way to get into the business. Machines in a garage can often be bought really cheap!
Look for existing routes. There are routes that are for sale and are already making money. Remember to verify all claims of the income. Typically, if the operator is selling a route, there are probably problems with it so be extra careful and get a professional evaluation.
Be careful in every financial decision you make in this challenging financial time. Dont invest money you cannot afford to lose. Do not invest money into something you do not understand either. There is more to this business than pulling out hundreds of quarters out of a machine. There are many hidden costs which must be factored in. It may in fact be wiser to wait until this economic crisis has past. You will have to decide, but you can start educating yourself now.
Decide if you want few or many machines. You can test the waters with only one or two machines. If you are going to have many machines though, you introduce many more metrics to the business equation. This means many more costs as you drive further and have other challenges.
No matter what business you dive into, think hard and assess the current economic status. Good luck!