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If you think vending machines are just for candy and soda, think again.
Whether you’re in need of a fresh slice of pizza, a new pair of running shoes, or refill on your glass of Moët, there are vending machines that can help with that now.
According to the National Automatic Merchandising Association (NAMA), there are over 5 million vending machines in the U.S. alone.
The vending machine industry generates over $64 million in profits each year. And three out of every four vending machine transactions are in cash.
If you’ve been searching for a side business that has low overhead, requires minimal technical skills, and will generate passive income on a steady basis, starting a vending machine business could be what you’re looking for.
The vending machine space is growing as more entrepreneurs see the advantages. For less than a few thousand dollars, you can buy your own machine and start stocking it or you can buy into an existing vending machine franchise where the business plan is laid out for you step by step.
With all kinds of options to choose from, where do you begin? Today I’m going to walk you through how to start your own vending machine business in 6 steps from scratch.
How to Start a Vending Machine Business
Step 1: Choose Your Vending Machine
When you hear the words “vending machine,” what comes to mind? If you’re like me, you imagine the vending machines from yesteryear that take a dollar in exchange for a chocolate bar or bottle of soda.
These would be classified as your traditional food and beverage vending.
Food and Beverage
Most of the current market consists of these machines. Placed in the right location, the inventory turnover can be high and depending on where you source your product, you can walk away with some fat profits.
If you decide to start with a food and beverage vending machine, consider what types of snacks and drinks your location will want.
And if your vending machine is not the only option around, consider stocking your machine with exotic beverages from overseas or some other type of snack that differentiates your machine from others.
Bulk vending machines are another type you can choose to own. These are the machines you’d gravitate to as a child, typically found in malls and play areas. They’re usually stocked with toys, gumballs, bouncy balls, and bulk candy.
These products and machines are generally some of the cheapest to own, as they carry the least amount of overhead due to being manually operated. If you can find the right location, these machines are perfect for first-timers wanting to get their feet wet in the vending machine industry.
I kid you not, in Beverly Hills they have vending machines in malls that dispense gourmet snacks like caviar, …read more
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