As more and more entrepreneurs are seeing the benefits of a vending machine business, and how it can potentially give out a much larger investment return, it’s no wonder that the industry itself is growing and flourishing as time goes by. And for a good reason.
The demand for vending machines has become so great since ordinary people nowadays are looking for fast (almost instantaneous) and reliable to ways for them to have access to most of their needed goods, especially during the fast-paced lifestyle of the masses.
Due to all these potential income, and the fact that you can earn all of these with almost minimal work, setting up a vending machine business can be a wise idea. However, to make the most out of your vending machine business, you needed to make note of these five simple things.
- Vending Machine Quality – First and foremost, decide on the quantity and quality of vending machines that you need to buy for your lineup. If you’re just starting, you’ll go and buy just a few vending machines to cover up your initial capital, but as soon as you achieved success, make sure that you expand your ranks so that you can cover more potentially good areas. Also, make sure that you do an extensive check of your purchased vending machines before you start. If you’re purchasing brand-new machines, then quality is assured (but you should still check), but if you’re buying secondhand machine to save costs, you need to examine them very carefully and make sure that it’s free from defects or malfunctions. Either way, always look for the warranty of these machines, so that you can contact the dealer when something goes wrong.
- Product –What products are you willing to sell into your vending machine depends on your target area on where you’ll set up your vending machine. Parks and other recreational areas are good spots to sell small snacks, drinks and toys. Malls and supermarkets are good spots to sell small foods like bubble gum. Hospitals and office areas perfect for selling coffee. Also, how you acquire the products you’re going to put into your vending machine also count. You can either go to a wholesale store which sells the products you need for less than the retail price, or you can engage a contract with a distributor to provide you with the products that you’ll need.
- Location & Presentation Materials – In order to get the maximum amount of profits for your vending machine, obviously, you need to have your products sell quickly. And in order to achieve that, areas where the most number of people gather and pass by are the best places to set up your vending machine. Of course, if it’s a commercial establishment, you need to secure a contract with the management first. This is where your presentation materials come in. Convince the owners of the benefits of your vending machine that you have on their work area, and once you and the management agrees on a reasonable deal, you’re all set.
- Payment Methods – Not all people carry coins around in their purse. Sometimes, most people frequently carry paper bills. If your vending machine only accepts coins, then you’re missing out on other potential customers. For the convenience of those types of customers, you can also set up a money changer machine alongside your vending machine, so that customers who wishes to buy but doesn’t have spare change can now exchange their paper bills with coins, or even smaller bills.
- Tracking & Maintenance – Finally, the most important aspect of of a vending machine business is making sure your machines are working as it should. Most vending machine dealers also offer a service that lets you set up a tracking network for them, so that whenever your stock has run out, you can easily replace them. Regardless, it’s still very important to visit your machines at least once every 15 days, not only to collect the payout, but to also check the machine for any defects, errors, and to test them to make sure they’re all working properly (by buying from the machine yourself).
Victor McNamara works at Vending World. Vending World is a leading distributor of used vending machines. They have sold vending machines since 1968 and can fill almost all of your general vending machine needs.