The 5 Most Crucial Tips To Building A Profitable Vending Machines Business
Discover the top five vending machines business success factors and why
some vending machine businesses succeed and others don't.
Vending As A Business Can Be Very Profitable
However, in recent years there have been several scams that have sold vending machine to newbie business owners and they have lost a great deal of money.
If you want to go into the vending machines business, you must do your homework and make sure you are not buying into a vending machine that will be located in an area that receives no traffic.
In this business, location is everything, after all, if no one passes by your vending machine, how can they buy anything?
In addition, what you put in your vending machine also makes a huge difference when it comes to sales, therefore, starting a vending machine business is not only about location, but persistence, building relationships, and a good strategy.
Vending Machines Business Success Factor One - Location
Location is the biggest reason that one vending machines business will succeed over another.
Let's face it, if your vending machine is located in the middle of nowhere, it doesn't matter what you have inside.
If no one can find your vending machine or it is not convenient, you will probably lose money.
Remember, purchasing from a vending machine is an impulse decision, no one leaves their home with the thought of visiting vending machines.
Vending Machines Business Success Factor Two - Product Offering
- If a vending machine has a prime location but it is stocked with items that no one wants, this can cost you in sales.
- If your vending machine is near other vending machines that sell pizza, for example, and you are selling stuffed animals, you're not strategizing correctly since a something cold to drink like a soft drink next to the pizza vending machine would bring you more profits than stuffed animals.
Vending Machines Business Success Factor Three - Starting Small
Most successful vending machine owners started small, which is a good idea so that you do not have to invest too much money all at once.
- This means choose one or two vending machines with prime location where there is always traffic and the machine is convenient.
Vending Machines Business Success Factor Four - Accepting Credit/Debit Cards
Keep in mind that many people do not carry cash, so putting in a vending machine that only takes coins or dollar bills will limit the amount of sales, therefore, you should have a machine that can process debit cards along with cash, that way you increase the convenience to the customer.
Vending Machines Business Success Factor Five - Having Realistic Expectations
People that starting a vending machine business that have realistic expectations about how much money they can make as opposed to those that have been led to believe it is a get rich business, are more likely to succeed because they have both feet planted on the ground from the start, so-to-speak.
Vending Machines Business Success Factor Six - Securing A Prime Location
When you set out with hopes of starting a vending machine business that is profitable, you may soon find that getting that prime location is not as easy as you thought.
- Securing a location is your number one key to getting your business off the ground.
- Remember, when you invest in a vending machine, you have to stock it and keep it running smoothly.
You also need to approach business owners to see if they will let you place your vending machine outside or inside their business, you will get rejections, but do not take it personally.
- If you just want to use their space and they get nothing out of the deal, you will get more rejections - so make sure you create business deals that make it a win-win for you and the business owner..
Vending Machines Business Success Factor Seven - Building Relationships
Building relationships in this type of business is crucial.
In fact, relationship building is a key factor that distinguishes why one vending machine business will succeed and why another one will fail.
Below are five crucial vending business relationship tips that will help you to build a profitable vending business
- You should visit locations that have a lot of traffic and begin building a good rapport with the business owner.
- Explain to him or her how the vending machines business works and what's in it for them.
- Leave the business owner with some literature about vending machines and make an appointment with them to discuss it in further detail.
- Don't be too pushy or you might turn them off.
- Present yourself to the business owner as a professional, look your best when you begin building relationships because your first impression to them is often your lasting impression, so make it a good one.
Vending Business Success - The Bottom-Line
Many people starting a vending machine business fail before it ever gets off the ground because they did not take time to plan and strategize properly.
Vending as a business is just that - a business.
Therefore, you should treat it like any other business, if you do it right from the start, you will have a successful home-based business, but if you jump in with both feet with no planning, you may end up failing.
Thus, you can increase your chances of succeeding by focusing on each of the success facets below.
- Make sure you securing the right location,
- Spend time building long-lasting local/industry relationships,
- Don't skip out on maintaining the vending machines and keeping them stocked with merchandise and offerings that make people want to buy on impulse
Here's To Starting A Vending Business That Rocks!
P.S. Here's A Few More Tips To Make Your Vending Machines Business Startup A Success...