Advantages of Vending Machines
There are numerous advantages to being involved in the vending machine business. The icing on the cake is that it is possible to reap those benefits quickly. Vending machines are a convenience for customers, especially vending machines that offer variety and accessibility. Credit-card acceptance and healthier food options are helping to keep this business poised for longevity.
The minute the first customer drops his coins or swipes his debit card, cash flow begins. With the right products and the right location, vending machines can be income-producing work horses 24 hours a day. As an all-cash business, the typical collection problems that plague many small businesses don’t exist. With vending machines, there are no bad checks written and no outstanding accounts receivables to collect. Many vending products offer a good rate of return on your investment, so with the right mix, your cash flow can be bolstered rapidly.
There are very few overhead costs associated with the vending machine business. Managing the route yourself eliminates the need for employees. This translates to no dealing with payroll, benefits and scrambling when someone calls in sick. Your fully-stocked machine speaks for itself, so there are no advertising costs. By basing the business out of your home, there is no need for leasing, renting or purchasing an office space.
The vending machine business is well-suited for an owner with an entrepreneurial personality. It takes hard work and dedication, but you can make your own hours and you report only to yourself. Operating a vending business can incorporate the entire family. Even young children can assist in servicing the route, adding new stock to machines and learning the ropes of running a small business operation. Depending on the size of the route, you can keep a full-time job and manage the vending business part-time until it grows larger. You make the choices as to how big or small you want the business to be and whether it will become a full-time operation or a side business.
As with any business venture, there are factors to consider before jumping in with both feet. Finding success with a vending machine business requires the right products, high-traffic locations and regular maintenance. Once you target a location, determine the demographic that will want products from your machine. Keep the machine well-stocked and in good working order. Rotate the stock so that product does not reach its shelf life prior to purchase. Retrieve money from the machines on a regular basis, daily if possible. Be sure there is a contact number posted on the machine to report malfunctions. Keep the machine clean and well-lit so that it maintains a fresh look that appeals to customers.
Related link: Orange Vending Service