You may have heard of this business. You may have not even known that it is easy to get into. But how much money are you spending before you make actual profit? What are the pros and cons of the business? Could this be a way to make fast money? After all, everyone would be willing to do it if it makes alot of money fast!
Through the last several years the vending machine business has decreased alot. (According to a market research report from ibisworld.com, over the past 5 years from 2015–2020, the business’s revenue has declined 0.6%. It is also expected to decrease another 2.5% in 2020 alone. That is some astonishing stats if you ask me. It doesn’t help that it is anticipated to drop throughout the next five years. But is that all true?
Numerous owners that are in the vending business still believe that they will be financially stable for the foreseeable future. Banking on chips and drinks to make their sale with cash and coin but that may not be for long. Now more than ever we rely on our debit and credit cards to purchase things. If the vending machines don’t step into the new wave of currency there will be a price to pay.
Literally.
Sellers will have to create cashless machines with ways of paying either through card or phone. Using the latest Apple Pay or MasterCard will most likely be on the horizon. The scary thing for the owners of the vending machines is that they don’t know when this will happen. At any time their business could come to a full stop with one law.
Now for the positives of the vending business. It is very affordable to start this business. From $200 to $1000 for one machine each. Getting a gumball machine would cost you anywhere from $100 to a thousand. Majority of them as well as candy machines are fairly low priced. After you buy the product you then have to go speak to other companies around your location if there is any room for these snack machines.
If so you’re golden.
You’ll be on your way to making up to 100 dollars a month from that one machine alone. Once you scale up the possibilities of what you can profit are nearly endless. As long as you also continue to buy the products you are going to sell and put them at a price where you will make a good return on your investment.
This is not a get rich quick scheme and it doesn’t profess as one.
This takes time and dedication as any other job. The only difference is that you own this particular company. You can name it whatever you want. It’s important to sign up for insurance and an LLC so that if anything happens or someone has sticky fingers you will be able to get reimbursed. All of these things you will need to research and look into.
Bottom line here is if you’ve wanted to know more about this business and are having second thoughts don’t start on emotion. Think it over. Check your budget before anything and if it works for you why not try it out. I’m not trying to scare anyone away from making this a full time business of their own but it takes alot of work and people skills.
If you are accustomed to being on your phone looking at cat videos all day this may not be the avenue for you. It takes focus and looking up products day and night to see what works best for your vending machine. Honestly, you can put almost anything for sale in your machine but I would advise you to start slow and begin with snacks and sodas. They will never go away.
Hopefully neither does the vending business.
