Vending machine business plan
You’ve probably heard that starting a vending machine business can be a great way to make some passive income on the side.
It can also be quite profitable if done the right way but of course, there really are some things you should know before starting.
If you are a beginner you probably don’t know what to do and it can be really confusing with all that information on the internet.
That’s why I’ll share with you a reliable vending machine business plan which you can use and implement to get started right away.
First of all, we need to talk about the location of our vending machines because it could be the most important thing we have to figure out.
Now you might be asking yourself:
Where and what are the best locations to put vending machines at?
You should not only be looking for locations with lots of people around but finding a place with lots of kids around is even better.
We all know the kids when they see a vending machine they’re going to ask their parents for something.
Putting them close to stores or even in stores can be a very good placement and positioning
Some examples of great locations to put your machines are:
- hair salon’s and barbershop’s
- tattoo parlors – auto repair stores
- toys and sports stores
- amusement parks and places with lots of kids around
Another aspect of starting a vending machine business is the upfront money you have to invest.
I would say that the perfect amount to with is around 5000$.
You might be thinking that only with 5000$ you can’t do much but that’s not true. With that amount of money, you can get a few used vending machines and get started.
There is an even better method if you kind of wanna get into the game. That method is buying gumball machines.
I myself started in gumball and candy machines and had around 15 locations about 5 years ago and I was making around $500 every month with my inventory of : Hershey’s Square candy, M&M, Mikes and Ikes and Bulk Skittles.
They are generally going to be smaller than the regular ones which means you can get more for cheaper. They should cost around 100$ for a brand new machine.
Since the these U Turn Candy or Beaver Machines are mechanical and easily sourced then Craigslist might be a good place to buy used ones for about $50 a piece.
You can definitely get started with less than 1000$ but I would highly recommend you to have a good amount of money so you can start your business the right way.
Let’s say you buy a machine that’s generally cheaper than the others because you think it’s a great deal when looking at the price but usually when buying something cheaper, the quality is not the best.
I thought buying a used vending machine was the best option before but it does not last long and normally the seller of the machine inflates the price of a used vending machine. If you can can find a used vending machine that is a few years old then it might be a better option.
Another part of your budget should be the actual products you are going to be putting in your vending machines. Basically, it’s good to stick with the basics.
Figuring what you are going to put in your vending machines is one of the easiest things which you can figure out almost instantly because as we talked about sticking with the basics and you can choose your favorite sweets and candy or ask your friends about what they like.
Now we get to the most important part of this article which is the vending machine business plan. Now that we’ve covered the main things it’s time for you to start.
By creating your vending machine business plan, you are setting yourself up for success in this type of entrepreneurship.
A business plan gives you direction and it makes you set clear and specific goals which are mandatory things because you cannot be starting a business or a company without knowing where are you going or where you wanna be in the next 10 years, 20 years and 30 years.
We’ve covered some of the things that are going to be in your vending machine business plan but there still are some things that we haven’t gone through.
Before we start I want you to make a decision.
And that decision will be to commit fully.
If you don’t commit fully and kind of do the things the lazy way, I’m gonna tell you to not waste your time, money and efforts.
Earlier I said that it is a passive business model, which is true but not at the start. You can scale that business when you’ve set things up the right way.
Now, another thing I want you to be thinking about is your past times you’ve failed at something.
It’s really important for you to learn from your mistakes.
If you’ve failed before in business you need to ask yourself what went wrong and what would I do differently?
Many people get focused on the future and are excited but they don’t even reflect on what happened in their past.
I’m not saying to try to not overcome your past but give it a glimpse and have a verdict.
In life, everything is kind of connected.
Meaning that if you are struggling with family relationships, you are probably going to struggle in business.
That’s why it’s crucial to add not only business goals to your business plan but other goals as well.
I believe that you should cover health first because again it impacts whatever you are doing.
When structuring your business plan you need a good title.
A good title could be 2019 The year of growth and responsibility
You can name it whatever you want but it should represent what you are trying to achieve.
Next on your business plan will be the categories. I would put 6 categories and they would be: – financial – business – personal development – relationships – health – spiritual
Also, I would put 3 habits and 3 goals associated with every category giving you just the right amount of information you need to crush your goals and create the recipe for success for your vending machine business plan.
Keep looking at your business plan regularly to keep yourself motivated and to know where you are going with knowing what is the next step.