You are looking for some income you can earn without having to do too much work. You have heard that vending machines are extremely profitable and one of the easiest forms of passive income there is.
It is true that there are approximately 5 million vending machines operating in the United States, earning $7 billion a year. It is also true that small vending machines do show the greatest profits. And you were also right that vending machines can bring in great passive income, albeit not life changing money.
All that being said, every vending machine does not bring in the same profits. Understanding the DO’s and Don’ts of starting a vending machine business are key to making your investment worth your time.
Do Think Carefully About The Kind of Vending Machine You Want
There are all kinds of vending machines to choose from. The most popular kinds are soda, snack (chips, granola bars), cold food (sandwiches, salads) and ice. There is no right or wrong decision here. You need to decide what the area need is and what you want to deal with in terms of filling inventory. In other words, salads will be much more high maintenance than soda.
Do Choose The Right Location
The location of your vending machine is going to be the most important step in the process of starting your business. Where do you see a need? Ask yourself where you have been where you would have loved to have a vending machine. There is your market! But also consider your own proximity to the machine. You will have to stock it at least weekly, if not daily. Make sure to chose a location that is easy for you to get to that often so that you keep the “passive” in passive income.
Don’t Underestimate The Amount of Work Involved
Do not misunderstand the term passive income to mean doing literally nothing. Passive income means earning income without being directly involved as the profits accumulate. But if you own a vending machine you will be directly involved on the front end of things. First, you will need to do a lot of research on choosing the right market purchasing the machine and finding a home for it. Once you are established, the more traffic that your machine sees, the more you will have to shop and stock it. Don’t worry, the work involved is not insurmountable, but don’t go into it thinking you have to do nothing but collect dollar bills.
Do Purchase a Machine – Carefully
There are many ways to purchase a vending machine. You can get one directly from the manufacturers, through a secondary retailer or pre-owned though a site like Craigslist. Be aware of the condition of the machine you are buying. The location you are placing it is not going to allow a dilapidated machine to sit in their establishment. DO your research and make sure you are buying a quality and dependable machine.
Owning a vending machine business really can be a great way to supplement your income. Keeping these tips in mind will be sure to make your business successful.