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Understanding the Vending Machine Business
Posted by Global Vending Group, INC on August 14, 2014
If you search the web, no doubt you’ll find plenty of vending machines for sale. Vending machines provide you with an opportunity to start your own business or to enhance the revenue of your existing business, which means they’re an intelligent investment for the savvy business owner. However, purchasing a vending machine isn’t a guarantee of success, and running a vending machine business takes more than simply investing in the machines and hoping people use them.
Global Vending Group is an industry leading provider of high-end vending machines. Here are some tips compiled from our years of experience that will help you better understand the vending machine business:
Location, Location, LocationThe most important part of your vending machine business will be where you place your machines. A good location ensures success, a bad location ensures failure. But it’s not just about finding a busy spot; you need to determine which items will sell best in a given area. Think about the types of customers walking by your machine and try to predict the items they will want most.
Labor of LoveWhen you first begin your vending machine empire, you’ll be doing all of the work yourself. Placing the machines, emptying the coin banks, and refilling the stocks will be entirely on your shoulders. Vending machines are an excellent way to start a business, but you’ll be doing quite a bit of physical labor during the early stages. When revenues allow, hire an employee to handle your routes so you can focus more on expansion than logistics.
Set Your ExpectationsFinding a vending machine for sale, buying it, and plopping it down isn’t enough to generate a full-time income. One machine can generate a considerable amount of money, but it’s rare that one machine pulls enough coins for you to live on. You’ll need several machines to make the model work, so it’s important to set your revenue expectations carefully and work hard to expand as quickly as you can.
The vending machine business can be lucrative and rewarding for those willing to put in the work. For more information or inquiries please visit www.GlobalVendingGroup.com or contact us at 800.592.4220.