Vending machines are not just for candy and drinks. Today, you can buy any type of food (hot or cold), a pair of running shoes, electrical equipment or even refill your glass of Champagne.
According to the National Automatic Merchandising Association (NAMA), there are over 5 million vending machines in the U.S. alone. The vending machine industry generates over $64 million in profits each year. And three out of every four vending machine transactions are in cash.
If you’ve been searching for a side business that has low overhead, requires minimal technical skills, and will generate passive income on a steady basis, starting a vending machine business could be what you’re looking for.
The vending machine space is growing as more entrepreneurs see the advantages. For less than a few thousand dollars, you can buy your own machine and start stocking it or you can buy into an existing vending machine franchise where the business plan is laid out for you step by step.
Here are the 6 steps to follow how to start your own vending machine business:
Step 1: Choose your vending machine and good products
Step 2: Find a good location
Step 3: Finance your new business by short term loan or an equipment financing loan
Step 4: Buy a new or second hand vending machine
Step 6: Maximize Profits by optimizing your inventory, boosting customer service and scale up
Follow these six steps and start generating income.
Sven Franssen