Many people are wary of starting a business or of even calling themselves an entrepreneur. The thought of starting a business breeds thoughts of high start-up costs, long hours, and having to manage a team of unruly employees. However, this is hardly the case for those who wish to start a vending machine business.
As a vending machine business owner, an entrepreneur can expect rather lax hours, low start-up costs, and a fairly easy daily routine. Forbes.com even listed starting a vending machine company as a great small business decision. Not only is it a top rated business idea, but starting a vending machine company is also fairly simple. There are numerous resources available to aid in the start-up process both online and in the form of franchise opportunities. However, there are three easy steps that every first time vending machine business owner should know prior to starting their business:
Choose the best location
A vending machine business is all about location. Point blank – if potential clients can’t see your machines, they won’t use them. Before purchasing machines or setting up a route, decide first on your location. Make sure that they are high traffic areas, and remember that you may have to set up contracts with other local business in order to be able to use their facilities.
Determine Your Target Audience
Vending machines do more than just dispense gumballs and sodas these days. They may be in elementary schools distributing healthy fruit juices and snacks, in an entertainment area with wet-on tattoos and costume jewelry, or in a local office full of alternative lunch options. After determining the best location for your route, you should take the time to notice the type of people within the area. If you notice more children because of the close proximity to a school, consider stocking your vending machines with sweeter food items, or if it is near a business center, with more sophisticated beverages and snacks.
Work Your Way Up
There is no reason to purchase as many machines as your budget will allow when you first start out. Since the vending machine business has a quick return on profit, it is always at business owners best advantage to expand his or her business as his or her business grows, which will allow you to take the time to adjust your vending machine route without having the burden of high start-up capital.
A vending machine business is a great investment opportunity for any novice or experienced entrepreneur. Within a year’s time, such a business can provide a 100 to 200 percent return on the initial investment, and will remain fairly stress-free, when compared to other types of businesses.