There’s no doubt about it: Starting, owning, and operating a vending machine business is a lot of work. But once you get things up and running, it will chug along like a well-oiled machine. All you have to do is monitor your operation and watch the profits roll in.
Are you considering launching your vending machine business? Here are five steps to get started:
Step 1: Decide If It’s the Right Fit
Make sure you know what you’re getting into before deciding to embark on your vending machine business. Perform market research to learn all you can about the competition and the demographics you’re selling to. Learn about the machines and the products that go into them.
Step 2: Decide on a Type of Vending
What kind of vending you want to focus on: beverages, healthy snacks, etc.? Healthy snack foods are a booming business; however, consider the popularity of the options you’re considering as that will affect your entire business. Once you’ve selected a type of vending to try, you’re ready to take the next steps.
Step 3: Choose Your Products
To decide which products will go into your machines, you’ll have to determine what the cost per unit is after buying your products in bulk, then mark them up to your desired selling point. Carefully determing what products you’ll sell in your machines and what the profit margins will be a big step in launching your vending machine business.
Step 4: Acquire and Place Your Machines
Next, you’ll have to acquire your machines and place them in the locations that work best. This is one of the trickiest parts of the operation – you’ll have to consider what competing options customers have besides your machines (convenience stores, supermarkets, etc.) as well as things like foot traffic and payment options. Then, you’ll have to develop a relationship with your contacts at those locations.
Step 5: Stock and Maintain Your Machines
Finally, stock your machines with products and make sure they’re working properly. When you’re first starting, plan on making frequent trips to check on your machines’ inventory and functionality.
Make Things Easy on Yourself
Does all that sound like a lot of work? It is. When you partner with Naturals2Go, we take on a lot of that burden. We’re behind you from the get-go, and can help you choose your locations, acquire and place your machines, and offer 24/7 maintenance and tech support. Give us a call to learn more.