One of the business that come into my mind is vending machine business. I’ve discuss with one of my office mate on this concept business and he told me that in Thailand there’s many vending machine.
Is it a good business? I dunno yet as I’m not really involved in this business but as I’ve heard it is a good passive business. But it is still business, there’s a pro and cons doing this business.
Do you know the concept of vending machine? Vending machine business involved a machine that could accept coin or note for purchase some goods. The important part to gain profit is to know which type of vending machine do you want to buy.
In my country, the most popular vending machine is snack or drink machines. It is profitable but we must know the trick.
To success in vending machine business is highly contingent upon the locations. There will be lots of competition especially in certain area. However, there are plenty of businesses within a 15 or 20 mile radius to locate your machine.
You can locate your machine in place such as mall, office lot, car dealerships or auto parts.
The main advantage of a vending machine business is that you can make money without being present at the locations.
To know types of vending machine to locate is by doing some research. A disadvantage of satisfying everyone’s request is that we will need to keep track of people’s preference.
To operate vending machines business we need to have self-motivation. The owner just needs to remove money from the coin slot and keep the products stocked regularly. For other’s product that only require service such as massage chair you need to maintain it regularly.
You will need to be in good physical shape as it needs time walking around and carrying products.
Another advantage of owning vending machines is that you can meet people as you work. You can also fit your route into your schedule. A disadvantage of owning a vending machine business is that some machines are highly prone to theft. Thieves can also create slugs or fake coins when using mechanical machines but nowaday you can put CCTV to keep watching the safety of your business.
Guidelines to Start Your vending Business
Before setting up vending machines, we need to determine cost of business and analyse the location.
Find a reputable supplier of commercial quality vending machines.
Calculate potential customers might purchase an item/service from the vending machine. Observe the foot traffic and know the number of people that will have access to the machine.
Determine cost of business by adding together all the overhead costs, including the cost of the vending equipment, supplies, transportation. Don’t forget to calculate the income you need to price your vending items to turn a profit.
The vending business can be tweaked along the way to see what works and what doesn’t while maximising profits.
Before setting up vending machine , be sure that you have adequate space for your machine as well access to an electrical outlet. Remember that you need to responsible for keeping them filled and working properly.
Get the proper licenses as you don’t want your machine being confiscated by local authority.