Copyright ©2023 by Lawrence Thomson. Аll rights rеsеrvеd.

VENDING MACHINE BUSINESS

Аll rights rеsеrvеd
 Table of Contents

INTRODUCTION
WHAT IS A VENDING MACHINE?
BENEFITS OF STARTING A VENDING BUSINESS
CHAPTER 1: MARKET RESEARCH
IDENTIFYING POTENTIAL VENDING MACHINE LOCATIONS
Location Search and Location Types
Can Vending Machines Be Placed Anywhere?
Choosing a Profitable Location for a Vending Machine
Best Locations
LOOKING BEYOND CONSUMABLE PRODUCTS
SPECIFIC PRODUCTS FOR SPECIFIC LOCATIONS
CONDUCT TRIAL AND ERROR PROCESS
ANALYZING CUSTOMER DEMOGRAPHICS AND PREFERENCES
EVALUATING COMPETITION IN THE AREA
CONDUCTING MARKET RESEARCH ONLINE AND IN PERSON
CHAPTER 2: CHOOSING THE RIGHT VENDING MACHINES
UNDERSTANDING DIFFERENT TYPES OF VENDING MACHINES
SELECTING MACHINES BASED ON LOCATION AND BUSINESS MODEL
Location
Business Model
EVALUATING FEATURES AND SPECIFICATIONS OF DIFFERENT MACHINES
HOW TO FINANCE YOUR VENDING BUSINESS
CHAPTER 3: PURCHASING AND STOCKING INVENTORY
FINDING AND NEGOTIATING WITH SUPPLIERS
 Finding The Right Supplier
How To Negotiate The Best Deal
DETERMINING OPTIMAL INVENTORY LEVELS
TYPES OF INVENTORY
MANAGING PRODUCT SELECTION AND ROTATION
CONTROLLING INVENTORY COSTS AND WASTE
CHAPTER 4: SETTING UP YOUR BUSINESS
REGISTERING YOUR BUSINESS
FACTORS TO CONSIDER WHEN CHOOSING THE RIGHT BUSINESS STRUCTURE
OBTAINING NECESSARY PERMITS AND LICENSES
CHOOSING A BUSINESS NAME AND CREATING A LOGO
The Importance Of A Business Name
How To Find The Right Name For Your Business
Creating Your Business Logo
SETTING UP YOUR VENDING MACHINES FOR OPTIMAL PERFORMANCE AND
PROFITABILITY
CREATING A BUSINESS PLAN AND SETTING GOALS
Key Components Of A Business Plan
CHAPTER 5: MARKETING AND PROMOTING YOUR BUSINESS
BUILDING A BRAND AND MARKETING STRATEGY
LEVERAGING SOCIAL MEDIA AND OTHER ADVERTISING CHANNELS
BUILDING RELATIONSHIPS WITH LOCATION MANAGERS AND OTHER POTENTIAL
BUSINESS PARTNERS
DEVELOPING PROMOTIONAL MATERIALS AND SIGNAGE
CREATING A CUSTOMER LOYALTY PROGRAM
CHAPTER 6: MANAGING YOUR BUSINESS OPERATIONS
TRACKING AND MANAGING FINANCES
 OPTIMIZING MACHINE PERFORMANCE AND EFFICIENCY
TROUBLESHOOTING TECHNICAL ISSUES AND PERFORMING ROUTINE
MAINTENANCE
PROVIDING EXCELLENT CUSTOMER SERVICE AND SUPPORT
MANAGING EMPLOYEES AND INDEPENDENT CONTRACTORS IF APPLICABLE
CHAPTER 7: SCALING AND GROWING YOUR BUSINESS
EXPANDING YOUR BUSINESS BY ADDING NEW MACHINES AND LOCATIONS
DIVERSIFYING YOUR PRODUCT OFFERINGS
HIRING ADDITIONAL STAFF AND DELEGATING RESPONSIBILITIES
CONSIDERING FRANCHISING OR OTHER GROWTH OPPORTUNITIES
USE TECHNOLOGY TO STREAMLINE OPERATIONS
SEEK OUT PARTNERSHIPS
STAY AHEAD OF TRENDS
CONCLUSION
 Introduction
What is a Vending Machine?
A vending machine is any self-contained device used to dispense small
amounts of goods into an individual's hands from a limited supply. For
example, an automated self-service car wash is a vending machine in
disguise. Vending machines are usually found in public places such as
airports, train stations and public buildings. It's a form of a service that
allows its users to buy goods without having to go to the store. The concept
was first implemented in the United States during the first half of the 20th
century and was later adopted by other countries such as Canada and Japan.
Vending machines are intriguing devices. For a little cost, they provide
drinks, chocolates, and even pastries without needing to go to the store. You
can carry your purchases with you as you walk or drive away after
purchasing them from a vending machine. Even in situations where vending
machines aren't often seen, such as an office building, they are there and
can be utilized during your lunch break! These machines have never been
more popular than they are right now, from vividly colored drink dispensers
to throwback icee machines.
Vending machines are a type of merchandise distribution that is done in
bulk. They're commonly referred to as "coin-operated machines," but
they're nothing like coin-operated enterprises. The bank operates the coin-
operated machines you see at the laundry or local grocery store, and you
must pay with a bank note to use them. On the other hand, the vending
machine is just a piece of heavy machinery designed to give you change
when you buy something from it. It makes no difference whether you pay
with bills, coins, or credit cards; you're paying money to a machine, but the
money still ends up in your pocket.
James A. Cunningham of Baltimore, Maryland invented the first vending
machine in 1892. It delivered soda water to customers using a coin-operated
combination lock. A new sort of vending machine was created during the
gold rush of the 1910s that accepted food stamps as payment. During the
lunch hour, it was very popular with the miners.
Germany was the first country to introduce self-service beverage dispensing
machines during World War I. The Kaffee Hagelschal (coffee hailstones),
which were utilized as a form of rationing during World War I, were a
continuation of this concept, but with coffee rather than soda water.
During World War II (1939–1945), vending machines were increasingly
popular, especially when the United States military introduced the coin-
operated soft drink dispenser for troops stationed in the Pacific Theater.
Soft drink consumption soared, and it was usual to see military personnel
lined up at vending machines to buy as much as they could.
Many companies were still in the early phases of developing and perfecting
vending machines in the 1960s, with only a few achieving complete
success.
Dr. Pepper was one of these enterprises, and its "Dr. Pepper Chimp" mascot
was a huge hit with customers, who grew quite attached to his joyful face
image on their walls and everywhere else he was displayed.
Vending machines were sluggish to grow outside of the United States,
despite their popularity in the United States.
This is due to the influence of social standards and conventions and
disparities in legislation governing their use and advertisement. The most
notable exception was Japan, where vending machines are considered
integral to daily life and thoroughly incorporated into society.
Japan has the world's highest rate of vending machine usage per capita, with
an estimated 5 million soda vending machines spread across the country.
Do people usually make money in this business?
Of course! People make money from vending machines, and it's not
uncommon to find people earning six figures every year! But the story is
different from others. It's a risky business, and you're going to need to
study, learn and be smart about it. This business isn't saturated, you don't
need a big truck to start, and there is no requirement that you have to be
physically present with your machine or even in the country! This business
is highly scalable, and it's one that you can start from anywhere with almost
no capital required.
Benefits of Starting a Vending Business
You are probably wondering why you should choose a vending business
when other kinds of business opportunities can also give you a lot of
profits. The answer lies in the benefits of starting a vending business, which
are enumerated in the paragraphs below.
It is not necessary to sell goods in person
You don't have to be present to sell your products to your target customers
because your vending machine will take care of it. Simply install the
machine in a high-traffic area where individuals who want to purchase your
products may insert the appropriate amount of coin or bill into the payment
slot, and the machine will dispense the desired item. There's no need to be
present at all times or hire a salesperson. Once or twice a week, simply
check the machine to collect sales. This is why this is the ideal business for
people who work full-time, own a business, or are simply too preoccupied
with other obligations. This enables you to go to work or run your regular
business while also earning money.
Reduced costs and expenses
Having a vending machine is similar to owning a small business without
having to pay for rent, advertising, utilities, employee salaries, and other
expenses.
These costs might eat up a significant portion of your revenue, resulting in a
lower profit margin. Some expenses, such as paying a commission to the
store or establishment's owner, regular maintenance, and expenses for
collecting sales, such as gas or transportation costs, may be necessary.
Cash flow is immediate
When someone purchases something from your vending machine, you will
have made your first sale. Because the machine is modest, you'll be able to
sell all of your items in a short amount of time. Then you may go out and
buy additional things to make even more money.
Because of the little inventory, it's simple to keep track of how much money
you've made.
Many people want to boost their regular wages or escape the rat race by
earning extra money. You'll be able to do so by using vending machines.
You'll be able to make money right away.
You'll own whatever you create. In contrast to other enterprises, there is no
wait between payment and receipt of earnings.
You have complete control over your life
While the pay is good, the payoff is much better. There is no one instructing
you what to do, so you can do whatever you want. How much time and
effort you put into your vending business is entirely up to you.
And if it doesn't work out, there are plenty of people wanting to buy this
equipment from you, so you can always move on to anything else.
Clients and customers come back to vending machines
Customers that purchase your goods will return for more! One of the most
significant benefits of owning a vending machine at home, at your office, or
in your store as a business owner is the capability to control your costs.
Safer and more stable
Because it does not experience lean years or seasonal sales fluctuations, the
vending machine company is more secure and reliable than traditional
retail.
You won't lose money during the winter because everyone will buy snacks
or candy. You won't be affected by a recession or depression because your
items will remain inexpensive, unlike vehicles or real estate. It's also safer
because it's a cash-only operation. Your vending machine does not accept
credit cards or cheques.
They must pay for the item in cash right then and there if they wish to
purchase it.
You're free to try other things
Vending machines are an excellent place to test your inventiveness and
independence. You may not only design innovative and entertaining
vending machines, but you can also sell them to other businesses. This is an
excellent opportunity to get your feet wet in the vending industry while also
making some money.
You can earn more money than if you worked for a regular company
There are a few things you can do in the vending machine business to make
more money than in regular enterprises. Focusing on selling popular and
fast-moving products is one approach to making more money. Another
strategy to generate more money is to concentrate on selling high-quality
products that sell for a greater price than comparable-store items. Finally,
focusing on selling products that are distinctive and sell at a premium price
is another approach to increase profits in the vending machine business.
You have the ability to create a long-term enterprise
If you begin a vending machine business, you won't have to worry about
regularly purchasing new vending machines or improving your existing
ones. The machines will continue to work until they reach their expiration
date, making them an excellent choice for companies who want to keep
their operations going for the long haul.
You don't require any high-end equipment
To begin with, a less expensive system will almost certainly include more
functions. A less-priced machine, for example, may be able to vend more
products at once or be simpler to use. Second, a less expensive computer
may perform better. More expensive equipment may take longer to vend
your product or be less efficient.
Demand for goods is constant
The majority of vending machine items are in high demand and move
quickly. This means you'll be able to sell your products quickly and
replenish your inventory. You won't have to worry about not being able to
sell the things in your vending machines since they'll all be gone. Some
products may sell more quickly and easily than others, therefore, the trick is
to locate your vending machine in a position where the products will be in
high demand.
Simple to use
Because you are not needed to be present at all times, a vending business is
easier to run than a traditional brick-and-mortar retail store. You can put it
aside for a few days and return to it once the things have been sold.
Operating a vending business does not necessitate many resources. To get
one going, all you need is a working machine and some things to sell. You
also don't require a large team because you can run it as a one-man show.
Begin selling first, then consider design and branding
There are various factors to consider when it comes to vending machines,
but the most crucial is getting your product out there and selling it. The
more products you have in stock, the more money you'll generate because
customers will find it easier to purchase items from your vending machine
and want to return them because of the loyalty factor.
Even if you don't have a great finish or look on the outside of your machine,
getting inventory first is the most critical thing you can do to start making
money in your business. When consumers buy from you, your vending
machine's outward shell or design is less important.
 Chapter 1:
Market Research
Market research is important in the vending machine business for several
reasons:
Identifying Opportunities: Market research can help identify
new opportunities for your vending machine business. By
analyzing market trends, you can identify areas where demand for
vending machines is growing and tailor your offerings to meet
those needs.
Understanding Customer Needs: Market research can help you
understand the needs and preferences of your target customers.
Collecting information on the demographics, shopping patterns,
and interests of customers enables businesses to develop goods and
services which are more tailored to the requirements of those
customers.
Assessing Competitors: Market research can help you assess the
competition in your industry. By analyzing the strengths and
weaknesses of your competitors, you can identify ways to
differentiate your vending machines and stand out in the
marketplace.
Developing Marketing Strategies: Market research can help you
develop effective marketing strategies for your vending machine
business. You may design tailored advertising campaigns which are
inclined to connect with those you want to reach if you acquire
data on the behaviour and interests of your customers.
 Minimizing Risks: Market research can help minimize risks
associated with launching new products or expanding your vending
machine business. By gathering data on market demand, you can
make informed decisions about investments and avoid costly
mistakes.
Identifying Potential Vending Machine Locations
Location Search and Location Types
Thinking about buying a vending machine business may be very attractive
for those who want to start a business and for any entrepreneur because it
offers flexible hours and can make the project as large or small as it meets
your needs. But it is also true that it provides you with the possibility of
being a semi-absent entrepreneur, which on the other hand, is very attractive
to many entrepreneurs.
In the United States, it is estimated that there are about 1.8 million vending
machines at the moment. Based on actual data from
vendingmarketwatch.com, they are all generating more than $13.3 billion in
total annual sales. However, this requires work for those vending machines
to generate income during your times of absence.
Therefore, I am telling you this as a first step. To create a profitable vending
business, you need to spend time choosing the correct location. A vending
machine which nobody uses can't, fairly plainly, produce any revenue for
the business which owns it. So, let's say you're thinking about launching a
career in the vending machine industry. In that case, that is one of those
details that you must take into account and know to dedicate yourself to
selecting profitable locations.
Can Vending Machines Be Placed Anywhere?
Vending machines can possibly be technically installed anywhere, but keep
in mind that this is not as simple as it may seem. To begin, you are in
violation of the law if you put a machine on the land of another person and
then utilize their services without first obtaining authorization from them or
signing a contract with them.
Furthermore, a vending machine might not be the best choice for every
venue. What's the point of having a vending machine in an area where no
one walks by? Whether opening a new retail shop or upgrading an existing
one, one of the utmost significant actions you can do to boost sales is to
look for suitable locations that offer the greatest opportunity for profits.
Choosing a Profitable Location for a Vending Machine
In this business, as in the real estate market and others, success will always
depend on location, location, and location. Selecting the appropriate
locations for your business endeavours is the first step towards achieving
financial success.
This stage requires some investigation and footwork in order to determine
the amount of foot traffic, examine the level of competition, and,
eventually, obtain authorization from the owners. Quite a rigorous process,
but one that guarantees results.
Traffic
Without an audience, a vending machine business cannot achieve
profitability. The flow or traffic of people is the key component for the
start-up of a vending machine to be successful. Keep in mind that purchases
from vending machines frequently divide into one of two groupings:
impulse purchases or habitual purchases.
When the need for a quick snack arises, and one type of product catches
their eye, people opt to buy something, or they simply get into the habit of
purchasing from a machine they notice every day, such as in the break room
from work, school, or in your apartment or condo building.
The Permits
It will be excellent if you can get the permit to place your machine
anywhere you want or consider and start earning money at the time of
buying one of these machines. However, the permission of the owners and a
contract are necessary to place such machines.
I warn you that sometimes you will find some cases in which it will be very
easy for you to get a contract as in others you will have to go through
several obstacles. In numerous cases, the owners of businesses
would additionally inquire you for a percentage of the profits generated by
their machines. This is done so that they may produce a certain
amount passive income for themselves while offsetting the cost of their
utilities.
Best Locations
Next, to make this process a more agile experience, I will give you tips on
the 10 best locations for vending machines, so I recommend you take note.
Before starting this list, keep in mind that each site you consider as a sales
operator must be assessed separately, but these are 10 of the perfect places
to install this type of machine.
Manufacturing/Distribution Facilities
Excellent sites for vending machines include industrial parks,
manufacturing complexes, and distribution centers, among other types of
places. In most cases, hundreds of individuals work in these locations
throughout a variety of shifts. (mostly twenty-four hrs a day).
The majority of businesses only provide employees with brief breaks, and
during those times, they typically do not have the opportunity to visit an
off-site restaurant, where they could purchase a beverage or a sweet treat.
As a result, it is recommended to give consideration to the possibility of
installing vending machines in the break room in order to supply the
vending business with a significant and reliable means of income.

Offices
Businesses with a staff of 50 or more are excellent areas to install vending
machines.
Employees usually have cravings and thirst during the workday and what
better than the options offered by vending machines for those who can’t
prepare drinks, snacks, or lunches for themselves—which includes most
people in today’s busy world.
Apartment Complexes
In housing complexes or apartment complexes, people are arriving and
departing at all hrs of the day and night, seven days a week, creating a
frenzy of movement that can be observed at any time.
Laundries, common areas, playgrounds and parks, party rooms, and fitness
centres are frequently found in addition to apartments within numerous
multi-family buildings.
Because members of the community are able to enter these spaces, and
numerous residents routinely take advantage of these locations, vending
machines would be an excellent addition to these areas.
It is sufficient to establish vending machines on the property in one or more
locations, and these are the best locations to do so because they offer
customers an extensive range of options for both food and beverages.
Hospitals
Without a doubt, these locations are one of the best options, as they never
close. In addition to being open every day of the year, they cater to three
very distinct categories of customers:
The patients are regular customers because they are always looking for a
time to escape and a break from traditional food.
Also, it is a fact that those who have to take care of patients as well as the
staff who work love the comfort and options that vending machines offer. In
addition, they do not have time to leave the facilities and go to restaurants.
Last but not least, there are the visitors who come to the facility to provide
assistance to their loved ones.
These visitors frequently grab a snack from a vending machine so that they
could spend additional time with their loved ones.
It is best for vending machine profitability to have operations that run
around the clock, with numerous shifts, and various shoppers.
Nursing Homes/Care Facilities
As is the case with hospitals, nursing homes and care centres are open
around the clock, seven days a week, and all parts of the year. The wide
selection of snacks that are available is a favourite among locals, and guests
frequently use the vending machines for a speedy snack or dinner
alternative so that they can enjoy additional time with their loved ones.
The majority of nursing home care employees work longer hours and have
shorter breaks than the other workers in this group. Because of this, vending
machines are an excellent choice for providing them with a means to
maintain their energy levels across the workday. The combination for every
of these aspects results in a site that has a great potential for profit and
sales.
Car Dealers
According to the findings of a few different surveys, the typical customer
will spend about three hrs in a car dealership observing several models.
These locations surely see a high volume of foot traffic throughout the
course of numerous hrs. The majority of vehicle dealerships, as well as
offering car sales, also include full-service centers, which often have
waiting periods that range from one and a half to three hrs.
To add insult to injury, salespeople, technicians, and service staff frequently
use vending machines since they offer easy choices for both food and
beverages.
When taken together, these aspects contribute to the observation that auto
dealerships are consistently among the highest-earning locations for
vending machines. An additional advantage is that the majority of auto
dealerships are a component of a larger family of dealerships, which means
that you will likely have the ability to grow your company into new
geographic areas.

Hotels and Motels

Hotel and motel visitors constitute confined audiences. Though a hotel
offers a restaurant, not all of the customers who stay there are going to
desire a full dinner or be willing to pay for one. Because of this, several
hotels feature convenience stores; however, these stores are typically
located in the lobby, and not all guests prefer to undertake the journey for a
fast snack, particularly if they are able to find one on their level. As a result,
installing vending machines in strategic locations, such as the foyer, side
doors, and areas surrounding the ice machine, is an excellent approach to
create continuing money.
Gyms
It is not uncommon for people who go to a gym to work up an appetite
throughout the day, and once they have finished their workout, they may
not feel the need to go to the store right next door. They are searching for an
item that is good for them. Upon working up a sweat, those who frequent
gyms and other fitness centres would benefit greatly from having access to
vending machines stocked with wholesome refreshments and snacks that
they may utilize to refuel.
Because they are mostly hourly workers who are only given brief breaks,
the employees who are employed there are additional demographic that
frequents this establishment. These individuals value a vending machine
that provides them with nutritious food alternatives because their breaks are
typically limited in duration.
Schools, Community Colleges, and Universities
Every day, educational institutions such as schools, universities, and
community colleges are bustling with activity. The students are engaged in
a variety of activities and have a robust appetite.
A great deal of people walk by on a daily basis in a rush, potentially hungry,
and seeking an instant snack as they work, therefore vending machines
placed in the appropriate locations on school property have the potential to
be a good form of cash for the institution. They either leave in the middle of
a class or they're in a rush to arrive to the class on time.
As parents and school officials wish to ensure that their children have a
choice of healthier options during the school day besides cupcakes, chips,
and soda, schools are another great venue for vending machines that serve
nutritious foods. The use of school vending machines is on the rise.
In addition to this, college dorms are fantastic locations for vending
machines for a variety of reasons. Students frequently remain up late and,
when they are working or spending time with their pals, they do
occasionally desire to dash out for a snack.
Consequently, it is more convenient to use a vending machine, particularly
one that might be designed to accept bank cards, credit cards, as well as
school food plan cards.

Retail Stores
There are two types of specific audiences that are ideal for vending
machines in retail stores. One example is shoppers coming and going from
the business. When people are out and about performing errands, they
frequently find themselves hungry or thirsty. Placing a vending machine
nearby an entrance is a wonderful method to attract foot traffic and
capitalise on spontaneous purchases made by customers.
The second group consists of the employee population. The standard break
schedule for retail workers consists of a couple of ten min intervals per shift
in addition to a brief lunch break. Prior to stepping back out to the field,
they typically do not have the time to run to a restaurant for a meal or
snack. Vending machines, on the other hand, offer a chance to recharge at a
reasonable price.
Looking Beyond Consumable Products
Keep in mind that your vending machine options don't stop at food and
beverage products alone. You can look beyond that and explore non-
consumable items such as notebooks, stationery, skincare products, gadgets,
digital cables, towels, detergents, earplugs, and so on. When you place
some of these products in the right locations, you will be amazed at the
profits you can gain from them. For instance, if you place a vending
machine providing notebooks, stationery, and writing instruments in
schools or universities, you could make a good profit from them. Another
example is placing pharmaceutical vending machines that provide diapers,
paracetamol, condoms, etc., next to a convenience store, and you will gain
sales from most of the visitors that walk in and out of those stores.
Specific Products for Specific Locations
Another rule of thumb is having the right products for the right locations.
For example, when you are placing a vending machine in the gym, it is best
to avoid placing unhealthy snacks like chips and instead place healthy
snacks, drinks, and protein bars to boost sales. If you put your vending
machine in places like offices, schools, and universities, caffeine-related
products such as coffee and tea will boost sales since employees and
students rely on caffeine to stay sharp throughout the day. Do keep in mind
that this can also depend on different seasons. For example, during the hot
summer, it is best to stock up on cool drinks and refreshments rather than
stocking your machines with hot drinks. However, these hot drinks and
snacks will be a hit during the winter.
Conduct Trial and Error Process
The best tip I would suggest is to keep experimenting with different items
and see what works for you. This is one of the ways I found which product
mix worked in specific locations but also enjoyed the entire process of
doing this type of business. The best way is to start stocking up with the
best selling items and monitor how the sales are in every location.
If you find it doing poorly in sales, you can slowly stock it with the next
best selling products and remove those that do not sell. Another great way
is to network with other vending machine operators and find out what’s
selling well for them and what’s not. Before you jump to a conclusion, it’s
best to get a lot of opinions on what are the best selling items rather than
relying on one or two opinions alone. Don’t make drastic changes that
could increase your risk when it comes to changing your inventory. Instead,
keep at least 80% of your best-selling items in each machine and use the
remaining 20% of the space to try out newer or trendier products.
Analyzing Customer Demographics And
Preferences
Users of vending machines can be classified according to their demographic
and psychographic characteristics based on the location of the machine and
the products it dispenses. For instance, vending machines selling gumballs
are probably designed with the requirements of children and young people
in mind. Vending machines selling coffee would target young adults of any
gender as well as adults, whereas vending machines selling generic snacks
and drinks will probably target practically all age groups, with the exception
of those who are particularly health aware.
Evaluating Competition In The Area
Vending business is a margins game; hence, there isn't much room for you
to negotiate just to bring in more customers. So what do you do? You try to
avoid ferocious battles and pick a location where the competition is almost
non-existent.
Always keep an eye out for competition and thrive regardless. There is
always a way to attract more people, do more, sell more, build loyalty, and
create a raging fan base. But, do it successfully for a long enough timeline,
and no matter who gets in the game against you, they will perish sooner or
later.
Conducting Market Research Online And In
Person
By using a combination of online and in-person research methods, you can
gain a more complete understanding of your target audience and the market
for vending machines. This information can aid you in making more
conversant choices regarding product development, marketing, and other
aspects of your vending machine business.
Online Surveys: Online surveys can be an effective way to
gather feedback from a large number of people quickly and
inexpensively. You could utilize online survey tools like
SurveyMonkey or Google Forms to form a survey and allocate
it to your target audience via email or social media.
Focus Groups: Focus groups are a more in-depth method of
gathering feedback from a smaller group of people. You can use
focus groups to gather feedback on specific products or
services, or to get more in-depth insights into customer needs
and preferences. You can recruit participants through online
ads, social media, or other channels.
Online Reviews: Online reviews can provide valuable
feedback on your vending machines and customer experiences.
You can monitor reviews on sites like Yelp or Google My
Business to get a sense of what customers like and don't like
about your vending machines.
Observational Research: Observational research involves
observing customers in real-time as they interact with your
vending machines. This can help you identify areas where
customers may be experiencing frustration or areas where your
vending machines may be underutilized.
Social Media Listening: Social media listening includes
monitoring social media channels for references of your
vending machines or related topicsInstruments for monitoring
online conversations, such as Hootsuite or Mention to monitor
conversations and identify trends.
Site Visits: Site visits can provide valuable insights into the
physical environment in which your vending machines are
located. You can observe foot traffic patterns, assess the
competition, and gather feedback from customers in person.
 Chapter 2:
Choosing the Right Vending Machines
Understanding Different Types Of Vending
Machines
Vending machines have been everywhere for over a century, and they have
come a long way since their inception.
Today, there are a variety of vending machines available that cater to
different needs and preferences. Here are some of the ideal kinds of vending
machines:
Snack Vending Machines
Snack vending machines are the more prevalent type of vending machines.
Snacks including chips, chocolates, nuts, and cookies are available.
These machines are typically found in high-traffic areas such as schools,
offices, and hospitals.
Snack vending machines come in different sizes, ranging from small
machines that can fit on a countertop to large machines that can hold
hundreds of products.
They can also be refrigerated or non-refrigerated, depending on the types of
snacks they offer.
Beverage Vending Machines

Beverage vending machines suggest a range of drinks such as soda, water,

juice, and energy drinks. They are commonly found in schools, offices, and
public places such as airports and train stations.
Beverage vending machines come in different sizes and configurations.
Some machines offer only canned or bottled drinks, while others offer both
canned/bottled and fountain drinks.
They can also be refrigerated or non-refrigerated, depending on the type of
drinks they offer.
Combo Vending Machines
Combo vending machines offer a combination of snacks and drinks in one
machine.
They are ideal for locations where space is limited or where customers want
to buy both snacks and drinks at the same time.
Combo vending machines come in different configurations. Some machines
have separate compartments for snacks and drinks, while others have a
single compartment that can hold both.
They can also be refrigerated or non-refrigerated, depending on the types of
products they offer.

Fresh Food Vending Machines

Fresh food vending machines are designed to deliver healthy and fresh food
options to customers. They offer a variety of foods such as salads,
sandwiches, fruits, and vegetables. They are commonly found in schools,
hospitals, and offices.
Fresh food vending machines are typically refrigerated to keep the food
fresh.
They come in different sizes and configurations, and some machines offer
the option to customize the food selection.
Frozen Food Machines
It is impossible to ignore the demand for frozen food. Some fantastic
examples include things like peas, chicken, and sausages, among other
things.
It is common practice for individuals to take these items home with them
and prepare them in their spare time. Take extra care, as perishable food
items that have been frozen can quickly become spoiled. Making sure that it
is at the appropriate temperature is one way to prevent this from happening.
Treats Machine
Kids love treats like gumballs and other novelty items. You will find them
mainly in amusement parks, gardens, schools, and other places where kids
hang out—gumballs and other treats are kid magnets.
Coffee Vending Machines
Coffee vending machines suggest a range of hot beverages such as coffee,
tea, and hot chocolate. They are mostly established in offices, airports, and
public places. Coffee vending machines come in different sizes and
configurations. Some machines offer only hot beverages, while others offer
both hot and cold drinks. They can also be configured to accept cash,
credit/debit cards, and mobile payments.
Ice Cream Vending Machines
Ice cream vending machines bid a variety of frozen treats like ice cream,
sorbet, and frozen yogurt. They are commonly found in parks, beaches, and
tourist attractions.
Ice cream vending machines come in different sizes and configurations.
Some machines offer pre-packaged frozen treats, while others have soft-
serve options. They can also be refrigerated or non-refrigerated, depending
on the types of products they offer.
DVD Rental Vending Machines
DVD rental vending machines offer a variety of movies and TV shows for
rental. They are commonly found in supermarkets, convenience stores, and
shopping malls.
DVD rental vending machines come in different sizes and configurations.
Some machines offer only DVDs, while others have Blu-ray and digital
options. They can also be configured to accept cash, credit/debit cards, and
mobile payments.
Personal Care Vending Machines
Personal care vending machines offer a variety of personal care items such
as toothbrushes, toothpaste, and razors. They are a popular choice in
airports, hotels, and other travel-related locations, where people may have
forgotten to pack these essential items.
Personal care vending machines come in various sizes, from small tabletop
models to larger floor-standing models. They can be customized to fit
specific products, and come with different payment options, such as coin or
card payment.
Electronics Vending Machines
Electronics vending machines give us a range of electronics products such
as chargers, headphones, and phone accessories. They are a popular choice
in airports, train stations, and other travel-related locations, where people
may need to purchase these items on the go.
Electronics vending machines come in various sizes, from small tabletop
models to larger floor-standing models.
They can be customized to fit specific products, and come with different
payment options, such as coin or card payment.
PPE Vending Machines
PPE (Personal Protective Equipment) vending machines offer a variety of
personal protective items such as masks, gloves, and hand sanitizer.
They are a popular choice in hospitals, offices, and other locations where
people need access to these items.
PPE vending machines come in various sizes, from small tabletop models
to larger floor-standing models.
They can be customized to fit specific products, and come with different
payment options, such as coin or card payment.

DVD and Video Game Vending Machines

DVD and video game vending machines offer a variety of DVDs and video
games for rental. They are a popular choice in locations such as grocery
stores, convenience stores, and malls.
DVD and video game vending machines come in various sizes, from small
tabletop models to larger floor-standing models. They can be customized to
fit specific products, and come with different payment options, such as coin
or card payment.
Vending machines have evolved over time to offer a wide range of products
and services. When selecting a vending machine for your business, it is
important to consider the location and the type of products or services that
are in demand. With the right vending machine, you can offer convenience
and accessibility to your customers while generating revenue for your
business.
Selecting Machines Based On Location And
Business Model
Location
The location of your vending machine is among most essential aspects to
reflect when selecting a machine. You want to choose a machine that is
suitable for the location in terms of size, capacity, and features. Here are
some things to consider when selecting vending machines based on
location:
Indoor vs. Outdoor: If your vending machine will be placed
outside, you'll need to choose a machine that is designed for
outdoor use. These machines are typically more durable and
weather-resistant than indoor machines.
Size: The size of your vending machine will depend on the
available space in your target location. You want to choose a
machine that fits comfortably in the space and does not obstruct
foot traffic.
Capacity: The capacity of your vending machine will depend on
the expected demand in your target location. Putting the machine in
a busy place calls for one that can handle more customers at once.
Power Source: You'll need to consider the power source available
at your target location. If you're placing the machine in an area
with limited access to electricity, you may need to choose a
machine with a battery backup or a solar-powered machine.
Business Model
Your business model is another important factor to consider when selecting
vending machines. You want to choose machines that are suitable for your
business model in terms of product offerings, pricing, and technology. Here
are some things to consider when selecting vending machines based on your
business model:
Product Offerings: The type of products you plan to offer will
determine the type of vending machines you need. For example,
if you're planning to sell perishable items, you'll need a
refrigerated vending machine.
Pricing: You'll need to choose a vending machine that allows
you to set prices that are appropriate for your target market. If
you're targeting a price-sensitive market, you may want to
choose a machine that allows you to set lower prices.
Technology: The technology available on your vending
machine will depend on your business model. If you're planning
to offer cashless payment options, you'll need to choose a
machine with a card reader or mobile payment capabilities.
Evaluating Features And Specifications Of
Different Machines
When evaluating features and specifications of different vending machines,
there are several key factors to consider:
Product Capacity: The capacity of the vending machine is
important, as it determines how many items can be stocked at one
time. Consider the size of the machine and how many products it
can hold.
Think about your possibilities for making a purchase from the
vending machine. Does it accept coins, bills, credit cards, or
mobile payments? The more payment options available, the more
convenient it is for customers.
Product Variety: Look at the types of products the vending
machine can dispense. Does it offer a range of items, including
healthy options? The more variety, the more likely it is to attract
customers.
Cooling and Heating: Depending on the type of products being
sold, cooling or heating features may be necessary to keep items
fresh. Consider the temperature control options available on the
vending machine.
Maintenance and Security: Consider the ease of maintenance and
security features of the vending machine. How easy is it to refill
products and perform routine maintenance? Does the machine have
security features to prevent theft or vandalism?
Technology Integration: Consider whether the vending machine
has the ability to integrate with technology such as mobile apps,
touchscreens, or remote monitoring. These features can enhance
 the customer experience and streamline maintenance and inventory
management.
Energy Efficiency: Look for energy-efficient vending machines
that can reduce energy consumption and save costs in the long run.
Overall, when evaluating vending machines, consider the needs of your
customers and the products you plan to sell, as well as the features and
specifications of the machine to find the best fit for your business.
How To Finance Your Vending Business
The initial investment required to launch a business will change based on
the type of equipment you choose. Here are four options I have for funding
a vending machine company. You can either use the first option and put up
all the money for the business out of your pocket, or you can use the other
three methods to find investors.
Self-funding: Nothing says "fully invested" more profoundly than a
business funded by the owner. You can tally the required cost of setting up
your first vending business and support it yourself using your savings.
Borrow capital: You can borrow it through multiple established authorities.
They could be the government, financial institutions, other businesses, or
even individuals.
Crowdfunding: It is among the best means to raise money for your
business. Crowdfunding means that you will contact several people who
will be interested in investing in your business. For instance, if you have a
presence on social media platforms, you can ask your followers to transfer a
fractional amount to your account and fund the project. If you have 100,000
followers and only 5% (5000) of them paid you $10 each, you will still
have $50,000. Not bad for a startup, right?
Releasing equity: This is a great way to bring in more investors on board.
You can relinquish some equity and put it on sale. People interested in your
business will buy your equity in exchange for cash. You will have to share
the equivalent profit with them later. The good news is that it isn't a loan or
anything; you don't have to return this money to the investors. If the
business profits, you share it with them, but if it fails, they will split the loss
with you.
There may be many other ways to raise money, but these four are the most
popular. I hope you are ready to take on the vending machine business since
you now understand the cost structure.
Sit down, list everything you need to pay for, and write down the amount.
After adding it, you will have your final cost of business. Don't worry about
investing a little more because it is a business that will generate money
while you sleep.
 Chapter 3:
Purchasing and Stocking Inventory
Finding And Negotiating With Suppliers
Buying stock from a specific entity means that you typically want to
establish a long-term relationship. There is no reason for you to hurry and
buy the stock from one person. You must choose the entity wisely. Let me
outline the different entities from whom you can purchase your inventory,
along with some of their benefits and drawbacks. Let's get to it!
Wholesalers: They are the middlemen who sell goods to retailers,
institutions, and other business owners, like yourself. They buy products
from the manufacturer directly and distribute them on a larger magnitude.
Most business owners often prefer finding a great wholesaler because they
can obtain their stock in bulk for a lower price. It is one of the benefits of
buying from a wholesaler.
The second benefit is that you can get a good variety of products from a
single wholesaler, which reduces your stress of finding new suppliers for
individual items. Finally, you can pick up orders in any size you please. You
can initially buy a lower batch, check the response of your customers, and if
it checks out, give a bigger order. However, suppose the products you buy
do not perform well. In that case, you can switch to another product without
losing much money or the wholesaler.
Wholesalers seem captivating at this point, don't they? Well, there are a few
cons to them as well. Firstly, the products you buy may be at discounted
prices. Still, their shipping could be a little expensive, especially when your
storage facility is far away. Therefore, if you can partner with a wholesaler
closer to your vending machine, that would be great.
Secondly, Some wholesalers do have additional fees besides their product
sales. Hence, if you find a wholesaler who doesn't charge an additional fee,
that's a bonus. Still, if they charge a minor fee, you can go with the one who
charges the least and provide good quality products and services.
The third and final drawback of going ahead with a wholesaler is this: they
may deal with only bulk sizes. Yes, some wholesalers offer varied order
sizes. Still, those sizes may have a minimum quantity above your initial
requirement. Hence, it is up to you whether you want to go ahead and make
the purchase or negotiate and try to get the best deal with a long-term
relationship (which is more important).
Brokers: They are individual entities dealing in product rolling. It means
they are not any organization, just freelance agents who buy from the
source and sell to business owners (keeping a margin in between). The
beauty of working with a broker is that they are individual agents who do
not rely on a single source for the products. They have the flexibility to buy
from any manufacturer or wholesaler. If you can be on the same side as a
good broker, you can get a sweet deal whenever you wish to make a
purchase.
The second benefit of teaming up with a broker is that they can get you
products that aren't widely available. For example, to increase the value of
your vending machine, you could occasionally sell rare items for a limited
period to excite your regular audience. Your broker is the one who can get
you those items with ease.
One of the significant benefits is that brokers are accessible to new business
owners. Brokers are individual contractors; thus, they partner with new
business owners to expand their network of clients. It could be your cue to
enter the game with minimal effort.
On the contrary, brokers are great to work with if you can get a good one.
However, some brokers have been conducting business for decades and
may only deal with massive organizations or corporations. Therefore, they
might not entertain small business owners with a small payment plan.
The second downside of brokers is that they may be exclusive to one brand.
Again, loyalty is great, but in your case, you may need various products
from various brands, and these brokers may not be a good fit.
Cash and Carry: Other entities like wholesalers and brokers may offer you
flexible payment methods, but this type of entity (cash & carry) asks for the
money first. They do not provide any delivery service, hence the name. You
will be receiving the goods in one day, and you will be settling the entire
project sum at once and carrying the goods to your machines by yourself.
They will only give you the goods; your responsibility is the delivery,
payment, and everything else. So cash and carry is a good choice if you can
handle all that initially. However, I do not recommend this method to most
people because many better alternatives are available.
Cash and Carry entities could be partnered up with the wholesalers (which
is a good thing). They may provide you with the goods on time directly
from the wholesalers. Since you're paying in full, you can customize your
order any way you like, and they will do it for you—the number of
products, order size, etc.
The only downfall I could find in the cash and carry method is that you
have to pay the entire sum upfront. While budgeting, you must add the
whole sum as the initial cost. There is also a possibility that the individual
or entity you are buying the products from (using cash and carry) could be
situated far away from your machine's location. That will add to the
delivery time and cost while increasing the chances of product damage.
Supermarket Memberships: Supermarkets also offer services to
individual customers. You can go in as a customer instead of a partner and
buy the items you need in bulk. Most places run promotional campaigns
and heavy discount offers to attract new customers. It is a great way to enter
and get your initial stock to start the business.
Even though the selection of the products may be limited and you may bear
an annual fee, supermarkets are an excellent place for vending machines.
They are crawling with feet daily, and people are ready to buy. You partner
with the supermarket and sell items using your vending machines; whatever
profits you earn, you share a portion with them.
Supermarkets are open to the general public, and the stock quantity may not
be available if you waste time. So if you've decided to use the supermarket
membership, go ahead and buy instead of waiting and increasing the loss of
delay.
Answer these questions to choose great products and build a long-term
relationship.
1. What products are the most popular?
2. What do the food trends tell you?
3. What is your budget?
4. What are your needs and goals exactly?
5. What items pique your interest?
Answer these questions, and you will clearly understand what you need and
where to get it, which is necessary.
Finding The Right Supplier
Start your search for a supplier by deciding which type of supplier
(wholesalers, brokers, etc.) you want to work with based on their pros and
cons.
Finding the best supplier for your vending business takes time and effort.
Still, it's worth it when they meet your minimum order quantity, price, and
shipping needs. Use these five steps to find suppliers you can trust:
Search Online Directories. There are many online directories where you
can find a list of the best wholesale suppliers for any product category.
Online directories make it easy to find good vendors and provide helpful
information.
Trade shows and exhibitions. Retail trade shows are great places to find
suppliers. Retailers and manufacturers showcase their latest products to the
general public at trade shows. It makes it easy for retailers to discuss
business with suppliers and ask them questions. Most of the time, exhibitors
at trade shows have great deals.
Business Publications. Get newsletters and magazines relevant to the
business. Most likely, every company that advertises in these magazines is
either the manufacturer or supplier. In magazine ads, there should be a few
dozen suppliers.
Search Engine A quick Google search will give you some results, don't
limit your research to pages 1 and 2, but you should also go as far as pages
4 and 5; you will be surprised. If you want to find a local supplier, put your
location in your search query, and don't forget to look through Google's list
of related searches.
Referrals. Ask stores, groups, or clubs in your area for suggestions. Even if
they don't know any of them directly, they might know someone who does.
There is always an opportunity when you explore people's contacts.
How To Negotiate The Best Deal
When a supplier stipulates their terms and prices, it is never a bad thing to
negotiate. You may not walk away with everything you want, but you could
end up getting discounts that were not offered in your initial discussion.
As a small business owner, you are continuously viewing for means to
reduce costs, and striking good deals with your suppliers is one of them.
Since your relationship with your suppliers will be long-term, you should
think of ways of reducing costs now, so you can save money as you grow
your business.
Negotiations are not a win-lose situation. Both parties must walk away
feeling as though they have benefitted from the agreement. Therefore, as
much as you want to cut costs, you must also think about how your supplier
can benefit. For instance, you could agree to lower prices of goods, but set a
minimum order quantity to ensure your supplier makes money from each
purchase too.
There are five steps involved in negotiating the best deal with your supplier,
which are as follows:
Step 1: Set Objectives
When entering a purchase negotiation, you need to be clear about what
exactly you want to negotiate. Remember, you may not be able to contest
everything, so pick a few factors that will serve your business in the long
run. Here are a few factors to consider:
price
delivery
quality
 maintenance
return policy
payment terms
The key is to negotiate a better deal on factors that mostly influence the
performance of your business. For some businesses, especially those
serving discerning customers, this may not be the price, but rather the
quality of the product instead. Be realistic about your expectations and
remember that your supplier will want to get something out of it too.
Step 2: Think Like Your Supplier
The best way to get what you want is to offer your supplier something they
want too! By thinking like them, you can structure the terms of the
negotiation in a way that offers your supplier added value. By agreeing to
your terms, they are essentially creating favorable outcomes for themselves
too. If your supplier is a big business, it may be harder to bargain with them
because they already serve many clients and may have a monopoly in the
industry. Smaller suppliers who have cash flow problems or are seeking to
attract more business may be a lot more flexible when bargaining.
Step 3: Create a Negotiation Strategy
Have a plan put in place before you walk into the negotiation room. Your
plan must outline your objectives and the different offers you will pitch to
your supplier. Moreover, be clear on what you are willing to compromise on
and what you won’t compromise on. This will help you steer the
negotiation in a direction that favors you, and avoid being left with the short
end of the stick. You will need to highlight the strengths of your partnership
and why this negotiation will enhance your relations.
Step 4: Be Familiar With Negotiation Tactics
Your supplier has probably dealt with many small businesses before, which
means they are aware of the negotiation process. Going into the meeting,
they may even expect you to negotiate a few terms. It’s important to learn
common negotiation tactics your supplier might use, so you are not placed
in an unfavorable position.
For example, when a supplier keeps on bringing up an urgent deadline, they
could be pressuring you to make a decision on the spot. Don’t allow any
time constraints to force you to make quick decisions without agreeing on
the terms. Or perhaps the supplier sets unreasonably high product prices so
that they can offer artificial discounts during negotiations. Remember that if
the price of goods isn’t lower than market price, then it isn’t a real discount.
When it comes to price in general, never accept the first offer. Always make
a counter offer and wait for the supplier to revise the price. If the price
includes add-ons that you don’t need, try to lower the price by asking the
supplier to deduct the added features.
As you negotiate, resist the urge to be greedy. Remind yourself that your
supplier is running a business, just like you, and they desire to become
successful too. Negotiating terms that are unfavorable for your supplier’s
bottom line could ruin your entire negotiations and cause your supplier to
walk away. Therefore, be fair and always aim for a win-win situation.
Step 5: Write Up a Contract
Assuming that your negotiations go well, the final step is to write up a
contract to ensure that the terms you agreed upon are honored throughout
the lifetime of your relationship. Written contracts provide more proof than
verbal contracts, so take the time to write down every aspect of your
agreement.
Ideally, your contract should protect your business interests and shift all
legal responsibilities for product or machine problems to your supplier. If
you are purchasing a used vending machine, for example, you would need
to record any problems the machine comes with, so that if you experience
any malfunctions during the product warranty period, the supplier will be
responsible for repairing the fault. Your contract should also include dispute
resolution processes and the exit procedure if you or your supplier are
unsatisfied with your business relationship and desire to end the contract.
Determining Optimal Inventory Levels
It is essential to determine the best inventory levels for your vending
machine in order to guarantee that you have enough of the appropriate
products available to satisfy the needs of your customers, whilst at the same
time reducing waste and increasing revenues to their full potential.
Having too much inventory can tie up your cash flow and increase the risk
of product spoilage, while having too little can lead to stockouts and lost
sales. Therefore, it is essential to have a good understanding of your sales
data, lead time, shelf life, usage rate, and safety stock levels to determine
the optimal inventory levels for your vending machine.
1. Analyze Sales Data
Analyzing your sales data is the first step to determine the optimal
inventory levels for your vending machine. This involves looking at which
products are selling well and which ones are not. By understanding which
products are popular with your customers, you can ensure that you have
enough of them in stock to meet demand.
2. Determine Lead Time
Lead time is the time it takes to receive new stock after placing an order.
When determining optimal inventory levels, it is important to take lead time
into account. If the lead time is long, you may need to keep higher
inventory levels to avoid stockouts.
3. Consider Shelf Life
The amount of time that a product may be stored until it begins to
deteriorate is referred to as its shelf life. When selecting the appropriate
amount of inventory, it is essential to take into account the product's shelf
life.
In order to reduce the likelihood of throwing away perishable goods that
have a shorter shelf life, like fresh food items, stores should only keep a
limited supply on hand. Products that have an extended shelf life allow for
greater volumes to be stocked in the warehouse.
4. Calculate Usage Rate
Usage rate is the rate at which products are being sold. By calculating the
average daily usage rate of each product, you can determine how much
stock you need to keep on hand.
Usage rate can vary depending on the time of day, day of the week, and
season. By considering these factors, you can adjust your inventory levels
to meet the changing demand.
5. Set Safety Stock Levels
Safety stock is the extra stock that you keep on hand to avoid stockouts.
When determining optimal inventory levels, it is important to set safety
stock levels based on the lead time and usage rate of each product.
If the lead time is long, you may need to keep higher safety stock levels to
avoid stockouts.
6. Use Inventory Management Software
Inventory management software can aid you in keeping track of your
inventory levels and automatically reorder products when they fall below a
certain level. Time is saved and the possibility of running out of supplies is
reduced. By using inventory management software, you can ensure that you
have the right products on hand at all times.
7. Regularly Review and Adjust Inventory Levels
Regularly reviewing your inventory levels and adjusting them based on
changes in demand and sales data is essential to maintain optimal inventory
levels. By regularly reviewing and adjusting your inventory levels, you are
able to guarantee that you've got the appropriate products on hand to satisfy
the needs of your customers while simultaneously minimising waste and
maximising earnings.
Types of Inventory
A lot of people are a little unsure of what the different inventory options
mean at their vending business. What is the difference between count and
weight? Should you use price per pound or price per unit? It's easy to get
lost in all the terminology, so we're here to shed some light on how your
business should be set up. Here are the most common types of inventory:
Count Inventory - This means you weigh out each item and
record it on your system. The weight does not affect stock rotation
or future pricing, which may be important for things with fixed
costs like gumballs or candy bars. If you choose to go this route,
using a digital scale saves you from having to count each item
every time.
Weight Inventory - This means your stock rotates based on
weight instead of count. You'll have less control over pricing but it
may help with your distribution cost, which is the amount of
money and resources it takes for you to get those sweets out there.
Unit Pricing - This means that your system only counts the
packages in your inventory and uses a formula to determine
pricing, which can be anything from one digit price per package up
to decimal prices per package (like 37¢ or $0.37). This is common
in vending machines that are set to the lowest price per package.
Price Per Unit - This means your prices are evenly distributed per
individual unit, such as $0.10 or $0.20, with no pricing formula
applied to determine these prices. This is common in vending
machines where one price per item will get you to the end of your
run quicker.
 Per Case Pricing - This means that each time a case is purchased,
a price is assigned in a variable amount (like 37¢ or $0.37) based
on the cost of your inventory and how many cases you have left to
sell based on sales history and anticipated demand.
Per Pound Pricing - This means that a predetermined price is
assigned to a certain weight of stock (like $2.70 or $0.10 per
pound), with no pricing formula applied to determine these prices.
This is common in candy machines where you want a lower cost
per item but still want your customers to get the same amount at
the end of their purchase as they do at the beginning.
Just remember, once it derives to focusing on your business, there are
various ways to get the job done—it's up to you what kind of inventory is
best for you!
Managing Product Selection And Rotation
Understand Your Customers: It's important to understand the preferences
and needs of your customers in order to select products that will sell well in
your vending machines. Consider conducting market research or surveys to
gather information about your customers' preferences and adjust your
product selection accordingly.
Offer a Variety of Products: Offering a variety of products is important to
appeal to a wide range of customers. Consider offering different types of
snacks, beverages, and other items that cater to different dietary needs and
preferences.
Monitor Sales: Keep track of which products are selling well and which
are not, and adjust your product selection accordingly. Consider removing
products that are not selling well and replacing them with new products to
keep your selection fresh and interesting.
Rotate Products Regularly: It's important to rotate products regularly to
keep your vending machines interesting and to prevent products from
becoming stale. Consider rotating products on a regular basis, such as every
few weeks, to keep your vending machines fresh and appealing.
Consider Seasonal Products: Consider offering seasonal products, such as
holiday-themed snacks or beverages, to appeal to customers during different
times of the year.
Keep Inventory Levels Balanced: It's important to keep inventory levels
balanced to ensure that you have enough products on hand to meet
customer demand, but not so much that products become stale or expire. To
keep tabs on stock and make timely order adjustments, consider investing in
inventory management software.
By effectively managing your product selection and rotation, you can
ensure that your vending machines remain appealing and profitable over
time. By monitoring sales, rotating products regularly, and keeping
inventory levels balanced, you can keep your vending machines stocked
with fresh and desirable products that will appeal to your customers and
keep them coming back for more.
Controlling Inventory Costs And Waste
Here are some tips for effectively managing your inventory and minimizing
waste:
Track Inventory Levels: Use inventory management software to
track your inventory levels and sales data. This will help you to
identify which products are selling well and which are not, so that
you can adjust your inventory accordingly.
Optimize Order Frequency: Adjust the frequency of your
inventory orders based on sales data. Ordering too frequently can
result in unnecessary costs, while ordering too infrequently can
lead to stockouts and lost sales.
Negotiate with Suppliers: Build a relationship with your
suppliers and negotiate pricing and terms to reduce costs.
Reduce Overstocking: Overstocking can result in expired
products and increased waste. Maintain balanced inventory levels
and avoid ordering too much of any one product.
Manage Expiration Dates: Keep track of expiration dates and
remove expired products from your vending machines immediately
to reduce waste.
Donate Expired Products: Consider donating expired products
to local food banks or charities to minimize waste and contribute to
your community.
Implement FIFO System: Implement a first-in, first-out (FIFO)
system for inventory rotation to ensure that older products are sold
before newer products, reducing waste due to expired products.
 Chapter 4:
Setting Up Your Business
Registering Your Business
A registered business is much safer and recommended than an unregistered
one; why? Because things might go south, you must ensure that your
personal assets and life are unharmed. Thus, the need to register your
business is highly recommended.
This part of the book isn't supposed to talk about everything. Its purpose is
to highlight the four business entities available for registering a business
and get you thinking about your choices. Talk to a tax or legal expert before
making a final decision.
Sole Proprietorship
It is one of the most opted business entities. Most new vending machine
business owners do not want a lot of hassle or paperwork, and thus they
choose this entity. It doesn't cost much money to set up either; hence, it is
an attractive choice. However, a major drawback to starting a business as a
sole proprietor is that you and the business are the same entity in the eyes of
the law. If you take on debt or someone is injured or harmed in business,
you and your personal assets are dragged into the affairs. Thus, any
misconduct may affect your personal life directly.
For instance, if you cannot repay the debt, you will have to sell assets like a
house, car, or other valuable item to pay off the damages. Similarly, every
legal and financial responsibility falls directly onto your shoulders; this can
cause major stress and depression.
I recommend you choose the following three structures and avoid sole
proprietorship.
Limited Liability Company (LLC)
LLC is one of the most exciting and desirable business structures. It is the
one I suggest you go with when starting your business. Protecting yourself
and your personal assets is one of the key reasons why we register our
businesses. An LLC ensures that your personal assets, like properties, are
untouched in case of legal affairs.
If you wish to have a corporation, but would like to avoid the tedious
paperwork, then LLC is a viable option. In LLC, you have the flexibility
and control as a vending business owner; nobody can boss you around, like
in a corporate structure. Finally, you can quickly grow a company registered
under an LLC without worrying about switching to a C or S corporation
anytime soon—a highly recommended choice.
One of the main reasons why people switch from LLCs to an S or C
corporation is to save their financials. In an LLC, you are still self-
employed, and the self-employment tax is more than 15%. However,
suppose you are the owner of a corporation. In that case, you can reside in a
different country and avoid the self-employment tax altogether. You still
pay income tax but save 15% of your profit.
If you wish, in a corporation, you can simply take a salary and not cut from
the profit to minimize your income tax. That will be the main difference
between LLCs and corporations.
C and S Corporations
Big companies mainly use a corporate structure. So people just starting
their first business shouldn't waste their time and energy on licensing, legal
requirements, and admin costs of setting up this type of company which
could be a burden on their pocket.
A corporation or LLC is an entirely different entity, one that is legally
obligated to pay taxes. As a business owner, if you establish an LLC, C-
corporation, or S-corporation, the profit you earn through your vending
business will be taxed. In addition, you, as an owner, will have to pay
yourself a fixed monthly salary, which will be your personal earning.
Corporations aren't all bad; they have their perks too. For instance, no entity
can touch the owner's personal assets or the people they employ. C and S
corporations are mostly similar except for one key difference. In the C
corporation, the profits earned through the business are immediately
considered the owner's profit. Still, in the case of S corporation, the profits
earned are named to the company and not the owner of the company.
Furthermore, a corporation has numerous tax benefits over a sole
proprietorship. These are the four popular business structures that you can
choose from while registering your venture.
Factors To Consider When Choosing The Right
Business Structure
Before choosing a business structure, there are several things to think about.
We'll look at a few of them:
Legal Liability. Find out how much legal protection you want.
Tax Implication. Your choice of structure should be based on
your business's tax, financial, and management needs.
Investment Needs. When deciding on a structure for your
company, among the most crucial factors to take into account is
the amount of money that would be required to ensure that
everything runs well.
Continuity. The type of structure determines if the business
can continue without you.
Obtaining Necessary Permits And Licenses
Obtaining the necessary permits and licenses is an important step in starting
a vending machine business. The requirements for permits and licenses can
vary depending on your location and the types of vending machines you
plan to operate. Here are some common permits and licenses you may need
to obtain:
1. Business License: A business license is required to legally
operate any business. Because the prerequisites and costs
associated with obtaining a business licence are subject to
change based on your region, it is imperative that you contact
the appropriate department of your local government in order to
figure out what you'll need to do.
2. Vending Machine Permit: Some states or municipalities require
a permit to operate a vending machine. This permit may also
have specific requirements for the location and installation of
the vending machine.
3. Sales Tax Permit: If your vending machines will be selling
taxable items, such as snacks or drinks, you may need to obtain
a sales tax permit. This permit lets you to gather sales tax from
customers and remit it to the appropriate government agency.
4. Health Department Permit: If your vending machines will be
selling food or drinks, you may need to obtain a health
department permit. This permit ensures that your vending
machines meet health and safety standards for food service.
5. Zoning Permit: Some municipalities have zoning regulations
that may restrict where vending machines can be placed. You
 may need to obtain a zoning permit to ensure that your vending
machines are placed in a legal and appropriate location.
6. Special Use Permit: Some municipalities may require a special
use permit for vending machines in certain locations, such as
parks or public spaces.
It's important to research the specific permit and license requirements for
your location and vending machine business type. You can contact your
local government offices, such as the city clerk or business development
center, for more information on the requirements and how to apply for
permits and licenses.
Choosing A Business Name And Creating A Logo
The Importance Of A Business Name
A vending machine is a vending machine. Whether it sells candy or healthy
meals, most people recognize it as a vending machine. So, besides the
products you sell inside your machine, what can differentiate you from
other businesses?
The short answer is branding, and in this section, we will discuss one of the
most important elements of branding—choosing the right name.
If you walked up to a bright orange vending machine with glowing letters
that said “Burrito Box”, what kind of product would you expect to buy?
Burritos, of course! Your purchasing decision would be a quick one because
the name already introduced the business and the product offering to you.
The Burrito Box is a real vending machine operating in California, inside a
gas station, which prepares delicious burritos on demand.
And what kind of products would you expect to buy from a vending
machine called “Farmer’s Fridge”? Well, you would expect to buy fresh
produce or dairy products sourced from a local farm. The Farmer’s Fridge,
which can be found in select shopping malls around the U.S. and Canada,
serves healthy meals made from scratch, and packed with as many organic
ingredients as possible. Due to the name, the vending machine draws
consumers who are looking for healthy alternatives to fast food.
From these two examples, you can see that there is more to a name than
incorporating a legal entity. Your business name becomes the first and
lasting impression you make in front of potential customers. As they walk
past your machine and catch a glimpse of your name, they can make a snap
judgment of whether or not to stop and take a look inside.
Here are a few benefits that come with choosing the correct business name:
Your name gives your vending machine an identity
A vending machine is just a piece of equipment that dispenses products.
However, when you add a name to it, it takes on a personality and resonates
with your customers on a deeper level.
It makes your business memorable
Think about how many businesses your customer comes into contact with
from the time they wake up to the time they go to bed. At some point during
the day, they will feel peckish or hungry. What food business will come to
their mind? Ideally, you want it to be yours, but in order for that to happen,
your name needs to be at the top of their mind (in marketing, this is known
as brand recall).
Your customers can make easy referrals
When you have a catchy name that sticks in your customer’s mind, they are
more likely to share information about your business through word-of-
mouth. For example, upon returning home from the gym, your customer
might share a social media post about a product they bought from your
vending machine, mentioning your name (or better yet, tagging your
business) in their post. When their friends ask for referrals, your name
might be the first thing that flings out their mouth, since your customers are
happy to be associated with your brand.
It is easily discoverable on the internet
Just as much as a great business name is exciting to pronounce, it is also
simple to spell and discover online. In most cases, the best names are kept
short with only a few syllables. Even if the name is written in another
language, it should be common enough for people to know how it is
spelled.
How To Find The Right Name For Your Business
Based on the benefits listed above, there are guidelines you can follow
when thinking of a name for your business. If you have already
incorporated a business name (for legal purposes), don’t worry. You can
create a separate brand name that is associated with your vending machine
business. Think of a brand name as a mask your business wears in public,
but takes off in the boardroom.
The only requirements for legitimizing this name is to either apply for a
trademark, buy a domain and host a website or blog with your name, or
create social media accounts with your brand name—or all of the above!
Before committing to a brand name, run a trademark search and make sure
there isn’t another brand with the same, or similar, name. Skipping this step
can lead to expensive rebranding, or in extreme cases, being sued.
Now that you know the difference between a business name and a brand
name, here are a few tips on how to find the right name:
1. Create your brand identity before deciding on a name
It can be helpful to first decide on how you want customers to perceive your
business before choosing a name. Based on your vision, values, and
proposition, as well as the set of products you plan to sell, you may be able
to think of a name that more accurately defines who you are and what you
stand for.
2. Keep it short and sweet
The longer your name, the harder it is to remember. But brand recall isn’t
the only advantage. Shorter names perform better on Google searches
because they help you stand out. For example, how much easier would it be
searching for “Candy Corner” than it would searching for “The Candy
Corner Vending Machine Company Atlanta?”
3. Test how easy it is to read and pronounce
Send your proposed name to a few close friends or family and ask them to
rate how easy it is to read and pronounce out of a scale of 10 (1 being
extremely hard and 10 being extremely easy). If people have an easy time
reading your name, there is a good chance that they won't have any trouble
pronouncing it either. Moreover, they won’t have any trouble searching for
your business online.
4. Think about the relevance of your name in the long run
It can be tempting to want to jump on a current trend or movement, and
name your business after it. However, trends and movements evolve, and a
few years from now, your customers may not resonate with your brand.
Therefore, pick a name that can grow with your customers and remain
relevant in the many years to come.
5. Incorporate popular search keywords
Many businesses overlook the importance of optimizing their name for
Google searches or social hashtags. You can use an SEO tool to find a list
of commonly searched words in the food and beverage industry (if you will
be selling food and beverages), or any other market you will be competing
in depending on your products. Thereafter, find a way of incorporating a
major keyword in your name (if you can). If the keywords don’t look good
in your name, you can incorporate them on your blog or website, so people
can easily discover your business.
6. Create a new word that is not included in the dictionary
It can be a smart move to create a new name from scratch. Not only does it
make you stand out, it will make it easier to secure a domain and social
media usernames. Your unique name also makes people stop and think. This
is good! The more they think about you, the easier it is to remain top of
mind.
Creating Your Business Logo
When creating a vending machine business logo, consider the following
tips:
1. Keep it Simple: The most successful logos often include a
minimalistic, clean style. Avoid using too many fonts, colors, or
graphics, as this can make the logo appear cluttered and
difficult to read.
2. Incorporate Your Brand: Your logo should incorporate your
brand identity and values. Consider using colors, shapes, and
imagery that are associated with your brand.
3. Make it Memorable: A memorable logo can help your business
stand out and be easily recognized. Consider using a unique
shape or icon that is easily associated with your business.
4. Consider the Audience: Your logo should appeal to your target
audience. Consider the age, gender, and interests of your
customers when designing your logo.
5. Use High-Quality Graphics: Use high-quality graphics and
design software to ensure that your logo looks professional and
polished.
6. Make it Timeless: A timeless logo will stand the test of time
and won't need to be updated frequently. Avoid using trendy or
 dated design elements that may become outdated quickly.
7. Test It Out: Before finalizing your logo, test it out with
potential customers or focus groups to see how they respond to
it. This can help you identify any issues or areas for
improvement.
If you follow these guidelines, you should be able to design a logo for your
vending machine company that will do justice to your brand and capture the
attention of your ideal customers.
Setting Up Your Vending Machines For Optimal
Performance And Profitability
To set up your vending machines for optimal performance and profitability,
consider the following tips:
1. Choose the Right Location: Select high-traffic areas with a
large number of potential customers, such as office buildings,
schools, and hospitals. Ensure that your machines are visible
and easily accessible to potential customers.
2. Stock the Right Products: Choose products that are popular and
relevant to your target market. Consider healthy snack and
drink options to cater to customers who are health-conscious.
3. Optimize Product Placement: Place popular and high-margin
items at eye level and in easy-to-reach spots. Use signage and
labels to highlight featured products or promotions.
4. Keep Machines Clean and Well-Maintained: Regularly clean
your machines and perform routine maintenance to ensure they
function optimally. This includes cleaning vending machine
surfaces, checking product expiration dates, and replacing worn
parts.
5. Set Competitive Prices: Research the pricing of similar
products in the area to determine the most competitive price
points. Think about implementing a pricing strategy that adapts
to customer demand.
6. Accept Multiple Payment Options: Accept a variety of payment
methods such as mobile payments, credit cards, and cash to
provide customers with flexibility and convenience.
 7. Monitor Performance and Adjust Strategies: Use analytics and
data to monitor your machine's performance and make
adjustments to your product selection, pricing, and location to
maximize profitability.
By implementing these tips, you can set up your vending machines for
optimal performance and profitability, resulting in increased revenue and
customer satisfaction.
Creating A Business Plan And Setting Goals
A business plan is more than a 20-page document. It is a strategic tool used
by entrepreneurs to set the intention for the business and outline strategies
for business success. It includes all of the large and small processes,
models, and techniques that must be followed in order for the business to
generate profits. A business plan not only considers 5–10 year business
goals, but also clearly defines tactics on how to reach those goals.
Nowadays, when most entrepreneurs hear about a business plan, they block
their ears. All they see is a waste of paper and time when creating a
comprehensive business plan. However, as Benjamin Franklin once said, “If
you fail to plan, you are planning to fail” (Good Reads, 2019).
In essence, the business plan is the GPS that helps you read your map
(business vision), and determine the best routes to travel to arrive at your
destination—which for every entrepreneur is business success. While
having GPS isn’t mandatory to arriving at your destination, it can shorten
the length of your trip by helping you get there in the most efficient manner
possible. In other words, you can start operating your business without a
business plan, but you will need to figure out your strategies as you go
along, which means exposing yourself to more risks and spending more
money than you budgeted. Can you afford to take such risks?
Here are a few more reasons why drawing up a business plan can improve
the operations of your business:
1. You can make more informed business decisions
When you draw up your business plan, you are able to look at different
aspects of your business and determine the answers to some critical
questions.
This makes it easier for you to decide on a way forward when faced with
various challenges later on.
2. You get to research the market you are entering and ensure your
business solves a problem
The best businesses solve customer problems. The only way to find what
problems to solve is to conduct market research and learn more about your
customers’ needs.
In the marketing section of your business plan, you get to refine your value
proposition, compare it to what your competitors are offering, and make
sure your business is filling a gap in the market.
3. By planning ahead, you can avoid common startup mistakes
It is a well-known phenomenon that many startup businesses fail within
three years of operation. This is due to a lot of reasons, such as the business
model, pricing strategy, market demand, lack of capital, or tight
competition.
Your business plan helps you anticipate these kinds of situations and create
risk-proof strategies to reduce the likelihood of them happening.
4. Your business plan helps you provide guidelines for service providers
There are many people who you will cross paths with as you start and run
your business. Some will work closely with you in your office, and others
will provide services that help your business function smoothly. All of these
people will need a brief or a set of guidelines to understand where they fit
in, and how they can help you meet your objectives. Your business plan
clearly outlines what you expect from each individual and how they fit into
the bigger picture of your business.
5. You have a better chance of securing financing
When you are seeking capital for your business, lenders will often ask you
to present a business plan. This is their way of making sure you have a
viable business idea, and have a plan in place to generate profits.
Key Components Of A Business Plan
Before you reach the stage of putting your business plan together, you have
a long list of unconsolidated ideas and processes. As you complete each
section of the document, you will create strategies that combine ideas and
map out processes seamlessly. Each section of the document will also force
you to rethink certain decisions, such as buying a new vending machine
rather than investing in a refurbished one.
The length and level of detail invested into creating a business plan will
differ for each business. However, in general, business plans tend to be
between 15–25 pages in length. Below are the key components that every
business plan should include:
1. Executive Summary
This is placed at the beginning of a business plan, even though it is often
written last. Anybody who is interested in getting a brief introduction to
your business can simply read this one-pager. Here, you will only touch on
the key aspects of your business, such as your vision, business model,
product mix, target market, and sales and marketing strategy.
2. Business Overview
When writing your business overview, think about the core values or goals
that make you stand out from the rest. In this section, you will state your
business name (you can provide history if you like), mission statement, core
values, and any brand elements, such as logo, colors, or symbols, if you
have any. The individual reading your business overview should be able to
differentiate you from your competitors immediately. Therefore, avoid
sounding or looking too similar to your direct or indirect competitors.
3. Products and Services
In this section, you will outline the variety of products you hope to sell in
your vending machine. It’s important to include the latest research on how
each product sells in the market, the average cost price, and how much you
plan on charging customers. If you are not selling a niche product, ensure
that your individual products complement one another. For example, snacks
complement beverages, but toys and beverages don’t complement each
other. Other information that may fit under this section include the
manufacturing process (specifically the health and safety regulations you
are adhering to) and a list of product suppliers who are partnering with your
business.
4. Marketing
This section is one of the largest in your business plan because it consists of
your market research, competitor analysis, target market analysis, as well as
your online or offline marketing strategy. You can start out by giving a brief
overview of the industry, then explain the gap that your business fills. You
will need to prove that there is a medium to high demand for your products
from the customers you hope to serve. Thereafter, you can identify a few
competitors and highlight their strengths and weaknesses. Even though you
may not be able to compete against their strengths, you can create strategies
to outperform them on their weaknesses.
Your marketing strategy will start off with your target market analysis,
which is an overview of the particular consumer segment you have chosen
to sell your products. Once again, you will need to describe why you have
chosen this particular segment, and why they would choose your products
over direct competitors. Next, you will need to explain the step-by-step
process of reaching out to your target market, online and offline, using
various marketing tactics, like social media advertising, branding your
vending machine, leaving flyers at a nearby office (if your machine is
installed at an office park), and so on. Include as many tactics as possible
that can help you build a recognizable brand.
5. Team
As a startup entrepreneur operating one machine, you may not need a team
of staff helping you run your business. You will only need to visit your
vending machine once per week to collect money or restock products.
However, as you grow your business and buy more machines, you will have
more paperwork and systems to manage. If you still feel like you are too
small to hire staff, you can purchase software that can assist you with some
automated accounting or product management tasks, otherwise you can hire
your first employee!
6. Finances
The final section is usually the finance section. Besides your executive
summary, investors will be drawn to this section. The main objective of the
finance section is to prove that you can make your business profitable in a
few year’s time. Even if you start with $0 in your bank account, it is
important to show how having the right vending machine, in the right
location, with the right products, and the right target market, can lead to
generating profits.
The best way to display your financial information is by using financial
statements. Since you are starting a new business, your statements will have
targeted or estimated values, rather than real values. Remember to
understate your income and overstate your expenses to provide the most
realistic projections. If you have difficulty creating your own financial
statements, you can hire the services of an accountant.
Now it’s your turn. Draw up a business plan for your vending machine
business!
 Chapter 5:
Marketing and Promoting Your
Business
Marketing is crucial for any business, and vending machine businesses are
no exception. Effective marketing could assist in increasing sales, entice
new customers, and build brand awareness. Here are some reasons why
marketing is important for vending machine businesses
Attract new customers: Effective marketing can help attract new
customers to your vending machine business. By promoting your
products and services, you can reach a wider audience and
encourage people to try your vending machines.
Increase sales: Marketing can also help increase sales by
promoting special deals and promotions that encourage people to
buy from your vending machines. Your company's sales and profits
may benefit from this.
Build brand awareness: By promoting your vending machine
business, you can build brand awareness and establish a positive
reputation in the community. This can help differentiate your
business from competitors and encourage repeat business.
Target specific audiences: Marketing allows you to target specific
audiences with your message. For example, you can target gym-
goers with healthy snacks or college students with late-night
snacks. This could assist in increasing the effectiveness of your
marketing exertions and maximize your return on investment.
 Stay competitive: In today's market, vending machine businesses
face a lot of competition. Effective marketing can help your
business stand out and stay competitive in the industry.
Adapt to changing consumer preferences: Consumer preferences
and trends are constantly evolving. Effective marketing can help
your business adapt to these changes and offer products and
services that meet the needs and wants of your target audience.
Foster customer loyalty: By providing excellent customer service
and promoting your business through marketing, you can foster
customer loyalty and encourage repeat business. This can help
increase customer lifetime value and profitability for your business.
Building A Brand And Marketing Strategy
Building a strong brand and developing an effective marketing strategy is
crucial for the success of any business, including vending machine
businesses. A strong brand can differentiate your business from
competitors, while a well-planned marketing strategy can increase visibility
and attract new customers. Here are some tips on how to build a brand and
marketing strategy for your vending machine business.
The first step is to define your brand identity. Your brand identity should
reflect your values, mission, and unique selling proposition. This includes
creating your brand name, logo, and tagline that are notable and
representative of your business. Your brand identity should also be
consistent across all materials, including your website, social media, and
promotional materials.
Once you have defined your brand identity, you should identify your target
market. Who exactly are your clients, and what are their specific
requirements and tastes? By understanding your target market, you can
tailor your marketing efforts to appeal to their interests. This could include
offering specific products or promotions that are geared towards their
demographic.
In this day and age, it is essential for a company to have a robust online
representation. This is especially true for businesses. To build a strong
online presence, create a website and social media accounts. Your website
should be user-friendly and provide information about your business,
products, and services. Your social media accounts should share engaging
content and promotions that encourage customer engagement and loyalty.
Promotional materials such as brochures, business cards, and flyers can also
help promote your vending machine business. Ensure your branding is
consistent across all materials to create a cohesive image. Promotions and
discounts can also attract new customers and encourage repeat business.
This could include offering loyalty rewards, bulk discounts, or seasonal
specials.
Providing excellent customer service is also crucial for building
relationships with customers. Encourage customer feedback and use it to
improve your products and services. By providing a positive customer
experience, you can build long-term relationships with your customers and
encourage them to recommend your business to others.
Finally, consider partnering with other businesses to expand your reach and
offer complementary services or products to your customers. This could
include partnering with a coffee shop or convenience store to offer vending
machines with their products. By partnering with other businesses, you can
tap into their existing customer base and attract new customers to your
vending machine business.
Leveraging Social Media And Other Advertising
Channels
Social media is a perfect way to market your vending machine business
because it allows you to reach a large audience easily and quickly. Here are
some suggestions for making the most of your social media time:
1. Choose the right platforms: Consider your target audience and
choose social media platforms that they are most likely to use.
For instance, if your target audience is mainly young adults,
you would like to emphasize on Instagram and Snapchat. If
your target audience is business professionals, LinkedIn may be
a better option.
2. Create a strong brand presence: Create a business page on
social media platforms and make sure your branding is
consistent across all channels. Use high-quality images and
graphics to showcase your vending machines and the products
you offer.
3. Post regularly: Post updates and photos of your vending
machines regularly to keep your audience engaged. You can
also post about promotions or new products to encourage
people to visit your vending machines.
4. Use hashtags: Improve your reach and your ability to connect
with new audiences by including appropriate hashtags in your
postings. Conduct research to find out which hashtags are the
most famous in your field and then utilize those hashtags in
your postings.
 5. Engage with your audience: Respond to comments and
messages promptly and professionally. This will help build trust
with your audience and encourage them to visit your vending
machines.
6. Run social media ads: Ponder running social media ads to reach
a larger audience. You can target your ads based on location,
age, interests, and other factors to ensure your ads are seen by
the right people.
7. Monitor your analytics: Use social media analytics tools to
track your performance and identify what is working and what
is not. This will help you optimize your social media strategy
over time.
Remember, social media marketing is a long-term strategy, so it's important
to be consistent and patient. With time and effort, you can use social media
to effectively promote your vending machine business and reach new
customers.
Other advertising channels:
Local newspapers: Place an ad in a local newspaper to reach
people in your community. Consider running a coupon or
promotion to encourage readers to visit your vending machines.
Flyers: Print flyers and distribute them around town, particularly
in areas with high foot traffic or near your vending machines.
Make sure to include your contact information and the location of
your vending machines.
Business directories: List your vending machine business on local
business directories such as Yelp and Google My Business. This
will make it easier for people to find you when searching online.
 Referral programs: Offer incentives to your current customers for
referring new customers to your vending machines. Word-of-mouth
is a powerful tool for advertising.
Event sponsorship: Sponsor local events and festivals by
providing vending machines for attendees. This will give you
exposure to a large number of potential customers.
Vehicle wraps: Consider wrapping your vending machines with
eye-catching graphics that promote your business. This will make
your vending machines stand out and attract more attention.
Remember to track your advertising efforts to determine which channels are
most effective for your business. This will help you optimize your
advertising strategy and get the most out of your marketing budget.
Building Relationships With Location Managers
And Other Potential Business Partners
Building relationships with location managers and other potential business
partners is critical to the success of a vending machine business for several
reasons:
Securing Good Locations: The placement of the vending
machines is among the many significant contributors to the
prosperity of a company that operates such devices. Building
relationships with location managers can help you secure prime
locations for your vending machines, such as high-traffic areas
like shopping centers, hospitals, and universities.
Increased Sales: A good relationship with a location manager
can result in increased sales for your vending machine business.
By understanding the preferences and needs of the location's
customers, you can stock your vending machines with products
that are more likely to sell well, resulting in higher profits.
Access to New Opportunities: Building relationships with other
potential business partners, such as suppliers or distributors, can
lead to new opportunities for your vending machine business.
For example, you may be able to offer new products or expand
your vending machine business to new locations by partnering
with a distributor.
Improved Customer Service: By building relationships with
location managers and other business partners, you will be
likely to acquire useful views into their requirements and
choices, and you could utilise this information to enhance the
quality of your client service. This can lead to increased
customer satisfaction, which can help to build a loyal customer
base for your vending machine business.
Developing Promotional Materials And Signage
Promotional materials and signage can help increase the visibility of your
vending machines. By placing eye-catching signage in high-traffic areas,
you can attract the attention of potential customers and encourage them to
make a purchase.
It can also help build brand awareness by promoting your business and its
products. By creating a consistent brand image across all of your materials,
you can help customers recognize your vending machines and build trust in
your brand.
Creating A Customer Loyalty Program
Creating a customer loyalty program in a vending machine business can be
a great way to build relationships with customers and encourage repeat
business. Here are some steps to create a customer loyalty program:
Set Some Goals Establish some clear objectives for the loyalty
scheme. Are you looking to increase customer retention, boost
sales, or improve customer satisfaction? This will help you design
a program that meets your specific needs.
Determine Rewards: Determine what rewards you will offer to
loyal customers. These can include discounts, free products, or
other incentives.
Set Program Requirements: Set the requirements for participation
in the loyalty program. Spending a particular amount of money or
completing a certain number of purchases are two examples.
Communicate the Program: Communicate the loyalty program to
your customers through signage on your vending machines, social
media, or email newsletters.
Track Participation: Use software to track customer participation
in the loyalty program. This can help you identify loyal customers
and tailor your rewards to their preferences.
Evaluate and Adjust: Evaluate the effectiveness of your loyalty
program regularly and make adjustments as needed. This can help
you maximize the benefits of the program and improve customer
retention.
Promote the Program: Promote the loyalty program through
marketing campaigns and other efforts. As a result, more
consumers may get familiar with the program and decide to join.
 Chapter 6:
Managing Your Business Operations
Tracking And Managing Finances
Patterns always predict the future, and a new business owner's ability to
detect and understand these patterns will significantly impact how they
modify their strategy to be more effective and profitable over the long run.
The items and areas to concentrate on for more vending machine
installation, inventory, and best times to schedule refills can be refined by
considering what sells well, where, and how frequently. Unquestionably,
there's also the initial benefit and need to maintain a check to ensure that
nothing is running low or past its expiration date and to assess how well
sales are doing.
Simply, keeping track of inventory and sales of your machines is another
crucial element of a successful vending machine business. The objective is
to complete it quickly and efficiently, but this is challenging without the
necessary tools. This information must already be gathered and noted on
each visit to set up machines, eventually amounting to dozens of different
sheets to manage at once. It must then be compiled on an almost-daily basis
in a different program, with the hope that it has been done correctly and can
actually be read and understood completely. Not to mention categorizing
these collections into several groups based on factors like location, machine
or product type (if you have experience with numerous), or other factors,
some of which may overlap. Then, with these FINAL data stated and
arranged in a distinct, simple-to-understand source (old school,
emphasizing items like folders, graphs, tables, etc.), one must ensure that
they truly study it every month or two to pay attention to significant
patterns. The value of this, though, is primarily to gain a better, more
precise understanding of how your sales perform based on seasonality and
other tendencies in the first year or two of the company.
Let's simply state the obvious at this point. You'll have to physically record
the inventory at the machine for maintenance and refills at the end of the
day. No business owner or management will take the time and effort to do
YOUR task on your behalf (from their point of view). This entails tracking
how much has been sold since the previous time you or someone else dealt
with planted equipment. To accomplish this efficiently and effectively,
meticulous record-keeping and maintaining a physical or electronic folder
of each machine at each location for inspection with how much has
previously been sold and subsequently refilled are essential requirements.
Depending on what first seems comfortable for you, this could be done on
notepads or a technological platform that will later be put into an excel
sheet. However, there is one specific choice that we strongly advise
checking into, which we'll detail in a moment.
You can add Telemetry or other available systems on the market into the
machines to find out, on average, what is selling out of them. However, this
approach is frequently noticeably less economical. But it also makes it
possible to produce better, more sophisticated pre-kits—what you bring to
refill the machines—at a faster and more productive rate. This is as opposed
to constantly carrying a standard quantity of a certain product or depending
on the owner/manager of the area to inform you (which, again, you really
shouldn't).
Keeping track of sales
The real sales and earnings, the straightforward act of collecting your
machine money, should be done every day, according to several manuals
and professionals in the industry. The specific type of machine you have,
how well it is performing/performing on average, where it is placed, and
how MANY machine locations you have are all factors that, in actuality,
rely on your operation. Even more so if one only has a limited number of
employees and a limited amount of time to devote to the firm, collecting
every day if it just makes a few more purchases during that time is of little
help (if not, just go YOURSELF and collect). This will undoubtedly be a
good idea to start thinking about when the firm grows, locations expand,
interest, and the rate of sales increases, along with the number of employees
you take on. Then, without telemetry systems, one can make effective pre-
kits by using these regular daily runs to keep a rough track of when a
machine will need to be refilled and with what.
The process is straightforward when collecting sales over time, just like
counting a machine's inventory. Simply counting cash and recording it is
sufficient as long as it is done precisely, with distinct boxes, envelopes,
folders, etc. for different machines, with adequate slots for simply totaling
each bill and coin.
You MUST be sure to account for Credit Cards separately from Cash if the
machine takes them (probably advisable to have one that does in this day
and age). This is crucial given the fee credit card firms charge you in
exchange for accepting their card payments. Before adding it to the total,
your accounting item must reflect this, which should be applied to that
particular machine, at that time, before being added to the total sales of
them all.
Software
When you reach the stage of obtaining information, the issue of where to
enter it all arises. Week after week, we could attempt to enter this data into
spreadsheets like Excel or even keep everything written down, but doing so
would require a great deal of more organization and work, requiring file
after file of records to be saved and kept, input one at a time, and then later
brought up for converged reports. To better understand the firm, you must
regularly browse through these many pages, both individually and
collectively, which you must examine on a daily, weekly, monthly, seasonal,
and yearly basis.
You might also purchase software to save all of this information for you.
Several applications available are expressly made to assist vending machine
operators in nearly every activity, from maintaining sites to route
management to inventory and sales tracking, but they may cost some
money. The nicest part about them is that you can connect to them from
anywhere, and their efficiency could significantly influence your
organization. Therefore, one can carry a phone or (ideally) tablet with them
on their journey and enter the sales and inventory information (along with
any other business areas handled at the time) into the system's proper
database on-site or whenever it is counted (after all, some people like
counting money back at the office). It will apply all the further work for you
after that.
Optimizing Machine Performance And Efficiency
To optimize vending machine performance and efficiency, consider the
following tips:
1. Location: Proper location is key to maximizing vending
machine performance. Place machines in high-traffic areas
where people are likely to use them. This can include busy
street corners, shopping malls, office buildings, and schools.
2. Product Selection: Offer a variety of products that cater to your
target demographic. Consider healthy snack options, beverages,
and other popular products.
3. Inventory Management: Regularly monitor and manage
inventory levels to ensure that machines are always stocked
with fresh products. Use software to track inventory levels and
order products when needed.
4. Cash Management: Implement cash management procedures to
prevent theft and ensure that machines have enough cash to
provide change to customers. Regularly collect and deposit
cash from machines to avoid theft and minimize risk.
5. Regular Maintenance: Regularly perform routine maintenance
on machines to prevent breakdowns and ensure that they are
always working properly. This can include cleaning, replacing
worn parts, and inspecting machines for any issues.
6. Technology Integration: Utilize technology such as remote
monitoring software to track machine performance, inventory
levels, and maintenance needs. This can help you identify
 issues before they become major problems and improve overall
efficiency.
7. Energy Efficiency: Use energy-efficient vending machines to
save on energy costs and reduce environmental impact. This
can include LED lighting, low-energy fans, and efficient
cooling systems.
By implementing these strategies, you can optimize vending machine
performance and efficiency, resulting in increased revenue and customer
satisfaction.
Troubleshooting Technical Issues And Performing
Routine Maintenance
Naturally, you want your vending machine operation to run smoothly. You,
your clients, and anyone else who wants to use it could experience
inconvenience if it breaks down even for an hour.
The good news is that you can attempt to repair straightforward issues
independently rather than wasting money and time on vending machine
service and repairs.
Unbelievably, many vending machine problems can be quickly fixed with a
few small adjustments.
Here are a few things you can do that make a difference before contacting
professional vending machine service providers:
1. Perform A Quick Power Check.
Although checking the power source may seem simple, many vending
machine owners frequently fail to do so. If the power source for your
vending machine is problematic, keep in mind that the control boards, coin
mechanisms, and dollar bill slots all require power to function. The machine
won't work if the circuit trips or the cord is unplugged.
Make it a practice to always inspect the goods before you do anything.
Spending a lot of money on unneeded charges just to discover that the
connections are the real culprit is not something you want to do.

2. Disclosure Of The Money Mechanisms.

These vending machines' money mechanisms will become dirty with
regular use. Money and coins will leave behind filth and dust when inserted
into the machine, eventually building up.
To prevent issues, be sure to wipe the money slots often. To clean the route,
use a paper towel or a moist cloth. Take the top portion out and ensure the
passage is clear, so it will be simpler for you to clean the coin slot. Coins
might get stuck if you don't, and purchases could be rejected.
So how frequently should the money routes be cleaned? Every time you
obtain cash or coins, it is best to clean them. It's like kill two birds with one
stone.
3. Confirm The Selections Work By Testing Them.
Typically, food and drinks are distributed through vending machines. It is
anticipated that the picked food or beverage will appear shortly after being
chosen. Expect one disgruntled buyer if it doesn't.
You could wonder what appears to be the cause of this awful incident.
There might be a lot of reasons, but the most typical one is a bad motor.
Make sure you try each choice of item. To determine whether a certain
motor is faulty or whether there is an issue with the entire machine, press
each motor switch.

4. Position The Machine On An Even Surface.

Another easy cure to the most frequent vending machine difficulties is to set
the machine on a flat surface. Anything else might stop the products from
falling out of the vending machine and interrupt the entire operation.
Additionally, it can cause the machine not to dispense accurate change.
5. Understand When To Phone For Help.
It's acceptable to give up and seek assistance if you've done all possible to
solve the issue, but it continues. When maintenance is required, vending
machine vendors are always eager to supply it. They provide practically any
kind of vending machine servicing you can imagine, from problems as
straightforward as a broken button to issues beyond your knowledge and
comprehension.
Step back and let the experts handle the situation when it's time to seek
assistance. You could be shocked to learn that your vending machine is
functioning earlier than anticipated.
Other Helpful Vending Machine Maintenance Advice
Regardless of whether you have a great mechanical aptitude, taking into
account these vending machine servicing procedures can keep your
machine in good working order and prevent more significant problems:
Use a soft cloth, warm water, and food-grade detergent to clean your
vending machine.
Place the vending machine four inches or more away from a wall. You can
maximize airflow in this way. Vending machines frequently experience
overheating, which leads to total failure.
Make sure to place the device out of direct sunlight since too much heat
might result in unanticipated failures.
Clean and dry all the machine's exposed surfaces. A spotless machine will
entice customers to make purchases.
Learn what the machine needs in terms of electricity. You can ensure that
the machine receives the proper amount of electricity by using the proper
voltage and polarity, which significantly increases the equipment's lifetime.
Repairs and maintenance for vending machines could be extremely
expensive. The easiest way to prevent these pointless expenses is to practice
routine maintenance and upkeep. Consider the advice above if you own a
vending machine business to maximize your profits in the long run!
Providing Excellent Customer Service And
Support
Providing excellent customer service and support is important for the
success of any vending machine business. Here are some tips for providing
top-notch customer service and support:
1. Be Responsive: Respond quickly to customer inquiries,
complaints, or issues. Provide a phone number or email address
where customers can reach you, and respond promptly to any
messages or calls.
2. Keep Machines Clean and Stocked: Keep your vending
machines clean and stocked with fresh products. Regularly
check the machines to ensure that they are in good working
order.
3. Offer a Variety of Products: Offer a variety of products to cater
to the different tastes and preferences of your customers.
Consider offering healthy snack options, beverages, and other
popular products.
4. Accept Multiple Payment Options: Accept multiple payment
options, including cash, credit cards, and mobile payments.
This can increase convenience for customers and boost sales.
5. Provide Clear Pricing and Product Information: Clearly display
pricing and product information on your vending machines.
This can help customers make informed purchasing decisions
and avoid confusion or frustration.
6. Use Technology to Optimize Customer Service: Use
technology to optimize customer service and support. Use
 remote monitoring software to track inventory levels,
maintenance needs, and machine performance. This can help
you identify and address issues before they become a problem.
7. Build Relationships with Customers: Build relationships with
your customers to create loyalty and repeat business. Consider
offering promotions or discounts to loyal customers, or sending
out regular newsletters or updates.
By following these tips, you can provide excellent customer service and
support, resulting in increased customer satisfaction and loyalty.
Managing Employees And Independent
Contractors If Applicable
Managing employees and independent contractors in a vending machine
business can be challenging, but here are some tips to help make the
process easier:
Establish Clear Roles and Responsibilities: Define the roles and
responsibilities of each employee or contractor clearly. This can
help avoid confusion and ensure that everyone knows what is
expected of them.
Train Employees and Contractors: Provide training and support
to employees and contractors to assist them to understand their
roles and responsibilities. This could aid in ensuring that they
are furnished with the information and capabilities they require
to carry out their work in an efficient manner.
Set Clear Performance Expectations: Set clear performance
expectations and goals for employees and contractors. This can
help motivate them to perform their best and improve overall
business performance.
Communicate Effectively: Communicate regularly with
employees and contractors to ensure that everyone is on the
same page. This can help avoid misunderstandings and improve
productivity.
Provide Feedback and Recognition: Provide regular feedback
and recognition to employees and contractors to acknowledge
their contributions and identify areas for improvement. This can
help boost morale and motivate them to perform at their best.
Follow Employment and Tax Laws: Ensure that you are
complying with employment and tax laws when hiring
employees or independent contractors. This can help avoid
legal issues and protect your business.
Use Technology to Streamline Operations: Use technology to
automate processes and streamline operations. This can help
reduce workload and improve efficiency.
 Chapter 7:
Scaling and Growing Your Business
Scaling and growing your vending machine business involves expanding
your operations and increasing your revenue over time. This can include
adding new vending machines, entering new markets, or diversifying your
product offerings. To successfully scale and grow your business, you'll need
to develop a clear growth strategy that outlines your goals, resources, and
timeline. You'll also need to build strong partnerships with suppliers and
other businesses, invest in technology and automation to improve
efficiency, and stay ahead of industry trends. Scaling and growing your
vending machine business requires a data-driven approach, with a focus on
optimizing your operations and providing exceptional customer service. By
taking a strategic approach to growth, you can position your business for
long-term success and profitability.
If you are looking to scale and grow your vending machine business, here
are some tips:
Expanding Your Business By Adding New
Machines And Locations
This is a very obvious strategy to extend the sales project. As the title
indicates, it is about adding as many vending machines as you can in
different locations and, to do it effectively, place your machines in places
where you are completely sure that they have a lot of traffic. This is almost
like a trick that will allow you to see success without much effort.
Also, you can add one or two additional machines to your initial plan in
excellent locations, and these can be warehouses, commercial or industrial
parks, and universities, among other places that you know move people in
large numbers and, without a doubt, this can make a great starting point in
general income.
Diversifying Your Product Offerings
Do not be of that group that is satisfied with selling traditional products in
your vending machines since this is not a good commercial practice at all.
You have the opportunity to be more daring and risky and offer new and
exciting products. This means that you offer originality, and you are a
different seller from the rest, an attribute that will help you attract more
consumers. What is different and original always has its rewards in terms of
commerce.
It turns out to be a good practice to maintain a base of products that come
out easily and opt to switch other products that don’t sell as well in and out
as a way to test and experiment.
These small changes allow you to continue offering new products without
getting rid of your big sellers. I know that product changes are crucial to
preventing our machines from stagnating in sales.
That is why I take on the task of urging you to insert yourself in the market
on your own and observe the behavior of the public, which product is in
fashion, which products are being consumed more, or which is
monopolizing the publicity. I assure you that this will help you decide on
those changes.
Hiring Additional Staff And Delegating
Responsibilities
When your business grows, you will need all the help you can get. Hence,
hiring more employees in your teams helps the cause. Establish the type of
skillset you are looking for during your recruitment process so you onboard
employees that provide value to your business. Having more manpower
helps in managing different locations and improving revenue in your
business.
Considering Franchising Or Other
Growth Opportunities
Franchising is a way to expand your vending machine business without
having to invest large amounts of capital. As a franchisor, you provide
training, support, and a proven business model, while franchisees invest in
the equipment, location, and ongoing operations. By franchising your
business, you can rapidly expand your brand's reach and increase your
revenue without having to personally manage each location.
Before franchising your business, it's important to ensure that your business
model is successful and profitable. You should have a clear understanding
of your target market, product offerings, and pricing strategy. You should
also have well-defined processes in place for managing inventory,
restocking products, and collecting payments.
Once you have a successful business model, you can begin to develop a
franchising program. You'll need to create a franchise agreement, which
outlines the rights and responsibilities of both the franchisor and the
franchisee. You'll also need to develop training programs and support
systems for your franchisees.
Use Technology to Streamline Operations
Technology can also be used to grow your vending machine business. For
example, you can install cashless payment systems, which can attract
customers who don't carry cash. You can also use data analytics to track
customer preferences and adjust your product offerings accordingly.
Additionally, digital signage can be used to display promotions and increase
sales.
When investing in technology, it's important to consider the costs and
benefits. Some technologies may require significant upfront investment,
while others may have a lower cost but still provide valuable benefits.
Seek Out Partnerships
Partnering with other businesses can be a great way to grow your vending
machine business. By placing your vending machines in their offices or
facilities, you can increase your exposure to a new customer base and
potentially generate more revenue.
To get started, you'll need to identify businesses that are a good fit for your
vending machines. Look for companies that have a lot of employees or
customers who are likely to use vending machines, such as office buildings,
hospitals, and airports.
Once you have identified potential partner businesses, reach out to their
decision-makers and pitch the benefits of having your vending machines on
their premises. Emphasize the convenience and accessibility of vending
machines, and highlight the potential revenue-sharing opportunity for the
business.
When partnering with businesses, it's important to establish clear terms and
expectations. You'll need to determine how revenue will be shared, who
will be responsible for restocking the machines, and how payments will be
collected. You may also need to provide training to the business's
employees on how to use and maintain the vending machines.
Another benefit of partnering with businesses is the opportunity to
customize your product offerings to better meet their needs. For example, if
you are placing vending machines in an office building, you may want to
offer healthy snack options or coffee and tea vending machines to appeal to
employees' preferences.
Overall, partnering with businesses can be a great way to grow your
vending machine business and enlarge your customer base. By establishing
clear terms and providing excellent service, you can build long-term
relationships with your partner businesses and generate consistent revenue
for your vending machine business.
Stay Ahead of Trends
As consumer preferences and needs change, it's important to adapt and
evolve your offerings to stay competitive and meet the demands of your
customers. Here are some tips on how to stay ahead of trends in the vending
machine industry:
Monitor industry news and reports: Stay knowledgeable about the
newest tendencies and developments in the vending machine industry by
reading industry publications, attending trade shows and conferences, and
following relevant social media accounts. This will help you stay up-to-date
on new technologies, innovative product offerings, and emerging market
trends.
Survey your customers: Conduct regular surveys of your customers to
gather feedback on your current offerings and to identify new products or
services they would like to see in your vending machines. This will help
you stay ahead of customer preferences and anticipate changing needs.
Offer healthy and sustainable options: As consumers become
increasingly health-conscious and environmentally aware, offering healthy
and sustainable options in your vending machines can help you stay ahead
of the curve. Consider offering options such as fresh fruits and vegetables,
whole grain snacks, and organic or locally-sourced products.
Embrace technology: Advances in technology have transformed the
vending machine industry, with features such as touchscreens, cashless
payment systems, and mobile apps becoming increasingly popular.
Embracing these technologies can help you stay ahead of the competition
and improve the customer experience.
Experiment with new products and services: Don't be afraid to
experiment with new products and services in your vending machines. This
can help you stay ahead of trends and differentiate yourself from
competitors. Consider offering seasonal or limited-time offerings,
partnering with local businesses to offer exclusive products, or
experimenting with new product categories such as beauty or pet care.
Stay customer-focused: Ultimately, staying ahead of trends requires a
customer-focused mindset. Continually evaluate and evolve your offerings
based on customer feedback and preferences, and always strive to deliver
an exceptional customer experience.
By staying ahead of trends in the vending machine industry, you can
position your business for long-term success and growth. With the right mix
of innovation, technology, and customer focus, you can differentiate
yourself from competitors and stay at the forefront of the industry.
 Conclusion
Thank you for reading this book. The vending machine business does not
require any special knowledge, and any serious entrepreneur may expect to
make a substantial profit from it.
I wish everyone luck and success in their vending machine ventures. The
truth is that operating costs are negligible for individuals who operate one
or a few vending machines in the same area. This means that a vending
machine owner with a scarce or even one vending machine can contend
with vending machine owners with multiple vending units in various places.
Vending is a varied industry with a wide range of specialties, including bulk
vending, amusement, kiddie rides, drinks, snacks, and any coin or dollar-
controlled machine dispensing a product or service. Vending is a fantastic
company that almost anyone can succeed in.
The first thing you must select is where you want to start your company. It
may now be found in practically any setting, from an apartment complex to
a shopping center or a neighborhood. On the other hand, vending machines
are more suited to some businesses than others.
When deciding what products to sell in your vending business, there are a
few factors to think about before making a final decision. First and
foremost, you must determine who will be purchasing your goods.
Vending machines are not as simple to operate as you may believe, and if
you want to start your own business, you need to learn more about them.
Developing a business strategy is one of the most crucial aspects of
beginning your own vending business. A business plan can assist you in
ensuring that things are done correctly and determine the direction in which
you should take your company.
In the vending machine industry, the leverage is in strategically positioning
vending machines in locations with the appropriate amount of traffic and
making sure that the vending machine provides the appropriate product for
the traffic.
You'll be well on your way to being a winner if you follow the techniques
outlined in this book and find a few great venues. You'll start to see benefits
right away! I have complete faith in you.
Good luck.