A vending machine business, when set up and managed well can be an extremely profitable venture for an entrepreneur. There are many reasons to start a business in this industry. In this article we offer a vending machine business review and examine ten of the major reasons that entice people into the industry.
1) Passive Income
Many people perceive a vending machine business to be one that runs on autopilot and assume that they will be able to sit back, relax and have a bunch of machines make money for them. It doesn’t always work out like this though. Most business owners in this industry find out that it does take a fair bit of work before you can put you feet up and enjoy an income that is semi-passive.
2) No Income Ceiling
Many people are drawn into the vending business by the earnings potential. As with any small business the owner can decide how much effort they want to put into the business and thus how much profit they will make. Rather than having your earning capacity capped with a salary structure in the workplace that is hard to break out of, the sky is the limit in terms of income when it comes to running your own enterprise.
3) Choose your Schedule
Vending business owners can, to some extent, decide their own working schedule. You will have some limitations as to when you can access areas where your machines are located. However, once you are set up you can basically work the hours or days that you want.
4) Freedom from the Boss
It is refreshing to not be directly under the control of an employer and to be able to control your own destiny. You will always be answerable to someone in business though if you want to be successful. In the vending business you won’t be answerable to customers as much as you would be in other industries. However you will have to work hard to keep people happy if they are giving you the right to locate your machines on their property.
5) Avoid the Daily Grind
You can escape the grind of a nine-to-five job and the commute that goes along with it by having the freedom to schedule trips during off-peak hours. You can also target machine locations that are within a reasonable drive time from your home base.
6) Minimal Startup Costs
Startup costs can be kept to a minimum and you can even get started in business with a few basic second hand machines for less than a thousand dollars. As you won’t have the overheads that other businesses face you will find that there is much less downside risk in vending. While high profits are not guaranteed, it is unlikely that your business would become insolvent as monthly costs are relatively minimal if you run your business from home.
7) Hype and False Claims
Many are drawn to the vending industry after reading promises (usually by machinery distributors) about how much money it is possible to make per machine per day. While most of these claims are hype and are untrue, vending can provide you with an excellent income for very little effort if you learn the tricks, focus on the fundamentals and become good at it. It won’t happen immediately as many claim it will but if you stick at it you will be well rewarded in the long run.
8) A Cash Business
Vending is a cash business and this gives operators an opportunity to very easily avoid taxes or pay a lot less than what they are supposed to. While not all vendors are dishonest with their taxes this is undoubtedly one of the reasons why vending is attractive to some.
9) Low Barriers to Entry
Aside from machine repairs the work involved with a vending business is relatively simple and anyone can master it within a short space of time. That fact that no qualifications or specific training are needed to run this kind of business is one reason that attracts many people.
10) Choose your Coworkers
Avoid the stress of working with a group of people that you may not get along with. As a vending business operator you may be happy working alone or you may wish to select a partner or team to help you.
There are so many different reasons to start a vending business and every entrepreneurs reasons will differ. As an industry it can offer so much to those who are prepared to work hard, learn the ropes and grow their businesses over the long term.