Tips For Newcomers In The Vending Business
The vending business offers entrepreneurs a unique business model that can be highly profitable, smooth running and recession proofthat is if they set themselves up right from the very start. Here are some tips to get you started on the right track:
1. Find a Mentor
Get a mentor who has gained plenty of experience and who already has a successful vending business. It does not matter if they belong to a slightly different market from yours. More likely than not, they will still be willing to help a beginner get on his feet than to see them fail and do damage to the local industry. Carefully observe an experienced vendor in action. This will give you a great idea of what a vending machine operator needs to deal with on a daily basis.
2. Work with your Competitors
Another tip is to build relationships with other vending machine business operators as early as possible. Look into trading accounts with them if possible, so that each of you can keep your respective routes tight and be able to save on time and fuel.
3. Work from Home
You can save on start-up and operating costs by starting a home-based vending business. Running a vending business from your home office shouldnt be a problem since you wont need to accommodate a large number of customers or employees. Just to be sure, check with local authorities to verify if zoning regulations for your street allow you to run a home business there.
4. Start out Part-Time
Before you quit your day job and go at it full time, consider running it as a part-time business first. You should have no problem running a small business around your working hours and it will give you a chance to see if t works out before you take the plunge and go full time.
5. Stick with Proven Concepts that Work
Dont go for new vending concepts right away. There is a good chance that those concepts will not work out well. Try to start off with the safe and traditional vending products such as candy, snacks, and drinks until you build up a sizable business and can start to afford the costs that come with taking risks.
6. Get the Client Before the Machine
This tip will save you a lot of headaches. Many operators rush out to buy a lot of machines and then look for locations. A much better approach is to inform yourself about a variety of machine options and then go out to find locations. Once you determine the location, you can then proceed to purchase machinery that is best suited to the needs of that specific client.
7. Don't Believe the Hype
Scams will always exist in any industry and the vending industry has not been spared. It is better to avoid any systems or schemes that sound too good to be true. Dont get into deals with machine manufacturers or distributors without carrying out the necessary background checks. They often push new business owners into deals where they end up buying far more machines than they actually need. There is an existing secondhand market for vending machines, just look around on Ebay or elsewhere where you can usually find used machines that usually go for less than half the price of new ones.
8. Do your Due Diligence
If you buy a vending route, make sure that the locations that you will be getting are truly profitable. Do your own research and verify the sellers claims.
1. Find a Mentor
Get a mentor who has gained plenty of experience and who already has a successful vending business. It does not matter if they belong to a slightly different market from yours. More likely than not, they will still be willing to help a beginner get on his feet than to see them fail and do damage to the local industry. Carefully observe an experienced vendor in action. This will give you a great idea of what a vending machine operator needs to deal with on a daily basis.
2. Work with your Competitors
Another tip is to build relationships with other vending machine business operators as early as possible. Look into trading accounts with them if possible, so that each of you can keep your respective routes tight and be able to save on time and fuel.
3. Work from Home
You can save on start-up and operating costs by starting a home-based vending business. Running a vending business from your home office shouldnt be a problem since you wont need to accommodate a large number of customers or employees. Just to be sure, check with local authorities to verify if zoning regulations for your street allow you to run a home business there.
4. Start out Part-Time
Before you quit your day job and go at it full time, consider running it as a part-time business first. You should have no problem running a small business around your working hours and it will give you a chance to see if t works out before you take the plunge and go full time.
5. Stick with Proven Concepts that Work
Dont go for new vending concepts right away. There is a good chance that those concepts will not work out well. Try to start off with the safe and traditional vending products such as candy, snacks, and drinks until you build up a sizable business and can start to afford the costs that come with taking risks.
6. Get the Client Before the Machine
This tip will save you a lot of headaches. Many operators rush out to buy a lot of machines and then look for locations. A much better approach is to inform yourself about a variety of machine options and then go out to find locations. Once you determine the location, you can then proceed to purchase machinery that is best suited to the needs of that specific client.
7. Don't Believe the Hype
Scams will always exist in any industry and the vending industry has not been spared. It is better to avoid any systems or schemes that sound too good to be true. Dont get into deals with machine manufacturers or distributors without carrying out the necessary background checks. They often push new business owners into deals where they end up buying far more machines than they actually need. There is an existing secondhand market for vending machines, just look around on Ebay or elsewhere where you can usually find used machines that usually go for less than half the price of new ones.
8. Do your Due Diligence
If you buy a vending route, make sure that the locations that you will be getting are truly profitable. Do your own research and verify the sellers claims.
