How To Earn (Almost) Passive Income With A Vending Machine
The vending machine industry offers turnkey business opportunities for those seeking nearly passive income. When you own one or more vending machines, you can be your own boss and retain almost 100% of your business profits.
Lease or Own Your Vending Machine
Vending machines can cost thousands of dollars. If you don’t have the capital to purchase your first machine, you can lease one from the manufacturer. The lease would be similar to one you would get when buying a new car. You would make monthly payments against the loan and owe interest on the balance.
If you have some money to buy your own vending machine, you have the option of buying a brand new machine or a used one. There are trade magazines for the vending industry with ads from people and companies who are selling both new and used vending machines.
Lease Your Location
You’ll need to find a good location for your vending machine. The best location will have a monthly rent that you can afford with enough traffic to generate income from your machine. Usually, the more traffic the location has, the higher the rental lease will be.
Stock Your Machine
After you’ve decided what you’re going to sell in your vending machine, you’ll need to stock it with product. One of the best selling vending machine products is food. Hungry people in office buildings, public transportation buildings and schools love the instantaneous availability of vending machine food. To make a profit, you need to buy your food product at wholesale prices and sell it at retail prices. You can source wholesale food products from restaurant supply vendors and wholesale price clubs.
Prime Your Money Changer
You’ll need to stock your vending machine with some cash bills and coin before your first sale. Most vending machine customers won’t be able to put in exact change when they make their purchase, and they’ll be expecting change back. Decide on a starting amount and stock your coin changer in varying increments, so it can dispense the correct change to everyone.
Plug It In And Wait
After you’ve installed your vending machine, you just have to plug it in and wait for customers to walk up to it to buy your products. You’ll need to check your machine frequently to make sure it’s stocked up with products and change. Of course, you’ll also need to collect your profits so the machine doesn’t get too full.
After a time, you’ll figure out how often you have to visit your vending machine to keep the products stocked and the changer full. In the meantime, you can sit back and enjoy your nearly passive income provider.
For more information, contact Fox Vending & Coffee Service or a similar company.