Vending machines are known to be a very lucrative industry with relatively low overhead costs. Whether as an independent operation or an additional revenue generator for your existing business, items can be sold with minimal or no staffing or facility rental costs. Another great quality of this type of venture is flexibility–you can move your machine to higher traffic areas as needed, as well as change the type and quantity of goods you sell from week to week, season to season, and year to year.
For individuals and businesses that are thinking about making an investment in a vending machine operation, there are some essential factors to consider. Before you purchase the machine itself, consider these important questions:
- Does my state or municipality require licensing to operate a vending machine?
- What tax regulations do I need to be aware of as a merchandiser?
- Where will my machine be located and what are the rent costs associated with that location?
- What time investment am I able to reasonably make in stocking, repairing, and maintaining the machine? Will there be a need to hire additional personnel?
Once these key issues are squared away, you can start to get specific on details such as what you will sell, how to price your goods, and who your supplier(s) will be. The possibilities with a vending machine venture are endless, and you can continually adapt as you learn what works for your business and what does not.
When you are ready to invest in a vending machine of your own, visit our website to explore the various types of machines available, as well as to learn more about how to maximize your vending machine business endeavor.