| A vending machine route is an exciting way to start | | | | would purchase? |
| a small business and grow it to substantial income and | | | | · Are people using the machines? With what |
| financial independence. | | | | frequency? |
| First, remember that a vending machine route is a | | | | These are some of the questions that will help you |
| business. Like all businesses, success is not | | | | formulate plans. They will help you determine what |
| guaranteed. Before you embark down the path as a | | | | kind of vending machine equipment you need to |
| successful vending machine operator, you need to | | | | purchase, what kind of vending machine locations you |
| carefully consider what this business will look like and | | | | need to secure, who your competition is, and what |
| how you'll run it. | | | | kind of pricing you need. This research will help you |
| Start by setting goals. Successful vending machine | | | | determine your unique vending machine business |
| operators have a predetermined goal in mind when | | | | feature, what sets you apart from your competitors. |
| they start every year, month and day. Success is a | | | | Analyze your prospects |
| plan, and plans start with goals. Goals start with | | | | The next research to do is a customer analysis, and |
| vision. | | | | it can be done in conjunction with your initial research. |
| Striking a vision | | | | Stop in to a location you think you would like to have |
| What is your vision? Do you want to be rich? Earn | | | | and speak with anyone who uses the vending |
| extra income? Dominate the local vending market, | | | | machines. What do they like - and what don't they |
| the national vending market, the world vending | | | | like - about their current vending machine operator? |
| market? Do you see yourself working part-time or | | | | Most importantly, listen to the responses and ask |
| full-time? Mentally create your perfect day. A word | | | | follow-up questions. Get critical details: how often |
| of caution: If you think that vending is an "easy" | | | | does he/she come, do they take requests, are they |
| business - you just fill the machines, count your | | | | quick to respond to problems? Let them talk, and |
| money, and presto, you're a millionaire - think again. | | | | they will tell you everything you need to know to do |
| The vending machine route business is a great way | | | | business successfully with that site. Write down all of |
| to work hard and be well compensated, but with no | | | | the responses. Can you do better? |
| hard work, there's no compensation. | | | | When doing this type of research, be prepared with |
| Planning your business, setting goals | | | | a sales presentation. I have done this, only to |
| Once you have created your goals, start planning | | | | discover that I was speaking with the owner of the |
| your business. What segment of the business do you | | | | business. He was fed up with the vending machine |
| want to attack? Are you going to be a soda machine | | | | operator they'd been using, and I generated a new |
| supplier only; snack machine/soda machine only; full | | | | customer on the spot. |
| service, snack machine, soda machine, cold foods | | | | Another word of caution: Don't commit to a vending |
| machine, coffee machine, commissary, or a unique | | | | machine account unless you can provide better |
| products vender (CDs, bait, t-shirts, gifts, etc.). Each | | | | service than the current operator. Most managers |
| of these market segments - and there are more out | | | | owners know other managers/owners, and one of |
| there - requires planning. What equipment do you | | | | your goals should be to generate word-of-mouth |
| need, what type of route vehicle, how much money | | | | advertising. If you take on more than you can handle, |
| should you budget, which vending product suppliers | | | | or you don't provide service at the level you |
| will you choose (where will you get your product), | | | | committed to, you will generate bad word-of-mouth. |
| how do you get your vending machines placed into | | | | That can quickly lead to your having a storage area |
| locations, what financial software do you need, if | | | | full of vending machines. Do more than expected, |
| any, and on and on. | | | | give away a free sample every so often, stop in to |
| Have I given you anything to think about yet? My | | | | talk with the manager, make sure everything is all |
| goal is to prevent you from jumping into the business | | | | right, handle refunds promptly, change up your |
| because you heard in a hotel ballroom that the | | | | product selection regularly, fulfill requests. These are |
| streets are paved in nickels, dimes, quarters and | | | | the techniques employed by successful vending |
| dollar bills. The fact that you are doing research | | | | machine operators. |
| means you are on better path than the average | | | | Another key to success in the vending machine route |
| potential millionaire. | | | | business is to have good accounting practices. Know, |
| Research is the great risk reducer in any forum. | | | | to the penny, where your money comes from and |
| Doing this basic research means you are on your | | | | where it goes. Understand that many variables can |
| way, but there is much more to do. | | | | affect your profitability - everything from cost shifts |
| In formulating your plans for a vending business, you | | | | in your product/s to fuel prices. It's critical to set up a |
| also need to perform a basic market research | | | | proper accounting system early, one that allows you |
| analysis. This sounds complicated, but it really isn't. | | | | to grow. You don't want to waste the time (and |
| Study all the vending machines that you see: | | | | expense) of switching accounting systems at some |
| · Who operates the machine/s? | | | | point in the future. Talk with a good CPA and ask for |
| · Machine's location | | | | suggestions on a system. There are several off the |
| · Pricing | | | | shelf software products and it's important to select |
| · Brand of vending machine | | | | the one that best suits you and your business. |
| · How clean is the machine? | | | | Careful planning and research are the keys to a |
| · Does it work properly? | | | | successful vending business. Be sure to start your |
| · Is it filled? If so, is it filled with anything you | | | | route off with all the benefits. |