A vending machine business by all means can prove to be extremely profitable, more so if you bring in extra machines later on.
Despite the fact that some earn big money out of this business type, there are a few who really find it hard to earn a decent sum.
Well, it’s apparently sad to see people losing their hard-earned money and savings due to the lack of proper knowledge. Every business has some pitfalls, but if you know the art of tackling these hurdles, you can surely enjoy a successful run. Updating yourself with the common drawbacks of a vending machine business will help you create the back-up plans. Here find out the tips that will help you avoid the failure:
Getting locators: It would be wise if you can dig out time to look for locations for your machines rather than hiring a professional locator. Though they assure you of finding a suitable place but most of the time, they never really find the perfect locations for all your machines. Doing it on your own will not just save money but will even make you come across the best of places.
Perfect location with wrong machine: Good traffic is indeed important for your vending machine business but it can’t work uniformly for all the other machines of yours. Other than traffic, you even need to find if the product so sold out there has a significant demand. If not, better change the location or the machine type.
High rent: You can easily pay full amount of your rent but it is advisable to look out for commission based rental payments. When you opt for the fixed rent, you will have to pay the amount even if the business incurs a loss. Negotiating for a commission rent will help you save during one of those days.
Buying excess units: Refrain from buying excess of vending machines in the very beginning of your venture. Always secure a good location before increasing the number of machines because if the place is not finalised, you will get stuck with quite a number of machines.
Used machines: There is no harm in buying the used machines in the initial stage of your vending machine business provided you place them all in excellent locations. There are even chances of these machines breaking down in future which will make you spend in a lot of money. If you can repair minor faults, buying the used machine won’t be so demanding.
You can run the business quite successfully if you can keep these pitfalls in mind and make all efforts to deal with them.