Tips to Send your Vending Machine Profits Soaring
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Business > Entrepreneurs
Jun 15, 2007
Tips to Send your Vending Machine Profits Soaring
Starting your own vending business can be a fun and profitable endeavor. You can start with a small investment, even just single gumball machine. You can service your own vending machines at your own schedule. Product markup is high, with a $.25 product costing you only $.02-$.03 to buy. The profits are all cash and collected daily. As lucrative as a vending business can be, a few simple tips can turn a small profit into an income powerhouse. Location, location, location Many industries are sensitive to location, and a vending business is no exception. You want to find businesses with not just high foot traffic, but with customers carrying spare change. More important, you want to find locations that other vending business operators haven't already discovered. The more locations and the more varied they are, the more steady your income will be. Location within your community isn't the only factor. Location in the business hosting your machine is critical as well. Sometimes, moving a vending machine a few feet can send profits soaring. In a retail business, you will want to place the vending machine between the cashier and the exit. This guarantees not only that every customer will pass by your machine, but that customers will have the change from their purchase in their hands and this leads to impulse buys. In non-retail establishments, look for other high traffic areas such as restrooms or telephones. In office environments, the obvious choice would be break rooms or kitchens. Look at the location from the business owner's point of view. The vending machine should not obstruct traffic or otherwise be intrusive as the owner may decide his commission isn't worth the trouble. Team up with a charity When you ally your vending business with a charity, you agree to donate a percentage of your profits. In return, you get stickers to put on your machines to show the affiliation. Most business owners will waive their commissions for charity vending machines, and owners who might not otherwise be willing to have a vending machine in their establishment will accept a charity machine. If the business owner waives the commission, this often means you will not see a decrease in profits. Customers are more likely to buy from charity machines, happy that their money will do some good. Plus, of course, your vending business is helping the community. Treat it like a business The flexibility of a vending business can be its very downfall. Although you can service the machines at your own schedule, you must still service them regularly. If you treat it like a hobby, then it will pay like a hobby. If you treat it as a business, you can realize substantial profits. The people who buy from your vending machines are not your only customers; the business owners are as well. Show that you appreciate them allowing your machines on their property. An unhappy owner might replace you out in favor of another, more professional vending business. Appearing with a smile on your face when you come to service your machines and being friendly with customers and staff makes a huge impression on business owners.
Author is a freelance copywriter. For more information on increasing vending machine profits, visit http://www.gumball-machine.com.
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