Maybe you hate your job
and your boss is crabby; maybe you need to earn a little extra income to pay
off those student loans; maybe you’re just infected with the entrepreneurial
spirit and want to give something new a try. If this is you, starting a vending
machine business may be an attractive option. However, there are a few myths
you should know about, before tackling this kind of new small business venture.
FACT: Well, yes and no. Yes, it is a
great business, and yes, it is fairly easy to get into. You do have the
potential to be very successful, but the same can be said of any other start-up.
This is not a plunk-down-machine-go-collect-$200 job like some would have you
believe. Vending is a lot of hard work that involves finding locations,
negotiating with business owners, cleaning, maintaining, restocking machines,
and keeping track of a crazy number of keys. All of this can be difficult and
time consuming, which brings us to:
MYTH 2: You have to quit your day job in order to start and maintain a successful vending business.
MYTH 2: You have to quit your day job in order to start and maintain a successful vending business.
FACT: Don’t sell the bike shop,
Orville. Because vending does require a lot of time and effort, it may be
tempting to throw all your chips in to try to make a greater profit sooner;
however, it is possible to start out with a smaller route with a few machines
and build it up from there. Get your feet wet in the business and get a feel
for what the demands of the business are and what you can handle. Start-up costs
can be as little as $3,000 and you can work on the side while still keeping
your day job.
MYTH 3: Vending machine business opportunities (biz ops) are a safe and profitable option for those just starting out in the business.
FACT: These biz ops, which require a
large amount of capital up front ($10,000-$20,000) and promise to give you a
bundle of machines and help you get started, are scams. You will be out a lot
of money if you get taken in, so do your research and be careful who you buy
your machines from.
It takes more than a wish and a sigh to materialize your dreams of having a successful vending machine business; in reality, it takes a lot of old-fashioned elbow grease. Vending can indeed be profitable and satisfying, but make sure you have a solid understanding of the factors involved before wading in.
It takes more than a wish and a sigh to materialize your dreams of having a successful vending machine business; in reality, it takes a lot of old-fashioned elbow grease. Vending can indeed be profitable and satisfying, but make sure you have a solid understanding of the factors involved before wading in.
About
the author:
Stacy Lewis is an entrepreneur who loves writing on vending machine business.
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