There are about 4.6 million vending machines in the US that make approximately $7 billion annually. Starting a vending machine is an amazing side hustle to earn you some extra income on the side. A vending machine is easy to maintain and doesn’t take up too much of your time, so you can focus on other things.
If you’re looking to start a vending machine business but have no clue where to start, we’re here to help. Today, we’ll be highlighting a few key steps to starting a vending machine for some extra income.
The first step in starting a vending machine business is figuring out how you want to do it. Your options basically boil down to two ways; buying a vending machine franchise or starting a new vending machine business. You can also buy an existing vending machine business if you wish to.
Regardless of what you choose, it’s important to hire an attorney to help you with the legalities of buying a vending machine. With all that down pat, you can move to the next step.
Decide What You Want To Sell
It’s crucial to do tons of market research to determine what products you’ll sell with your vending machine. Some products, like snacks, sell well regardless of location. However, others only sell to a select group of people in specific locations.
If you don’t want to sell food, here’s a list of other items you can sell with your vending machine:
- Laundry supplies
- Hair and skincare products
- Hygiene products
- Dog treats
- CBD products
There are tons of other products you can sell with your vending machine. You can pick anything as long as it appeals to your target audience. If you’re looking to sell health products, you can check out HealthyYou vending reviews to help you pick the right vending machine.
Choose The Vending Machine Features
Once you figure out what you want to sell, the next step is to determine the vending machine features you want. Some of these features include:
- LED lighting
- Intercate and voice-assisted screens
- Credit and debit card acceptance
These are some of the many features you could have in your vending machine. Make sure you buy a vending machine with features that are actually useful.
Determine The Location For Your Vending Machine
Placement is a crucial factor when setting up a vending machine business. Vending machines do well in specific places like:
- Shopping malls
- Apartment developments
- Train stations
Where you place your vending machine will determine how many people will buy it. Put a lot of thought into where you place your vending machine.
Choose A Business Name
If you didn’t buy a franchise or an existing vending machine business, you’ll have to pick a name for your business. Make sure you pick a catchy name that resonates with your target audience.
Start A Vending Machine Business Today
There’s no better time to start a vending machine business than right now. Make sure you do your homework to find the best vending machine to invest in. Starting a business requires patience, but with time, you’ll make a killing from your vending machine business.
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