Advantages of starting a vending machine business
Is starting a vending machine company right for you? Some of the characteristics that attract entrepreneurs to this type of business include:
- Low startup costs – Usually, vending machines can be financed. Aside from a computer, printer, and phone to manage your business and a vehicle for servicing your route, you likely won’t need other equipment. iKrave Vending is partnered with the oldest vending machine supplier in the United States which offers in house financing.
- Flexibility to set your own schedule – Generally, you’ll have the freedom to restock vending machines and collect money whenever it suits you.
- Ability to easily change your product selection – For example, let’s say you have a snack machine and a certain flavor of Doritos isn’t selling well. You can quickly decide to replace that product with a different flavor or an entirely different snack.
- Controlled growth – You can set the pace for how quickly you want your business to grow. Some business owners maintain their “day job” as they gradually ramp up their vending machine business. You can choose to, as time and finances allow, add machines to your route when you’re ready to expand. Scaling in the vending machine business can be as little or as much as you like.
- Simplicity – After you have secured contracts with business locations and you have placed your machines, running a vending business is not overly complicated. You must maintain your machines to keep them in good working condition, restock machines as needed, and collect money from your machines. You’ll also have administrative duties, of course, such as recording your financial transactions, reporting and paying taxes, and handling any customer-related issues.
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