The hardest step in any business is usually taking that crucial first step to open the shop and get the operations running. Very few of us have that courage or knack for risk-taking to invest in the unknown and plunge right in. The same applies when it comes to starting vending business. Any business can be profitable if you have the right business sense and do your homework properly. When it comes to vending, the biggest capital expenditure will be the acquisition of the vending machine that will be the backbone of the business. You can buy your own machine although the more practical option if you little finances is to go the route of vending machine hire.
If you are determined, you can even begin with a single machine and then increase your portfolio over time as you expand your business. The easier way to scale up the business is through vending machine hire which allows you to expand rapidly without a massive capital outlay. If you are planning to go into business vending candy and drinks, here are some of the steps that you can undertake in order to build a sustainable and profitable business:-
Decide in the vending machines that you need
This is a crucial step as a misstep might result in you paying up to twice the cost of machine acquisition. Discuss your needs with your vending machine hire company or supplier and they can assist you in figuring out your needs quickly.
Look for a reliable vending machine hire company
Not all companies offering machine rental services will give you the best rates. Some will be more expensive while others cheaper. Some will also be more professional in their approach to business and can, therefore, give you good support when you are planning to set up. Use the internet to scour through the web so as to find the most reliable dealers in your city or your neighborhood. It is advisable to go for the lowest unit prices for your machines coupled with a high level of professionalism in your machine rental.
Read customer reviews
Before hiring your vending machines from any supplier, take time to read reviews on their service. What is the customer experience of those who have dealt with them in the past? Are there too many complaints? Are many people recommending their services?
Find the supplier of the product
Apart from the machine, you also need to secure a good supplier of very good quality food products and drinks that you plan to sell via your vending machine. You can shop around and ask for price quotes from some of the leading wholesalers and food stores in order to determine where you can get the best price deals. When you will be vending your drinks and foods, find options that can give you up to 200-300% markup on your sales without appearing too expensive.
Choose a suitable location
Find a good location that draws in lots of customers or has large customer traffic. These can be areas such as car repair and servicing centres, salons and beauty centers, sporting arenas or even a large office complex.
Carry out market research
What drinks and candies do the other vending machines sell? Do a thorough analysis of your competitors and determine their strengths and weaknesses in the business.
Ensure the machines are fully stocked
Before you open the business doors, ensure that the machines are fully stocked. Test them in order to ensure that they are working properly.
Get your business up and running
After ensuring you have the right business permits, get the business rolling. You may also discuss terms of repairs or maintenance with your vending machine hire provider so that you know what to do when these machines break down.