The vending business is one of the fastest-growing industries, especially these days. Newer and newer types of machines and innovative solutions are appearing, which create interesting opportunities to run your own business. Vending machines are an industry where anyone can try their hand, but how do you get started? There are a few important aspects to keep in mind, which we discuss below.
If you are wondering if vending is the industry for you, read about the pros and cons in the article: Vending machines business advantages.
Before you buy a vending machine
Don't start your vending business adventure by buying a vending machine. Before you do this, consider what kind of vending machines you are interested in. Find potential locations for the vending machines - without a good location, there is no chance of good sales results. Also think about the type of products you want to sell, so that they are suitable for the location of the machines. Make a small business plan, read up on vending, vending machine types, industry issues and anything else that might affect your venture.
Find possible locations
You can buy a vending machine at any time, new or used. However, you will not buy a good location. Location is the key to success in the industry. Without a location for your vending machine, the machine will just be an ornament in your warehouse. The question arises, how do you find the best location? What if they are all already occupied by a large operator?
Look around for a place for a vending machine anywhere - on a walk, lunch at a restaurant or university, or the gym. Imagine if you yourself would use a machine in such a place, and if so, what would customers want to buy? Make a list of places. Know and understand the needs of such a place and, if it matches your vision, go to the landlord or tenant to agree on terms.
Also check out our tips How to find locations for vending machines? and What to avoid when choosing a vending machine location?.
What type of vending machine?
There are plenty of options - you don't have to start with standard snack or coffee machines. And you don't have to buy a new vending machine straight away, it's even better to start with older models. Read also our text on used vending machines which will help you decide: Advantages and disadvantages of a used vending machine.
Which products to choose?
Depending on the location, think about the right products. The options are endless - from well-known candy bars or drinks to fresh sandwiches, hygiene items, healthy snacks or even electronics. Find out more about product selection in the article: How to choose items for vending machines?
Once you have selected and pre-arranged the location and products, start looking for the right vending machine. The purchase itself will not take long and is usually the least problematic part of running a vending business.
I got the machine, what's next?
After a thorough analysis of your plan, choosing a location, the right vending machine and products, you have finally decided to buy a machine. As the happy owner of a vending machine, you wonder what to do next to make the business profitable?
First steps, what should you keep in mind?
- Take great care of the vending machine and its surroundings - we are more likely to spend money in a well-kept place.
- Keep the vending machines stocked - a well-stocked vending machine is essential, without products there is no profit from sales.
- Provide customers with additional payment methods - a large part of transactions in vending machines are non-cash transactions, so it is worth thinking about buying a terminal.
- Respond quickly to customer requests - you will surely receive more than once a call about a blocked product. Quick response in such a situation, such as adding credit remotely, will increase customer satisfaction with your services!
- Respond to product sales - if you notice that a product is not selling, try swapping it for another one and observe the results after the change. Don't hesitate to introduce completely new products either.
A telemetry system will certainly help you with any of these points, which will work well even if you are just starting out and only have one machine. Vending machine management system (VMS) will help you control sales, missing products, schedule deliveries or respond to customer requests.
Ultimo - make it profitable for you
It is often the case that we buy vending machines hastily, either from savings or by taking out a loan. In such situations, vending machines are not profitable. Before you take action, think about what to do and how to work to make your business as profitable as possible. Several key factors determine the success of vending, you will read about them in the article: Key Activity Indicators (KPIs) in vending.
