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Perhaps you’ve done a little homework and you think the $42 billion-dollar vending industry might be the right fit for you. Maybe vending sparked your interest because you heard it has less overhead, no rent or electricity bills, and more flexibility than businesses in other industries. Perhaps you like the idea of a permanent escape from the office where you can interact with your neighbors and make an impact on your community.
Before you continue down the wrong path, it’s important to know why you want to get into this business. The last thing you would want to do is invest a lot of time and money, work your tail off for 5 years, and then suddenly realize that you made the wrong decision because it doesn’t actually align with your long-term goals.
How To Choose The Right Vending Machine Equipment ?
What’s the problem with this strategy?
Let’s say you decided to buy some very basic coil operated vending machines without credit card readers BEFORE you landed any locations. Then you find an amazing opportunity to place a vending machine in an office building. Since you already bought your machines, you decide to place one of these cash only machines in the office building.
What happens now?
Your demographic at this location (i.e. working adults) doesn’t typically carry around loose change and dollar bills, so you lose out on a considerable amount of would-be sales had your machine accepted credit cards.
How to Secure The Most Profitable Vending Machine Locations ?
Like they say in real estate, the most important thing is location, location, location!
Locations with a lot of foot traffic (like schools and large offices) are the best locations to target for your vending business.
In this chapter, we’ll discuss how to find the most profitable vending machine locations using a proven system.
Choosing The Right Vending Machine Products To Maximize Revenue
It should go without saying that determining the right vending machine products for the customers at your location is essential to the success of your business.
Perhaps this is easier said than done.
Every location is different – with different customer demographics, traffic patterns, and unique requirements – and must be treated as such. There are a plethora of items on the market, and multiple factors to consider when creating a product mix – including a consumer base that increasingly values health and nutrition. Success depends on finding a mix that balances these factors in a way that meets the needs of your location.
Providing Amazing Service to Keep Your Vending Accounts For Life
So you’ve landed some locations, you’ve purchased the exact type of vending equipment you need to accommodate the location’s needs, and you’ve officially opened for business.
Besides continuing to find more locations, the real work has just begun! It’s time to provide the excellent level of customer service that you promised your location.
When your customer service exceeds expectations, asking for referrals becomes easy. Plus your location won’t even think twice when it comes time to renew your contract.
Choose The Right Vending Machine Startup Option
If you’ve read every chapter in this guide, you know the pillars required to start a vending machine business. Now it’s actually time to think about which startup path you want to take.
A lot of people struggle with that question because they don’t frame it correctly. It’s not that one startup option is necessarily better than the others.
-See more: http://www.healthyvending.com/guides/how-to-start-a-vending-machine-business