• The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success
  1. The forum software will be upgraded on Sunday May 26th and may not look normal during the transition. Some functionality may be offline. This is TEMPORARY and is expected to last up to 8 hours.
  2. Join 50,000+ entrepreneurs
    who are kicking butt and
    winning their dream life.

    Unscripted™ Entrepreneurship:
    A Business That Pays More Than Money, It Pays Time.

    "Fastlane" is an entrepreneur discussion forum based on The Unscripted Entrepreneurial Framework (TUNEF) outlined in the two best-selling books by MJ DeMarco (The Millionaire Fastlane and UNSCRIPTED™). From multimillionaires to digital nomads, the forum features real entrepreneurs creating real businesses.

    Download (Unscripted) Download (Millionaire Fastlane)  Register
    Registering for the forum removes this block!

Anyone dabble in the vending machine business?

Discussion in 'Business Models, Niches, Industries' started by NewManRising, Oct 30, 2018.

  1. NewManRising
    Offline

    NewManRising Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    332
    Likes Received:
    467
    Joined:
    Oct 30, 2017
    Gender:
    Male
    Location:
    White City, OR
    Rep Bank:
    $3,040
    Lately I have been thinking about getting a few vending machines to generate a little extra income. I was thinking about getting a few small candy/toy machines. Aside from the start up investment, what are other challenges? My approach to getting them inside a store or business would be to simply go door to door and ask if I could put my machine inside and offer them an incentive. My ideas would be to offer a percent of the profits and/or maybe offering to promote their business to others. For example, say it is a pizza place, I would tell them I would let all family/friends and even strangers know their food is excellent and their staff/management is top notch people. Anyway, if you have established vending machines how did you go about getting up and running? Possibly give me a little idea of your process or business model. Also, any advice/suggestions on particular machines. Thanks
     
    lowtek likes this.
  2. collin_e
    Offline

    collin_e Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

    Messages:
    55
    Likes Received:
    81
    Joined:
    Apr 12, 2018
    Gender:
    Male
    Location:
    Northeastern Pennsylvania
    Rep Bank:
    $413
    We have a $.25 candy machine at our repair shop that a guy comes and cleans and refills once a month, it’s a mildly high traffic, and does get some business escpically when kids come in.

    The issue I see with it, I would think you need a lot of machine to make it profitable or worth your time even doing. On the plus side, it’s pretty low maintenance and is definitely not time consuming. If you had enough, I could see it as a side gig

    Need: Depending on what your vending. Typically, your at a machine for snack.
    Entry: Mildly cost prohibitive for the average joe to start
    Scalability: Pretty easily scableable if you have the capital and places to host then.
    Time: Checks this off very well, a weekly restocking should be all the time they need.
     
  3. lowtek
    Offline

    lowtek Platinum Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

    Messages:
    1,432
    Likes Received:
    4,518
    Joined:
    Oct 3, 2015
    Gender:
    Male
    Location:
    Phoenix, AZ
    Rep Bank:
    $30,358
    My father ran a vending machine business. I believe it was his most profitable / low maintenance endeavor.

    It does take a fair amount of work, however. You have to refill the machines / collect the coins fairly often. It's not difficult, but it is time consuming.

    I'm not sure what his business model was, as far as splitting with the business owners.

    You also have to roll all the coins and then take them to the bank. That takes more time than you might think. We have a washer/dryer combo at our rental that gets around $150 a month. That takes quite a bit of time to roll. I can't imagine rolling thousands of dollars in coins.
     
    collin_e likes this.
  4. Thoelt53
    Offline

    Thoelt53 Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    349
    Likes Received:
    1,057
    Joined:
    Dec 8, 2016
    Gender:
    Male
    Location:
    Boston, MA
    Rep Bank:
    $5,315
    That's a terrifying thought.

    Luckily I've seen some banks that offer a Coinstar-like service, for free, if you bank with them. Then you would just be that guy who tops off the machine every week that poor Susie the Teller has to empty.
     
  5. eliquid
    Offline

    eliquid ( Jason Brown ) Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    1,338
    Likes Received:
    6,424
    Joined:
    May 29, 2013
    Gender:
    Male
    Location:
    Louisville - Kentucky
    Rep Bank:
    $50,655
    They have automated machines to roll coins that aren't that expensive.

    Im not talking about coinstar, but small home units.
     

Join 1000s of entrepreneurs who are rewriting life's script and winning financial freedom.

---- ----

You must be a member to join the conversation.

Create Account

Join the community fast and easy!

REGISTER

Log In

Already have an account? Login here.

LOG IN

Share This Page