The vending machine business can be both rewarding and challenging. As I embarked on this journey, I encountered various hurdles and successes that shaped my experience. If you’re considering entering this industry, here’s what you should be ready for.
The Reality of Machine Issues:
Every vending machine, whether new or old, will face issues at some point. It’s essential to be prepared for this inevitability. While new machines come with warranties and fewer initial problems, they aren’t immune to breakdowns. The key is to find machines that are worth the investment and risk.
The Delivery Dilemma:
One of the most unexpected challenges I faced was the delivery of machines. After purchasing, the machines are handed over to a third-party freight company responsible for the delivery. This process often lacks clear communication, leading to surprise deliveries without prior notice. Be ready to adapt and have a plan in place for such situations.
While the vending machine business might seem impersonal, customer interactions are a significant part of the experience. From feedback on product selection to complaints about machine malfunctions, be prepared for direct interactions. And remember, clear communication is key. For instance, having visible signs indicating how customers can request products can be beneficial.
The Importance of Location:
Not all locations are created equal. Over time, I realized the value of focusing on high-performing locations and letting go of less profitable ones. This approach not only maximizes revenue but also reduces the stress of managing multiple sites.
There might come a time when you decide to sell some of your locations. This can be a strategic move, allowing you to focus on your best-performing sites and even make a profit by selling at a multiple of the monthly revenue.
Staying the Course:
The vending machine business requires patience, resilience, and adaptability. There will be days of frustration, but there will also be moments of triumph. Stay consistent, stay strong, and remember to enjoy the journey.
The vending machine business is a unique industry with its own set of challenges and rewards. By being prepared and understanding what lies ahead, you can navigate this business with confidence and success. If you’re considering this venture, remember to stay informed, be adaptable, and always prioritize your customers. Until next time, stay tuned and best of luck on your vending journey!