How you prepare for getting into the vending business will depend on the purpose of the business and what your goals really are and what you would like to achieve.
For example, you may be retired and looking for supplemental income, the size and nature of the business will depend on just how much income you really want the business to generate and how much time you are willing to spend running it. Similarly, you may already have a job but looking to make some additional income on the side in your spare time and then the same will apply to you as with someone retired. However, as in the case of so many people we have helped get in the vending business, they had good jobs but wanted to start a vending business with the intentions of transitioning from their job to running the vending business full time. This is very doable and may be done quite successfully.
As you can see, there can be many reasons for an individual or a couple or business partners to get into a vending business, but with the size, scope, purpose, goals and much more to be considered and determined. Here are some of the things that you will need to explore once you have decided and settled on which direction you would like to pursue.
- Avoiding Scams is going to be one of the most important things you learn to detect and to be aware of as you look around at what really interest you. You may go to our Product Categories Directory in Alphabetical Order for a complete listing.
- Financing is always going to be one of the first things to consider. It is always a big plus if you have some funds of your own to get the ball rolling and give yourself a start. Getting financing for a startup business may sometimes be difficult. Most lending institutions like to see that you are established for at least a year perhaps two and that you already have some experience as well as having some skin in the game. Having said that, if you have very good credit there are finance companies who may be willing to loan you the funding for the startup.
- Having a dependable vehicle to service the equipment you intend to place in various locations is very important. Again, the size and type of vehicle may vary depending on the type of vending machines you have chosen to operate and goals you have for the business. Let’s say you are starting out in the Bulk Vending Machine business, you could very will use your existing vehicle. You may also be able to grow a sizable business and make do with the same vehicle. However, if you are getting into the Snack Machine and Beverage Machine business and intend to grow it rapidly you may very well need to have a delivery van of some sort.
- Office and warehouse facility is not usually necessary right away. Most people are able to run the business from their home, but depending on how quickly you expand the business you may need to find a more appropriate space to operate from. This may first come in the way of a mini storage facility, then when you out grow a 10’ x 10’ or a 10’ x 20’ space you can then move to the next step and into a small warehouse. This would be a good problem to have.
- Deciding on how you acquire new business will be one of the most critical aspects of the business. Without good locations there is no business. If you are a mover and shaker and love knocking doors and speaking to potential customers then you are very fortunate to have that skill. This will be a very valuable asset and skill set to have. If this is not the case, then you will need to look to another solution such as a Locating Company who can make the cold calls and set up appointments for you in the zip codes of your choice. You may also hire friends to help you.
- Putting a presentation packet together is very important so you have a custom designed presentation with the equipment and services you are offering. This is a part of the first impression, so it is well worth the time and effort. It does not have to be very long, a simple two sided or four sided flyers is sufficient to cover all aspects of what you have to offer.
- License and permits of some sort is often needed when you start a company. You may contact your local City Hall to find out what may be required when starting a business of this nature. You may also contact your CPA and or the person who prepares your taxes to figure out how best to set up the company. They will need to know what your goals are for the business and better understand where you are wanting to go with it so they may best advise you on how to form the company.
- Basic job descriptions will need to be established to figure out who in your company will be responsible for the various duties that will need to be performed. It is always a good idea to have some overlapping of duties, for example, it is always helpful to have more than one person who knows to fill and service the vending machines. While other administrative duties may sometime be placed on the back burner, keeping the machines full is not one of them. See our FAQ segment for some good pointer.
- Counting coins and notes by hand may be manageable for a while, but if you plan to grow at a serious and rapid pace you will need to consider Coin Counters, Coin Sorters and Bill Counting
- If you have additional questions or concerns, we do offer Free Consultation and we would be happy to chat with you. Please feel free to Contact Us at your convenience.