If you’re thinking about starting your own vending machine business, you’re on your way to becoming part of a $23 billion industry. Vending machines are convenient and profitable, and allow owners to generate plenty of passive income. Whether you want to start by installing a single machine on your own property or create a standalone vending machine business, there’s a lot to love about this industry. Here’s how to successfully start your own vending machine business in Bellflower, CA:
1. Decide what kind of vending you’d like to try: There are many different types of vending machine options. Food and beverages are the most popular, but book, cosmetic, skincare and electronic vending machines can also be quite profitable. Once you know what kind of vending you’re interested in trying, choose the type of machine that best suits your products.
2. Find locations to host your machines: Knowing where you’ll place your vending machines is just as important as what you’ll sell. Before making any purchases, scout out prospective locations. Talk to business owners and managers to gauge their interest level. You can also take that opportunity to learn more about their traffic, customer demographics and more. Schools, gyms, offices, shopping centers and other high-traffic areas are great locations for vending machines—look for places where other food and beverage options might not be readily available.
3. Learn more about vending machine financing: Your financing options will dictate how quickly you can build your vending machine empire. Typically, short-term loans, inventory and equipment financing are best suited for this industry.
4. Research and acquire vending machines: You can get vending machines from a variety of sources. The most obvious place to start is from the manufacturers themselves, but you can often find better deals at wholesalers, secondary market retailers and online.
5. Stock the machines: After you’ve acquired and placed your vending machines, it’s time to choose your stock. There are countless resources on how to choose the right items for your vending machine. Ultimately, however, you should expect a trial-and-error period in the beginning. Every location is different, so you’ll need to watch the stock carefully to see what sells and what languishes for weeks at a time. Once you have identified popular products, you can use that information to replace unpopular items with something new.
6. Consider adding customer service and management tools: Finally, you’ll need to handle the administrative side of the business. There are many easy-to-use accounting, management and customer service tools that will ensure your proprietors and customers have a great vending experience—even if you’re the only person employed at your company.
Vending machine businesses can generate great profit when run shrewdly. If you’re interested in finding out about the pros and cons of starting your own vending machine business in Bellflower, CA, why not install one at your existing business? Call Pacific Vending Services to get started. We’ve been provided high-quality vending equipment to area sites for nearly 25 years, and would love to meet with you to discuss your options.