Three Aspects for a Successful Vending Business
Before starting any business not only vending, a lot of ground work needs to be done. This helps in gathering maximum information about various related issues and thus help in sound planning. These aspects can be broadly categorised under three heads- start up cost, location and product price.
To begin with operators need to identify the possible costs involved in starting a vending business. Post this operators need to analyse the start up cost since this is one of the important aspects of planning. The start up cost of vending business in turn will depend upon two factors: the type of vending machine you use and the number of machines you would like to start with. When you are starting this business for the first time, choose a product that is popular and also has maximum demand. For instance: if you are targeting children, then candy or gumball machine is appropriate for you. Try to purchase new vending machines from Planet Antares which are less expensive. Candies are very popular among kids and this machine is capable of giving you $127.50 per week. Once you have made enough money, you can acquire some more and different kind of machines.
Location is undoubtedly very crucial as it decides the success or failure of your business. Operators always need to look for locations with huge customer traffic. Few such popular choices for vending operators are schools, large companies, restaurants, shopping malls, and bus and railway stations. Make sure that the place meets all your requirements. It should be easily accessible, easy to identify and should have a source for power supply. Since ‘there is no gain without any pain’, identify locations yourself instead of depending on other agencies.
Product pricing is also influential. The price of the product you dispense should be fixed depending upon the locality in which you install your machine. There is no point stocking high price products when you install your machine in a middle class locality. These three things if borne in mind can bring your huge success.
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Tips on Cutting down Costs in Vending Business
Vending unlike any other business is highly profitable if and only if you are able to keep your costs under control. There are no predetermined ways of achieving success in this business. This is a very realistic business which allows you to learn from your previous mistakes.
Hence cost cutting is one of the toughest challenges faced by vending operators. However, a healthy profit margin can give you quick growth and increase your chances for long time survival in this business. There are few strategies that can help you keep your overhead costs under control.
• Jot down clearly all your business expenses: Keep a track of all your regular weekly and monthly expenses. Close monitoring will help you identify abnormal rise in expenses easily.
• Always purchase a new vending machine from trusted companies like Planet Antares whenever you start a business. This reduces your maintenance cost.
• Try to handle small repairs your self. This would put a check on unnecessary overhead expenses.
• Inventory control: Be careful with your inventory and avoid unnecessary wastage and theft of stock.
• Always purchase stock in bulk. Large quantities can be obtained at lower unit cost.
• Record invoices: Always have a countercheck on your invoices against the purchases made.
• Check your advertising costs: Costs incurred for setting up of sign boards need to be checked. This helps you in identifying if you are spending too much on advertising.
• Use appropriate dispensers: Adjust the quantity of product you dispense by using exact dispensers. This would prevent unnecessary wastage of the product. For instance if you are using a vending machine to sell candy, then dispense only that portion that is sufficient to fill a child’s hand.
• High product prices would mean low cash flow for the vending machine operator. Try to cut other expenses to compensate on high product cost. But never compromise on the quality of the product.
• Try to visit check the performance of the machine regularly. This will help identify any break downs or service requirements in the initial stage itself. This will also help you cut down your servicing expenses.
• Plan your vending route in such a way that you will be able to cover all your vending machines to check their performance without wasting any time.
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Why Vending Business?
There are numerous business opportunities available. Why take up vending? This is most common question that arises in the minds of most entrepreneurs. The reason is simple and straightforward. In order to take up most of the other available business opportunities, operators either need to pool up huge finance or equip themselves with special skills.
The only business that does not require both the above mentioned aspects but assures you of guaranteed returns is vending. There are numerous benefits of taking up vending. Some of them are mentioned below:
• Immediate cash flow: We would feel proud to say that vending is the only business that guarantees instant returns right from the day of installation of the machine.
• Only “All Cash” business model in the world: Except for vending, there is no other business model across the globe that runs completely on cash. This means you no more need to worry about bad debts or collection issues.
• Round the clock service: Vending machines are a source of passive income. Regardless of what you choose to do with your free time, your vending machine works for you round the clock everyday. Since machines are your salesman, they do not require any training, supervision or motivation. Once installed they provide uninterrupted service round the clock.
• High margins: There is no other business that has as high profit margins as vending business. As we all know, the main purpose of any business is to make money. The profits margins in snack and beverages are not only high but incredible.
• Best home based business: Vending is also the only business that has no boss, no fixed working hours, no utility cost, no employees, no paper work, no franchise and most importantly no territory limitations. Since this business does not ask for any specific skill set, anyone can take up this business either on a full time or part time basis.
• Key to wealth: Vending is a great way of earning some extra bucks.
All these benefits lure more number of operators and encourage them in taking up this business.
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Overview of Vending Business
Although several models of vending machines exist in the market, they can be broadly classified in to two kinds. Those that run on electricity and those that run based on mechanical motion. Each of these machines has its own set of benefits. The most common vending machines that we often come across in our day to day life are soda and snack vending machines. We often find these machines located in shopping malls, offices, schools, colleges, bus stations, airports and hospitals. The oldest and most popular of all these vending machines are gumball and candy machines which run automatically.
In the beginning selected vending machines were alone used. However with changing times, vending machines also underwent several changes and medicines, tattoo and laundry vending machines were slowly introduced. Coffee vending machine is another popular version that we all are familiar with. This machine is powered by electricity.
Of late, health drinks vending machines are also being introduced in order to keep pace with growing health consciousness among people. Combination machines are also preferred by most operators since; they allow them to vend two products at a time. The other popular choices among vending machines are popcorn, ice cream, bottled water and food vending machine. Though these machines are occasionally seen, they still have a huge business potential. Cigarette vending machines were most commonly seen in public places until recently. Due to ban imposed on public smoking by several state governments, they are being carefully located.
Another popular vending option available for operators is customised vending. Recent years there has been increasing dependency on vending machines. As a result several unique models of machines are being developed capable of fulfilling day to day needs of customers. These machines aid in vending products like DVD’s, CD’s, tickets, computer equipment, cameras, stamps and stationery.
If you are a new entrant looking to create a significant place for yourself in vending industry, try to buy a new vending machine from Planet Antares, fill it with sufficient amount of stock and locate it in one of the busiest localities. This is sure to give you optimum returns.
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Vending Information
Whenever you plan to take up vending business, it is very important that you learn about the ins and outs of this business. Try to gather information about existing operators, products vended by them, products with high demand and related information. All this information helps you in planning your business properly.
In fact vending is one of the very few businesses that do not need thousands of dollars as initial capital. It is a very simple business which does not required specific skills or professional knowledge. The benefits associated with this business are drawing more and more customers towards it. This has resulted in several models with latest features being introduced in to the market.
Are you wondering how and where to invest your money? There are several ways of acquiring vending machines for this business. You can either buy new machines or rent or can even hire one. The kind of machine you choose is greatly influenced by your financial constraints and products you choose to vend. Whatever may be the reason, it is always advisable to purchase new machines from trusted companies like Planet Antares.
Your choice of machine depends on the product you would like to vend. Bulk vending machines are appropriate if you plan to vend more than one product at a time. On the other hand glass front vending machines are perfect for vending branded products.
Your scale of operations and target customers also influence the kind of machine you need to purchase. In case you are targeting kids, vending machines with animations or sound effects is highly preferred. If you are new to vending business, start with small machines by offering standard products. Once your business gains popularity, you can add new machines to the existing ones and thus expand your business.
For further details on various models, their availability and demand you can contact Planet Antares staff and get complete guidance on starting a new vending business.
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