Challenges Faced By Vending Business
All the four P’s of marketing mix are very sensitive even to the slightest fluctuations in the market. Even a small change in them can make or break your business. For instance when it comes to setting price of a product, you need to consider your target customers, profit margin and even your competitors pricing and their strategy. The location in which you place your machine also influences its pricing.
Vending is undoubtedly a very profitable business but this does not mean that operating this business is very easy. Operators do face major challenges when it comes to changing prices. Even the slightest variation in prices can affect the overall profitability. While fixing prices, other factors like taxes, commissions, cost of good, equipment depreciation, spoilage and other overhead costs need to be considered. All these determine the profitability of an operator.
Operators need to monitor profitability across various locations and also consider the profit saving options. Raising prices may not be as easy as it may sound. Most customers resist price hikes in the initial stages but over a period of time they may accept it. This is true in relation to products that have regular demand. Customers have no option but to buy them even at the new price. Another profit saving option includes reducing commission, removing piece of equipment and increasing the frequency of servicing.
Before deciding on which method to adopt, operator needs to gather information about the sales and expenses pertaining to one particular location. Sometimes profits can be improved by improving the efficiency of vending machine. This might be easier when compared to increasing the price or concession in commission. You can relocate this machine to another location where it might work better.
Several software packages are made available in the market that help you track your financials. However, operator needs to maintain accurate accounting books for implementing this software. These are some of the challenges faced by vending operators.
For more information and knowledge about the vending business, get in touch with Planet Antares staff.
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Vending Business Opportunities
Whenever we talk of vending business, the first that strikes our mind is a candy or coffee vending machine. These are just one of the several vending business opportunities that are available in the market these days. Gone are those days when vending was limited to a few selective products. In case you are looking for a novel business model, vending is perfect for you. After deciding on your investment limitations, you can choose a model that is perfect for you.
With growing number of people keen to take up this business, the number of people trying to misguide or cheat you is also on the rise. Hence operators need to be pretty careful and vigilant in their approach. Since the inception of vending business, snacks and beverages have been the most popular options among operators.
Changing lifestyles and work culture has increased peoples dependency on vending machines. Since people hardly have any time to sit and have their lunch in leisure, they are looking for instant snacks and ready to consume meals that would not only quench their hunger but also save a lot of time. Snack and beverage vending machines are also available in various models and types. These have proved to be highly profitable if only placed in the right location.
In case you are a novice to business industry, you can start with one or two machines and gradually increase your equipment. However, location becomes very crucial for the success of this kind of businesses. Places with high customer traffic are ideal for locating these kinds of machines. Other places would be those where customers would stop and wait for some time. These include bus stations, railways stations, malls, sub ways and gas stations.
First time operators can also go for non electrical vending machines from Planet Antares that would not only save your maintenance costs but are also ideal for locations such as stores, shopping malls and laundries. An operator can also go for coffee vending machines which are quite famous in offices, universities, airports and hospitals or a healthy vending machine which is perfect for schools, gyms, health clubs and sometimes even hospitals.
Vending industry offers a wide range of products and services suitable for all needs. So the ball is now in your court. Start a vending business that best suits your requirements.
Labels: planet antares, planet antares vending
How To Start A Vending Business
There are many people among us who want to take up a vending business but are not sure on how to start it. This business gives you a wide range of choice to choose from both in terms of the kind of machine you would like to purchase and the kind of product you would like to dispense in it. Since there are no boundary restrictions, you can install these machines in different locations.
The toughest challenge faced by existing as well as new vending operators is finding a perfect location. Yes, though this might sound to be very simple it is in fact a very crucial decision that determines the success or failure of your business. Almost anyone can buy a vending machine but what is vital here is expanding and placing your machines at new locations on a regular basis.
Investing on a vending business itself means that you would like to constantly grow your business by adding more number of machines and by reinvesting your earnings. The main concern of every vending operator is to buy a vending machine and install it in a high customer traffic location and use the returns generated from it either to pay off any debts or use it for reinvesting.
How do people make money in this business? How does this business work? This is something every new or upcoming vending operator needs to understand. The most common scenario which we often observe is that a vending operator installs his machine near a local business either for free of charge or pays some commission for selling his products. It is observed that profit margins are pretty high in this business. Thus vending operators stand to make huge revenue almost immediately.
Marketing activities also need to be taken up in order to boost your sales and drag more number of customers towards your machines. However, this is not mandatory for those operators who dispense branded products in their machines. Maintenance and prompt refilling of machine helps operators in offering high quality products to customer. These aspects are an assured way to success.
To get more advice on starting a vending business, get in touch with Planet Antares staff.
Labels: planet antares, planet antares vending
Role of Location in Vending Business
Location no doubt plays a very important role in the success of a vending business. Just like any other business model, this business also requires a lot of ground work. A thorough market research is mandatory to make this business a huge success. This market research helps you in gathering information on which you can further build your business.
What is that customers look for? Which products have maximum demand? What kind of vending machines have maximum demand? How many operators are existent in your locality? Market research provides answers to these and many other questions. Taking up vending business is in itself one of the biggest challenges faced by operators. One thing about this business is that you do not require any special skills sets and knowledge. This is the most realistic business where you get a chance to learn from your own mistakes.
However, there are few aspects which operators need to bear in mind before finalizing on vending location:
• Accessibility: Is the location easily accessible. There is no point locating your machine in a place where there is hardly any customer traffic.
• Visibility: There should not be any problem in locating the machine. It is always better to place your machines in places where people wait for some time. For instance you can place your machines near rest rooms or entrance of a hotel or near the reception. Planet Antares machines can help in visibility factor as well as these machines are stylishly built and attract a lot of kids.
• Transport: Refilling the machine should be done promptly in order to ensure smooth flow of business. The main aim of any vending operator is to make sure that his/her customer does not return empty handed. You need to restock your machines at times so make sure that it is not too far from your regular vending route.
These small things if kept in mind can make your business a huge success.
Labels: planet antares, planet antares vending
How to Prevent Yourself from Becoming Prey to Vending Scams
Where there is scope for making money, there is a great chance for being cheated there. In case you are novice to this industry make sure you do not get carried away by misleading information and false commitments given by vending companies. There are various ways in which you might be cheated by these people. For instance: few companies try to force you by saying that there are some special offers which are about to expire if not availed immediately. This is just a business tactics since if the company is really earnest, it will allow you to take enough time and buy the product after you have thoroughly investigated about their company.
How can you protect yourself from such scams?
• Never make hasty decisions. Take your own time before doing anything.
• Gather proper information about various companies and products offered by them.
• Ensure that you have all earnings in writings since any earning claim above $500 needs to be in writing. It should also include the number and percentage of recent customers who have earned at least as much as the company claims to have.
• Ensure that all assurances and warranties mentioned by the company are given in writing.
• Find the exact location where the business is based. Contact Better business bureau in that city in order to check for how long the business has been filing with BBB and also look for any complaints registered against the company.
• Contact attorney general office in the state in which the company is based in order to see if there are any outstanding issues against the company.
• Browse the net in order to find about other companies selling similar products. Also check if there are any negative postings against this company in the net.
• Ask for contact names and numbers of various customer care centers.
Proper planning and cautious approach towards this business can prevent you from falling prey to scams.
Labels: planet antares, planet antares vending
Reasons for Growing Popularity of Planet Antares Vending Machines
What was one used for selling selected products is now used for dispensing almost everything. There is hardly any product left which cannot be sold using a vending machine. What makes these machines so popular? Of course the benefits associated with these machines. Apart from benefits, ease of operation, convenience of usage and instant and prompt services are some of the unique features of this business.
Let us look at some of the highlights of this business:
• High profit margins: This business has extremely high profit margins when compared to any other business.
• All cash business: Vending is a complete cash business. There is no scope for bad debts or out standing amounts. Revenue gets generated from the moment the Planet Antares machine is set up.
• Additional source of income: You can continue with your regular job and take up vending business on a part time basis. Once it clicks, you can gradually expand this business by reinvesting the profits generated by the existing machines.
• Flexibility: This business provides allows unique flexibility in terms of working hours. You can service your machine whenever you have time. Moreover there are no fixed working hours and you can operate your machines round the clock.
• Sales personal: You need not appoint any sales force. Your machine does sales 24 hours a day and 365 days a year.
• Advertising costs: This business does not require huge advertising or marketing costs. Most of the advertising is done by customers through word of mouth.
• Instant cash: Revenue generation starts instantaneously from the moment you set up your machine in a location.
• Tax advantages: You also have the tax advantage from this business.
Another reason for increasing demand is, it does not ask for any special skill set in order to take up a vending business. More over it is perhaps one of the very few business opportunities that allows you flexibility in terms of its operation.
Labels: planet antares, planet antares vending
