adamc subscriber Posts: 11
edited October 2008 in Selecting a Business
Anyone have experience in the vending machine business? I just got home from the store when I noticed two kids freaking out at mom until she handed them 50 cents each so they could get a cheap toy. I am doing some hunting online right now but if anyone has any experience let me know!
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If you do move forward, try odd locations like doctor`s offices. Our kid`s dentist gives them a tolken if they are good for the checkup and they can get a toy from the machine. You`d just have to basically sell the toys to the doctors and maybe they can help make sure it is stocked.
if you are determined to get into this, consider buying used machines. better yet, look for existing vending businesses being sold. this way you will have some numbers to work with. make sure they are audited statements...or do your best due diligence to validate the numbers.
overall it is a saturated business. as greenchip said if you have a distinct product you may be able to set yourself apart. but you still have to deal with the product management, maintenance and other issues. for something like this it would make most sense to talk to someone already in the business. read online on forums and discussion boards about people`s experiences in this business.
ideally, a good way to run your business would be to own several of these and hire a full time "manager" to conduct the management and maintenance. you will have to do a cost benefit analysis to see if this can put $$$ in your pocket at the end of the month since you have to pay someone regularly.
it`s a tough one you`ve picked...but i am sure it can be worked..
But scope out your local market and determine if there is a real need before making your final decision. Chances are there is already a vending machine at every decent location.
Best of Luck
please update us with your progress? my father is interested in this and i am doing my diligence in helping him out. i remembered your question just last week as i was ready the USA today (archives available online if you want to check it out). on the cover there was a story about teaching kids entrepreneurship through children TV shows like sesame street. the article featured a young girl (probably 10 -12 yrs old at most) who owns her own candy ball vending machine!!! she was banking indeed!
do update us?