Biggest cons of vending machines?
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When they take my money and don’t give me my food
Differentiation is crucial here. A friend of mine had a few vending machines selling healthy snacks right next to your typical soda/sugary snack ones and he made pretty decent money. Not comparable to his full-time income, but considerable.
I don’t think they would have done as well without the bad alternative right next to them. Just buy both of them, create your own micro snack monopoly!
Good question I’m considering getting in to this business too
The permits and that banks charge to deposit change
Bad business model if you put cars in them.
Have a friend who started in this space recently. It’s difficult to find optimal location that isn’t too far from you in order to have short travel time to restock and manage.
He’s been running 2-3 machines for a few months in the DFW area and hasn’t gotten more than $100/month from each machine. So seemingly unless you know a fantastic shoe-in location, there may not be a high payout for this side gig. That’s just based on what I know though
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Do people still use ATM’s, especially stand alone ones not at a bank? Maybe I’m out of the loop but I don’t think I’ve actually touched cash in maybe 6 months?
Profitable locations are already taken by big players, "B" locations at best is what you will get without an in. There are better ROI's out there. I owned a large coin operated amusement company, this advice is from experience.
What are better ROI options?
A con would be high commission charged by locations. A lot of location will charge you a commission for allowing you to place your machines there. Sometimes a necessary evil since you want good locations with lots of traffic
Or just walk in the business. But you’ll have to have a pitch adding value
I’m also considering it. What’s the best way to network to find people who might need these and do they charge?
Maybe you will get lucky and find an older couple that wants out to retire and you can step into on commission, then buy them out?