3 Myths of Starting Your Own Vending Machine Business

Saturday, September 8, 2012

3 Myths of Starting Your Own Vending Machine Business

Maybe you hate your job and your boss is crabby; maybe you need to earn a little extra income to pay off those student loans; maybe you’re just infected with the entrepreneurial spirit and want to give something new a try. If this is you, starting a vending machine business may be an attractive option. However, there are a few myths you should know about, before tackling this kind of new small business venture.

MYTH 1: The vending machine business is an easy gold mine. 

FACT: Well, yes and no. Yes, it is a great business, and yes, it is fairly easy to get into. You do have the potential to be very successful, but the same can be said of any other start-up. This is not a plunk-down-machine-go-collect-$200 job like some would have you believe. Vending is a lot of hard work that involves finding locations, negotiating with business owners, cleaning, maintaining, restocking machines, and keeping track of a crazy number of keys. All of this can be difficult and time consuming, which brings us to:

MYTH 2: You have to quit your day job in order to start and maintain a successful vending business.

FACT: Don’t sell the bike shop, Orville. Because vending does require a lot of time and effort, it may be tempting to throw all your chips in to try to make a greater profit sooner; however, it is possible to start out with a smaller route with a few machines and build it up from there. Get your feet wet in the business and get a feel for what the demands of the business are and what you can handle. Start-up costs can be as little as $3,000 and you can work on the side while still keeping your day job.

MYTH 3: Vending machine business opportunities (biz ops) are a safe and profitable option for those just starting out in the business. 

FACT: These biz ops, which require a large amount of capital up front ($10,000-$20,000) and promise to give you a bundle of machines and help you get started, are scams. You will be out a lot of money if you get taken in, so do your research and be careful who you buy your machines from.

It takes more than a wish and a sigh to materialize your dreams of having a successful vending machine business; in reality, it takes a lot of old-fashioned elbow grease. Vending can indeed be profitable and satisfying, but make sure you have a solid understanding of the factors involved before wading in.

About the author:

Stacy Lewis is an entrepreneur who loves writing on vending machine business.

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