How I Run a Successful Vending Machine Company at 24

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Setting up a vending machine business involves several key steps to establish a professional image and ensure smooth operations. Here's a comprehensive guide on the essential elements you need to consider:

Business Phone Number:
Choose a reliable service such as Freedom Voice, Google Voice for Business, or RingCentral.

Business Email:
Opt for a professional email service like Google Workspace for business email, collaboration tools, and cloud storage.

Business Address:
Select a virtual office or mailbox service from options like iPostal, Regus, Alliance Virtual Offices, or Anytime Mailboxes.

Business Bank Account:
Choose a well-established bank with business account services, such as Chase, Bank of America, or Wells Fargo.

Create a Domain for Your Business:
Build an online presence with a domain from platforms like Wix, GoDaddy, or Squarespace.com for domain registration and website creation.

Create Your LLC and Get Your EIN Number:
Utilize reputable services like Incfile, Taylor Brand, or LegalZoom for LLC formation and legal services.

Choose a generic yet memorable business name to ensure future growth potential.

Now that your business infrastructure is set up, let's move on to finding a suitable location for your vending machine:

What Makes a Good Location
Seclusion:
Less competition in quiet areas.
Increased visibility for your vending machine.
Potential for customer loyalty due to limited options.

Long Hours:
Higher patronage in locations where people stay for extended periods.
Increased visibility and repeated business opportunities.

Foot Traffic:
Estimate daily foot traffic to gauge potential sales.
Consider weekday and weekend variations.
More foot traffic increases the potential for vending machine sales.

Finding Locations
Driving for Dollars / Asking:
Knock on doors of local businesses like barber shops, salons, restaurants, and daycares.
Start small with smaller businesses in your local area.
Network through friends and family for personal connections.
Buying Vending Machine on Location:
Explore platforms like Facebook Marketplace for vending machine locations.
Act promptly on good deals and be cautious about potential challenges in specific spots.
Negotiate smartly and assess potential profitability before making a purchase.

How To Purchase Vending Machines
Online Platforms:
Utilize platforms like Facebook Marketplace, OfferUp, and Craigslist.
Expect a price range between $300 and $700 for used vending machines.
Thoroughly inspect machines and beware of scams.
Vending Machine Warehouses:
Higher cost but offers comprehensive services, including moving, warranty, and professional support.
Exercise caution and verify legitimacy to avoid scams.
Evaluate deals carefully and avoid transactions that seem too good to be true.


Card Readers
MDB Compatibility:
Ensure vending machines are MDB-compatible for cashless transactions.
Be aware of card reader charges, including purchase fee, transaction fee, and monthly fee.
Evaluate the impact on profits, consider pricing strategy, and assess market demand for cashless transactions.

FAQ
Commission:
No commission paid; any rejected commission is added to the product price.
Vending Machine Repairs:
Use a toolbox for seamless repairs, or hire a vending machine repair person if needed.
Choosing the Right Location:
Ask for bank statements if the vending machine has card readers.
Assess foot traffic during busy times and talk to customers or employees.
In conclusion, following these steps will help you establish a solid foundation for your vending machine business, from setting up the necessary infrastructure to finding suitable locations and purchasing the right vending machines. BBB