Time is the new money – people are working longer hours than ever before in an attempt to meet the ever increasing financial demands of their lives. There isn’t a person among us who isn’t thinking of a way to stretch our money further. We are stretching those rands about as far as they can stretch before they reach breaking point. We all need a way to earn extra income.
So is the vending machine the side hustle that keeps going on the side without your input? Not exactly. You do need to purchase your stock and fill your machine – you are the small business owner and will need to plan and strategise from day one. You do need to have an idea of where you would like your machine situated – it makes sense to have it within travelling distance. It also makes sense to purchase your machine from a reputable business with a solid history in vending – a company who are invested in advising and assisting you on how to run your small business. Yet filling and stocking a machine is a nominal percentage of time in return for the profits that a machine in a good site is able to make.
When you consider the return on investment on other products such as Bank fixed deposit (6%) and the Stock Market (± 20%), The Return On Investment of ± 40% per annum can be achieved on cash purchase of a machine is highly favourable. It makes good business sense to invest in vending as a small business opportunity.
Today machines can be fitted with telemetry in the form of credit and debit card machines. There are a few reasons why those in the vending business strongly advise this – firstly it removes the risk associated with a cash only business. Secondly, not everyone carries cash – having a card option on your machine makes it more accessible to those who don’t have cash on them. Thirdly this sophisticated technology can also be used with staff and student cards alike. As a business owner telemetry makes it possible to check remotely what sales your vending machine is doing.
Many businesses welcome the opportunity to have snack vending machines on their premises as it yields higher productivity levels buy reducing the amount of time lost as employees wander to the shop or canteen during working hours. As a result vending machines are frequently described as an invisible asset. Furthermore, in the move towards healthier living, there is great profit to be made in a healthy foods stocked vending machine which is well managed and maintained.
Vending machines are definitely a flexible business option but the profitability does depend on various factors such as the type of vending machine, the products being sold, the location that the machine is in and the marketing and customer service efforts. Good inventory management, cost control, and effective marketing can all contribute to the success and profitability of a vending machine business.