What Do I Need To Start A Vending Machine Business – Do you want to know how to start a vending machine business? Lately, I’ve been hearing a lot about starting a vending machine side hustle and how it can be a pretty passive income. So, I wanted to do some research and see what I could learn about the subject. Lakinya Francis, from iKrave Vending,…
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What Do I Need To Start A Vending Machine Business
Lately, I’ve been hearing a lot about starting a vending machine side hustle and how it can be a pretty passive income.
This 28 Year Old Built A Side Hustle That Brings In $30,000/month: ‘i Only Have To Work 6 Hours A Week’
Lakinya Francis, from iKrave Vending, is an expert in this area, and earns $7,000 to $10,000 per month from vending machines, and I interviewed Lakinya on how you can start a vending machine business yourself
Today’s interview will help you get started and maybe introduce you to a new way to earn extra income.
You can click here to know more about Vending Machine Business Online Training Courses offered by Lakinya.
How to start a vending machine business Please give us a little background on yourself and how you got started.
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Hi, I’m Lakinya from Miami, Florida. My background is simple, I went to college in Tampa FL at USF (University of South Florida) after I graduated I moved and became a middle and high school teacher for 4 years. I decided to switch gears and get a more secure job with the State government. This is when I have the urge to find something on the side to do!
I researched a lot of things that were realistic to get started, cheap and didn’t compromise my day job. I discovered marketing in 2016, marketing was not a popular topic at the time. So, I literally just decided one day to buy some machines and go from there.
Of course, if you start something without knowledge or guidance you will be forced to learn from your mistakes.
I started with five used vending machines located at a large tile manufacturer and a mechanic shop located in Downtown Miami. I sold these machines with the location attached after two years. I was able to sell the machines with the location for $2,000 more than I originally paid.
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After that, there was a time when I didn’t have machines until I saw the groundbreaking in my local city of a new entertainment district. This center will be a movie theater, bowling alley, restaurant, family entertainment with indoor amenities.
I did my research and found the project manager and set up my sales services and that’s how I got this great deal on eight machines. Since this is a big investment up front, I partnered with a family member to help with the cost and let him maintain the location.
This location contains many teenagers every weekend and families of course so it is always full of people, these machines generate an average of $7,000 to $10,000 a month.
With marketing it’s all about having the right location! The key is to find a location where there are always people.
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In the next few months, we are looking to manipulate special sales. Here you can generate many marketing opportunities. My brother is an active fisherman and has come up with the idea of putting live bait and tackle in vending machines all over Key West, Florida. This is something we are working on now, of course finding a location is the most important part.
My ultimate goal is to completely transition away from snacks and drinks and focus on live bait and tackle vending machines in Key West and other South Florida fishing locations.
It’s not 100% passive but the best part of the vending machine business is that the machine is your employee! You don’t have to worry about anyone calling or any of the traditional concerns that employees have.
Vending is a billion-dollar business and will continue to grow, especially with all the automated and contactless features that vending machines offer.
How To Start A Vending Machine Business
Take a moment to think about where you live. Cities continue to grow more and more every year.
How much does the average vending machine make in a day? How much does a vending machine make in a month?
When it comes to how much you can make from a vending machine, the first thing to consider is that the machine is placed in a location with enough foot traffic.
If the machine is in a location with good foot traffic you should be making between $500 to $600 a month. That’s average.
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There are a few locations that do that every week. It’s all about the foot traffic where the machine is located.
You can make thousands a month with vending machines that sell the right products in the right location!
When people think of vending machines they often think of snacks and drinks. While this traditional type of marketing will always be around there are many other options to really make some good money.
Imagine this, you’re on vacation in South Beach and you forgot your flat iron. The first thought is to find a beauty supply store and buy one. But, what if the hotel has a beauty supply vending machine? Selling items like flat irons, hair extensions, combs, brushes, hair gel and more. You just buy the machine, right? Now, think about how hotels in some cities are always occupied like Miami Beach. You can easily make at least $1,500 per month from a beauty supply vending machine.
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Another ideal place to put a beauty supply machine on a college campus is in the dormitories. You can even add beauty supplies for men. Consider the number of students without cars.
Other options could be laundry products, live bait and tackle, CBD, school supplies and more.
Let’s say you want to sell beauty products from a machine. You can get a used snack machine and add a credit card reader to it for about $2,000.
Now if you want to brand your machine with your logo or brand colors add an extra $500 to that.
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If you want a new machine with all the bells and whistles it will cost you about $5,000 including a credit card reader installed.
Office buildings, apartment complexes, laundromats, churches, summer camps, boys and girls clubs, schools, doctors’ offices, break rooms in businesses with at least 50 employees.
What is your typical work schedule? How many hours does it take per week to run a vending machine business?
Most people with vending machines have 9 to 5’s and it’s a side hustle. The great part about it is that it can be done in just a few hours per week.
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For example, maintaining five machines at two different locations takes about 2 to 3 hours. That’s traveling to locations and stocking machines.
One thing to consider when looking for a location is, does this location work with your work schedule. So, if you work from 9 to 5 and location operations are 8 to 6 this is not a compatible location, unless you have someone to help you stock the machines.
You have to consider your schedule and ask yourself, do you have time to go and stock a machine every week? Sometimes, you try to place your machine in a location and it doesn’t work.
Depending on where the machine is located it can be a high risk of vandalism. Although this is not a common thing to happen. But that’s for insurance.
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Another con is that you have to share a portion of your profit if the location asks. Some places you have to pay rent, like a mall.
Vending machines make money from day one, but it takes some time to return your investment. In fact, it can take six months to a year.
In general, the vending machine business like any other business with the right location and the right preparation you can be successful.
Then based on that type of marketing you want to focus on ensure a location that is compatible with that type of marketing.
When Were Vending Machines Invented?
The most important part of the business is placing a machine in a location with high foot traffic.
You also need to know what products you will sell and where you will buy them.
Do you have any other tips for someone who wants to start a vending machine business?
Marketing can fit anyone’s lifestyle regardless of age, economic status or location. If this business model interests you, the biggest tip is to start looking at potential locations to put a vending machine.
Steps To Start A Vending Machine Business: Expert Advice And Startup Help
The Starter package includes a course on starting a vending machine business. A course on how to find a location with a location proposal and agreement template. I’ve included a 30-day starter plan to help with the goal
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