Most Common Mistakes a New Vending Machine Operator Does

Most Common Mistakes a New Vending Machine Operator Does

Everyone starting their own vending machine business wants to avoid common errors and mistakes. That's why it very important to learn from the mistakes of others, this will give you the upper hand in starting your business. Here are some common mistakes a new vending machine operator usually makes:

Miscalculation for the return of investment. Most entrepreneurs who are just starting the vending business are usually misled by the vending suppliers who claims that the starting capital, which is usually the cost of the machine are returned from its profits immediately after six months. Although it is also possible that the investments can be returned in as early as three to four months for veterans in the industry. However, you need to consider the fact that starting entrepreneurs has a lot of problems to face in the process of running their vending machine business such as constant scouting for new locations. You must consider these delays so it's safe to assume that the return of capital may take as long as one year or even more.

Selecting simple machines or models. Others usually buy the cheapest machines and the simplest models. These machines may be cheap but you should also consider the income it will generate. Your machine should be able to stand out most especially in areas where vending machines are competitive.

Buying several vending machines when starting the business. Some might easily get excited about earning hundreds of dollars per machine, that's why they tend to buy several machines. This is usually one of the bad moves in starting the business. Since you're new, you still need to see and experience first hand on how to run the business.

Purchasing machines through credit or leasing. This must be your last resort when starting your business. Remember when you purchase your machine through credit there might interest rates that will virtually affect your profit. It is much better to buy pre-owned and refurbished machine rather than buying the machine through credit.

Placing the machines in the wrong locations. Since location is one of the most essential factors in vending business, you need to give a considerable amount of time to plan on where to put your machines. You can easily spot good locations; it is where people are usually passing. However, you must also consider if that specific area needs or wants to purchase the products you are selling.

Product overpricing. Other businesses tend to over price because they over estimate the buying capacity of the people on certain location. Never ever do this for you may lose potential customers. A good way to identify the buying capacity of a certain location is through surveys, asking some questions like: how much would you pay for a soda? Through survey you will not only know their buying capacity but also the some general information like their preferred brands which is a big help for your vending business.

Not servicing the machine frequently. It is very important to service the machine at least once a week or once every two weeks depending on your products. You must re stock and clean the machine every now and then so that it will always look presentable and well taken care of. Customers are often observant and choosy. They are more likely to buy on a clean and full machine rather than a dirty and almost empty machine.

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