What does it take for a vending location to succeed; that is, to create and sustain sales? Having the right location isn’t the only factor, though it does help. Having a terrific product is also helpful, but that alone won’t guarantee growth. The newest, flashiest machines with the latest technology can also be a draw. Having a dedicated and professional staff for vending machine repair and maintenance is also important. Ultimately, a successful vending location has all these and more. Neglecting even one area may result in failure. Here are our tips, garnered from years of achievement and profit with vending machines.
- Have a well researched location to meet your needs. Whether your business model is focused on a high traffic area or on repeat business, it’s vital that you know what your business goals are before you select a location, not the other way around.
- Offer the best product your customers want. This seems somewhat obvious, but there is a subtle difference between the best products your customers want and the best products available. Knowing your consumer base, their spending habits, and their shopping predilections can prevent you from making an inconvenient and costly mistake in stock.
- Take advantage of technology, not the other way around. From cash-free payment options to wireless enabled stocking and sales stats, the amount of data available to a vending machine operator is greater than any other time in history. Getting bogged down in this much information is a real concern, as is trying to launch fancy technological advances in locations that may not have the right user base.
- Maintenance saves money. While every item we own may break at some point in its life, the value of preventive vending machine repair and maintenance cannot be overstated here. A broken machine is at best a fancy column to lean on, and at worst can actually cut into your bottom line.
Ultimately, your success, achievements, and profit as a vending machine owner or operator is limited only by the amount of research, diligence, and elbow grease you are willing to put in. That’s part of what makes vending machines such an appealing line of business–the ability to dictate your own business and results.