People are finding new and innovative ways to earn money nowadays. Side hustles, part-time jobs, and small businesses are becoming more popular than ever. People are maintaining these alongside their main business or employment, multiplying their income streams.
One such great chance at a small business is a Vending Machine Business. It takes a lot less investment than regular large-scale businesses and generates a steady revenue if placed at the right places and with the right things.
Unicorn Vending is one such company in India that guarantees to help you start your vending machine business. They are one of the best vending machine suppliers that provides various automated vending machines with better and advanced options.
So, using that along with some other guidelines we will ensure that you build yourself a very profitable Vending Machine Business.
So, let’s start!
What Is a Vending Machine?
Now, before anything else, we first and foremost need to understand what a Vending Machine actually is. The knowledge of our product is the first step in any business after all.
A Vending Machine is an automated machine that is situated in popular spaces to provide people with basic and well-demanded products.
Those products can vary from snacks to beverages, or anything. The user just needs to insert a certain amount of money written for their chosen product, select it and they will soon get their desired snack or item.
How Does the Vending Machine Business Work?
A vending machine is typically placed strategically in a highly populated location. However, the location should be chosen carefully, ensuring that no malls or large stores are nearby, as they might increase competition.
Rather one needs to find a place where people spend a lot, and have no immediate source of snacks. For example, offices, schools, and hospitals.
The products you choose to have inside should be in high demand and popularity. Rare items might or might not be sold completely by the end of the day.
This whole business requires little to no labour or supervision and would help you earn a lot of money with just some meaningful strategy and maintenance.
Why Starting a Vending Machine Business Is a Great Idea?
Now, there are many reasons why starting your own Vending Machine Business can be highly profitable and a great choice. Especially in a world where you can earn money where businesses usually take crores of initial investment.
1. Cost
One of the major difficulties faced while starting your own business is finding investors. Very few people have the wealth to start a business. That becomes one of the main reasons for people giving up on their dream of starting a business.
But with this Vending Machine Business, you get to overcome that very main issue. You can get a vending machine at a relatively low price as compared to other businesses.
2, Passive Income Potential
Vending Machines are a great source of Passive income. They require a lot less maintenance as compared to other business ideas. Once properly placed and started, it helps you get money, without actively investing your time in it constantly.
3. Scalability
All businesses start low! So do the Vending Machines. You can start with just one vending machine. It will provide you with much money if situated properly. That very money can become the money required to further open up more such vending machines in other populated places.
You can start your own Vending machine franchise for different products like snacks, newspapers, and even tickets and books.
4. Flexible Business Model
Unlike many other businesses, a vending machine is very flexible. You can either go for opening full time, or even for half time. It’s your own call to make. You don’t need to dive into this business fully or stay aware 24×7. Whatever is the condition, it is there to provide you with a side income.
5. Cashless Payment & AI Integration
Traditionally Vending Machines only accepted cash and coins as their payment. But with the rise of a modern world, filled with digital payments and AI integrations, the vending machines were also required to step up their game.
They are now being designed with the large user base in mind, who often do their payments in caseless methods like UPI, credit or debit cards. With AI, we ensure to reduce the waste of those products and improve your overall profit.
Types of Vending Machines for Maximum Profitability:
Vending machines come in various types. Not every Vending Machine sells the very same thing. There are Vending Machines available all over the world for various products. So, let’s dig deeper to learn about all the options you get to start your own Vending business.
Traditional Snack & Beverage Machines:
These are the most famous and popular available Vending Machines that you might encounter almost everywhere. People most often buy from them, and that makes them a very reliable option. Especially for your first time investment in this business.
They sell popular snacks and beverages like cold drinks, coffees, chocolates, chips, etc. They usually have products from famous companies to increase their sales.
Healthy Food Vending Machines:
Now, while snacks and beverages appeal to the majority and the public, many users might look for a better, healthier option. Having a Vending Machine that sells healthy food options like fruits, mixed nuts, protein bars, etc.
Coffee & Hot Beverage Machines:
Many people working in offices or hospitals need a quick hot refreshment to take away their stress and exhaustion. This is where these coffee and hot beverage machines come in. Office vending machines would increase your sales by a lot.
Specialty Vending Machines:
Now, while we have already covered many of the more common Vending machine options, we also need to look into some special preferences that some people might have. For example, many could be attracted to buying some pretty accessories, toys, or personal care products.
Having them available at a cheaper price and near our eyesight can prompt them into buying these. This makes this type of vending machine also an interesting option to have.
Smart AI-Powered Vending Machines:
We are now in a world, where AI is involved with almost everything. Well, the same can be said for the AI-powered Vending machine that we can have. These help keep track of the stock automatically, and will also help set a proper price for our products.
Steps to Start a Vending Machine Business:
Now, all these discussions of Vending machines and their benefits and types. With all these done let’s move further into the planning steps. Let’s see what are the steps to start a vending machine business.
- Step 1: Research & Planning
- Step 2: Choose the Right Vending Machine
- Step 3: Find the Best Location
- Step 4: Stock the Machine with Profitable Products
- Step 5: Set Up Payment Systems
- Step 6: Maintain and Restock Regularly
- Step 7: Market & Expand Your Business
Advertise your business on various digital platforms like YouTube, Instagram, etc. This will help promote your vending machine, and attract more audience.
Best Locations for Vending Machines to Maximize Profits:
Some of the best places to locate your vending places are:
- Hospitals
- Schools
- Offices
- Gyms
- Rental stores
- Tourist places
Conclusion:
Finally, we have come to the end of our article on Vending machine business plans, especially for Indians. We discussed many important steps that you need to take note of to have a successful vending machine business.
First, find yourself a good location to place your vending machine in. Choose the type of vending machine that will give you the maximum profit according to the place that you choose. Store and regularly refill it with all the profitable products.
Unicorn Vending is such a great choice for buying a Vending Machine in India. Go forward with this plan, and you will surely have yourself a successful business at hand.
