Things To Avoid When Starting A Vending Business
- Date: 2007-10-23 - Word Count: 679
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If you want to have a very successful vending machine business then you nee to pay attention. There is more to having such a business than you might think, and the last thing you want are your machines to be sitting in your garage or drive way. Another negative scenario you want to avoid is having them in a location but nothing is selling. Such nightmares are unfortunately the reality of the vending machine business for many people because they fall into the pattern of common mistakes early in the game.
One of the biggest hidden dangers of operating a vending machine business is that it may not end up being successful for you. Now, you are probably reading this and thinking that there is no way you will let that happen. Well, you may not have a choice because these hidden dangers of the business I am talking about suck you in. It is like hitting a patch of ice on the highway that you had no idea was there. Before you know it you are spinning fast than then you crash hard.
You can definitely buy all the vending machines you wish but you are going to have to spend some time researching good locations for them. You are going to have to think out of the box on this one because you will quickly discover that many of the locations you think of immediately already have vending machines in place that are owned by someone else.
The other barrier you are going to run into is that the majority of the locations you have thought of to place your vending machines where others aren't have ownership that doesn't allow it. Now, you may be able to use this to your advantage if you have some excellent communication skills. Before you waltz into the establishment though and ask if you can place your vending machines there (and they say no like they do to everyone that asks that question) you need to practice and perfect your approach.
The offer you make with these owners in order to place your vending machines on their property need to be in writing. While a handshake to seal the deal was the way of the world at one point in time it doesn't hold up well today. Make sure you make the offer enticing enough for them to accept it but don't give them any more of your profits than you absolutely must. Start your figures lower than you really can go so they can give you a counter offer. They will be happy with their negotiation skills and you will still be getting a great deal.
If they want a very high fee in order to secure your vending machines in the locations try another approach. Explain to them that you are just getting started in the vending machine business and you really don't know how profitable it will be. Ask for them to consider a percentage of your profits instead of a flat rate. This way you don't end up owing them money if the vending machine location turns out to be a flop
When you do find a location for your vending machines that the owner will work with you on proceed with caution. You want to build a solid working relationship so go over all the details. Make sure both parties understand and agree to all the terms of the contract before it is signed. You may have to negotiate some issue before this can happen so try to be flexible. Don't blow the deal on petty points that really aren't going to affect your ability to make money with the vending machine in that location.
You also want to reserve the right to remove the vending machines from the property at any time. You may discover the location just isn't as profitable as you thought it was going to be. If you are locked into a contract for set period of time this could end up costing you money. It can also lead to your vending machine business not being profitable for you.
One of the biggest hidden dangers of operating a vending machine business is that it may not end up being successful for you. Now, you are probably reading this and thinking that there is no way you will let that happen. Well, you may not have a choice because these hidden dangers of the business I am talking about suck you in. It is like hitting a patch of ice on the highway that you had no idea was there. Before you know it you are spinning fast than then you crash hard.
You can definitely buy all the vending machines you wish but you are going to have to spend some time researching good locations for them. You are going to have to think out of the box on this one because you will quickly discover that many of the locations you think of immediately already have vending machines in place that are owned by someone else.
The other barrier you are going to run into is that the majority of the locations you have thought of to place your vending machines where others aren't have ownership that doesn't allow it. Now, you may be able to use this to your advantage if you have some excellent communication skills. Before you waltz into the establishment though and ask if you can place your vending machines there (and they say no like they do to everyone that asks that question) you need to practice and perfect your approach.
The offer you make with these owners in order to place your vending machines on their property need to be in writing. While a handshake to seal the deal was the way of the world at one point in time it doesn't hold up well today. Make sure you make the offer enticing enough for them to accept it but don't give them any more of your profits than you absolutely must. Start your figures lower than you really can go so they can give you a counter offer. They will be happy with their negotiation skills and you will still be getting a great deal.
If they want a very high fee in order to secure your vending machines in the locations try another approach. Explain to them that you are just getting started in the vending machine business and you really don't know how profitable it will be. Ask for them to consider a percentage of your profits instead of a flat rate. This way you don't end up owing them money if the vending machine location turns out to be a flop
When you do find a location for your vending machines that the owner will work with you on proceed with caution. You want to build a solid working relationship so go over all the details. Make sure both parties understand and agree to all the terms of the contract before it is signed. You may have to negotiate some issue before this can happen so try to be flexible. Don't blow the deal on petty points that really aren't going to affect your ability to make money with the vending machine in that location.
You also want to reserve the right to remove the vending machines from the property at any time. You may discover the location just isn't as profitable as you thought it was going to be. If you are locked into a contract for set period of time this could end up costing you money. It can also lead to your vending machine business not being profitable for you.
Related Tags: work at home, business opportunities, business, employment, vending, vending machine, vending locations, how to start a vending business, coin op, bizop
Robert Farnham was a veteran vending owner/operator. He now writes all about his experiences starting a vending business the wrong way, and finding vending locations, on his websites. Your Article Search Directory : Find in Articles
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