If you are thinking of venturing into a simple business, which is irrespective of the educational background you belong to, then starting a Vending Machine business is a very good idea. It is one of the few businesses which are known to be a profitable pursuit. But before starting any business, you should understand and research about everything related to this business. Understand and evaluate the pros and cons of a vending machine business. It is a business which needs little effort to start and if all goes well, you can convert little efforts into large profits. There are different types of vending machines you can use, such as candy vending machine, food/drink vending machine, claw machine, etc. If you are just starting out you should start with one to get your feet wet, maybe a claw machine would be the best choice for a beginner. Searching online, you can find a lot of reputable websites offering claw machine for sale, but be sure to do some research on the company you are planning to buy from. Everything which is simple and easy on paper may not be so. The other name for putting up your own business is taking risks. And so if you are planning to do this business, then be prepared to take a little amount of risks, because a vending machine business comes with some potential risks too. So below are some of these points which come under both the pros & cons of a vending machine business:
1. Easy and low investment startup
Yeah, you can manage starting this business with a very less capital, even you don’t have to worry about the set-up and start-up costs unless you are rooting for a high and bigger machines and that also on a larger- scale.
2. You are your own boss
Well, here there is no need of a line and staff type of organization, no need of people working in such type of business. You can hence be your own boss. Also, this business can be carried on even as a part-time too.
3. Only Cash Payments
Now, this is the major plus point. Since customers can only pay in cash, you don’t need to worry about how to handle and negotiate with the bounced checks.
1. Faulty location of your machine
Placing your machine in a right and proper place is the key to success if you are venturing into such business. You cannot place a toy selling vending machine in front of a Pub. Also, it is very difficult to find a good proper place.
2. Robbery and Vandalism
This thing could happen every time, and special care should be taken to stop this.
3. High Repairing Cost
Replacing the worn out parts of these machines can cost a very big amount which may further affect your profit.
Though this is a passive business, you should have some knowledge about how to handle this business in any situation.