When you start a vending company, the first thing you want to do is outline the mistakes that you can avoid, to ensure your future success. We’ve outlined the top 5 vending machine business pitfalls new vending machine operators make when first starting out, in hopes you can avoid them:
Inaccurately Calculating Profits
Projecting higher profits than reality can really inhibit your ability to push your vending business further. A safer method is to underestimate your profits, so that you don’t exceed the anticipated spend for the year. The cost of your vending machine needs to be allocated for at least a year in order to be safe in the profit realm. In reality, most vending machines earn back their costs through sales in 12 to 14 months.
Placing Vending Machines in Low Traffic Areas
Priority needs to be placed in your location. It needs to be one of your top priorities when installing a new vending machine. High traffic areas are your best bet when it comes to location, that way the products inside of them can be seen and purchased by your consumer. Make sure the location is properly lit, safe, and easily accessible to everyone.
Ignoring the Buying Habits
Know your base. If you notice that a certain product isn’t selling, try changing the pricing, and vice versa for products that are selling well. Keep in mind your consumer, their buying power, and their purchasing habits – this will help keep your products moving faster and more frequently.
Choosing the Wrong Vending Machine
No matter what type of location, the vending machines supplied by eVending are perfect for expanding the reach of your brand and bringing in additional revenue. Whether you are buying your first vending machine or are looking to widen your vending presence, our affordable vending machines will have you turning a profit in no time. As easy to operate as they are to maintain, our combo vending machines are ideal for all types of establishments, both large and small. From waiting rooms to break areas, our products provide the best in refreshment when it is needed most.
Failing to Service your Vending Machine
A broken or dirty vending machine will not gain the trust of your consumer. Keep your machines functioning properly by regularly scheduling service to them, so your consumer can rely on the efficacy of your vending business. It’s better to keep your machine up to date and running, than constantly running behind schedule trying to fix problems after they happen.
For all of your more realistic vending machine needs, eVending is here for you. Contact us today with any questions regarding vending machine owner mistakes you may have.