Many entrepreneurs are attracted to the vending machine industry, and for good reason. The idea of a profit-generating device that requires very little maintenance and overhead is, itself, very compelling. In addition, vending machines are nearly everywhere — break rooms, shopping malls, offices — serving as a constant reminder that someone is making a profit from all of the sales being made. Who wouldn’t want a piece of an industry that grosses over £1.65 billion each year?
As we already mentioned, one of the most attractive aspects of vending is that it’s a source of passive income. The owner doesn’t need to be on-site for the machine to turn a profit, and maintenance and stocking of vending machines puts very little demand on the owner’s time. The Vend Box makes it even easier for owners to maintain their investments, as their connectivity to the cloud allows for remote monitoring of stock, price changes, and troubleshooting.
Since of the key ways to generate huge revenue from vending is through volume, this easy-of-use makes The Vend Box an ideal choice for the ambitious entrepreneur.
As you would expect, single vending machines don’t generate large amounts of revenue. A well-placed and thoughtfully-stocked vending machine can earn over £100 each week, which means that one would need to own a number of machines to turn a living wage.
When it comes to a winning vending strategy, there are a number of factors that come into play. Location plays a huge part in determining any single vending machine’s profitability. High-traffic areas with a demand for the product are essential — as goes for any business. This is why office break rooms and busy shopping malls are some of the most lucrative locations for The Vend Box.
It’s also important to consider the margin on the products being sold. Small candies often have the highest markup, but the lowest actual revenue (think gumball machines). One of the most profitable items to sell is soft drinks, which typically have the lowest margin (but the highest demand and actual profit.) Finding the right products for your location can sometimes be a challenge, but The Vend Box team is ready to help you find what works best!
As one develops their vending business, it’s important to adjust products, pricing, and even placement of the machines to optimize profits. The Vend Box has many ways to help a growing business to thrive, such as allowing on-the-fly price adjustments via the internet, eye-catching presentations, and even the ability to create bundled deals to help move slow or nearly-expired products.
Additionally, the media-rich nature of The Vend Box allows for a completely unique stream of additional income: advertising sales. You’re able to program The Vend Box with video or static ads and promotional offers, making it possible to sell advertising space or forge partnerships with other companies to further advance your growth.