It’s always nice to pick up a little extra money on the side. However, a side hustle can sometimes be more trouble than it’s worth. However, when done right, a little side business can be a great extra source of income.
One way that people can make a little extra money with minimum effort is through vending machines. Simply purchase or rent the machine, fill it, and collect the funds. Vending machines in a good location can be very lucrative as everyone is looking for a snack. What’s more, some companies may pay you to put your vending machine in one of their locations. This means even more income! The best thing about vending machines is they really aren’t that expensive.
Snack Vending Machines
Purchasing a snack machine is typically a good first step for anyone interested in vending machines. Snacks are easy to move, sell well and have a decent shelf life. The most common snack items are sugary or salty. Chocolate bars and chips have been a staple of vending machines for a long time.
The most common option is to buy a machine outright. Prices for a snack vending machine typically will cost around $3,000. This price is for a new machine. However, there are also other options. Some people prefer to lease a machine for a monthly fee. The cost will depend on the length of the lease. Leasing is more expensive than buying outright, but it also means that what you’re purchasing is always fairly new and in good repair. Less chance of maintenance and breaking is always a good thing.
Soda Vending Machines
While snack vending machines are easy to operate, there are some additional costs when choosing a soda vending machine. Soda machines require more electricity due to the cooling that is required to keep drinks happy. This extra electrical cost will need to be incurred by the location.
Soda vending machines are often more expensive than snack vending machines. The cost of a soda vending machine is around $3,600. This is more expensive, but there’s often more opportunity for profit. Drinks typically come in at a higher price point, but there’s also a much higher profit to be made through a soda vending machine.
Things to Consider With Vending Machines
The first thing to consider with a vending machine is placement. It makes far more sense to determine your placement first before implementing the vending machine. Many local businesses can be an option, but it’s good to take stock first. For a vending machine to be useful and profitable, typically a business should have 75 or more employees for a snack machine. Soda machines can be stocked and left longer, but it’s still important to have at least 40 employees. If you’re placing in something like a hotel where the demand may be higher due to a lack of restaurant, a minimum of 20 rooms should be considered.
Prices can be dictated by the location, but if not, it’s good to determine a proper price. While it may seem obvious to try to get the most possible, the simple concepts of supply and demand do apply. Keep prices affordable and people may remember the location and return to buy more in the future.