How To Make an Extra $5000/MONTH With Vending Machines
Summary
TLDRIn this informative video, Don Lama shares his expertise on starting a successful vending machine business in 2024. He outlines the importance of structuring your business with an LLC, business phone, email, and bank account. Lama emphasizes finding the right locations with seclusion, high foot traffic, and long operating hours. He provides tips on pitching to potential hosts, leveraging social media, and negotiating smartly when buying vending machines. He also advises on the types of machines to buy, the importance of testing them, and using card readers for inventory and sales tracking. Lama's guidance is aimed at helping viewers avoid common pitfalls and set up a profitable vending machine business.
Takeaways
- 😀 Starting a vending machine business can provide a significant additional income stream, ranging from $1,000 to $55,000 per month.
- 🏢 It's essential to structure your business with an LLC, business phone number, email, address, domain, and bank account for credibility and potential funding.
- 📞 For a business phone number, consider services like Ring Central, Google Voice, or Freedom Voice.
- 💻 Use Google Workspace for a professional business email to replace generic email addresses like '[email protected]'.
- 📫 A business address is crucial for privacy and professionalism, and can be obtained from services like iPostal, Regus, or Alliance TimeMailBox.
- 🏦 Opening a business bank account with an existing bank can simplify financial management for the vending machine business.
- 🌐 A business domain and website, obtainable through platforms like Wix, Squarespace, or GoDaddy, are key to appearing professional online.
- 📝 Registering for an LLC and obtaining an EIN number through services like Incfile, Taylor Brands, or LegalZoom is a foundational step for the business.
- 📍 Finding a good vending machine location is critical, looking for seclusion (minimal competition), high foot traffic, and long operating hours.
- 🗣️ When pitching to place a vending machine, offer the machine for free, handle service and repairs, and negotiate without paying commission initially.
- 🔍 Utilize 'driving for dollars', social media, and online marketplaces like Facebook Marketplace for finding and securing vending machine locations.
Q & A
What is the recommended business structure for starting a vending machine business?
-The recommended business structure is to form an LLC (Limited Liability Company) to provide legal protection and potentially allow for easier funding in the future.
Why is it important to have a business phone number, email, address, domain, and bank account for a vending machine business?
-These elements are crucial for establishing a professional image and separating personal from business operations, which can be beneficial for tax purposes, credibility, and securing funding.
What are some platforms to get a business phone number?
-Ring Central, Google Voice, and Freedom Voice are platforms where you can obtain a business phone number.
How does the speaker suggest obtaining a professional business email?
-The speaker suggests using Google Workspace to obtain a professional email that does not end with a generic service like 'gmail.com'.
What are some sources for obtaining a business address?
-Sources for a business address include iPostal, Alliance, and Anytime Mailbox. It's important to get a virtual office, not just a mailbox.
Why is it advised to have a business bank account separate from personal accounts?
-A separate business bank account helps in managing business finances, building a financial history for the business, and is a requirement for many banking services.
What are the key factors to consider when looking for a vending machine location?
-The key factors are seclusion (minimal competition), customer loyalty, foot traffic, and long operating hours of the location.
What is the strategy suggested for pitching a vending machine to a potential location?
-The strategy involves offering a free vending machine with the promise of filling up, servicing, and repairing it, and using a trial period if necessary to demonstrate its value.
What is 'Driving for Dollars' and how does it help in finding vending machine locations?
-'Driving for Dollars' is a method where you physically visit different locations to assess if they meet the criteria for a good vending machine location, such as seclusion, foot traffic, and operating hours.
How can social media platforms be utilized to find vending machine locations?
-Social media can be used to advertise the vending machine business, offering incentives for leads or referrals, which can result in people suggesting or providing locations.
What is the importance of word of mouth in finding vending machine locations?
-Word of mouth is crucial as it can open doors to locations that may not be accessible through traditional methods, leveraging personal networks and community connections.
What should be the approach when buying a vending machine from a location?
-When buying a vending machine from a location, ensure the machine is already operational, evaluate why the seller is parting with a potentially profitable asset, and negotiate a smart deal based on the machine's performance and cost.
How does the speaker recommend testing vending machines before purchase?
-The speaker recommends testing every coil and function of the vending machine with actual coins to ensure it works properly before making a purchase.
What are the recommended types of vending machines to buy and which to avoid?
-The speaker recommends Automatic Products (AP) and USI vending machines for snacks, and Dixie Narco Royal for drinks. Sega machines and combo machines with two doors are advised against.
What is the importance of ensuring a vending machine is MDB compatible?
-MDB compatibility is crucial as it allows for the use of credit card readers, which can increase sales by accommodating customers who prefer cashless transactions.
What are the roles and benefits of using a card reader in vending machines?
-Card readers track sales and inventory, enabling precise restocking (preting or pre-kitting) and potentially increasing sales due to cashless transactions.
How should maintenance costs for vending machines be handled?
-Maintenance costs are typically minimal and involve replacing parts like coin mechs or bill validators, which are usually straightforward and affordable.
What is the advice given for dealing with location commission requests?
-If a location requests commission, the advice is to position yourself as a service provider and negotiate to absorb the commission cost by adjusting the product prices accordingly.
How can one verify the profitability of a vending machine location?
-One can use card reader statements to verify the profitability, but it's also advised to do due diligence to ensure the trustworthiness of the owner and the accuracy of the statements.
What is the general advice on taxes for vending machine businesses?
-The advice given is to consult with a Tax Advisor, as the speaker is not a tax expert, and to treat it as a regular business, deducting all relevant costs from the annual income.
Outlines
🚀 Starting a Vending Machine Business
Don Lama introduces his successful vending machine business, which earns over five figures annually. He outlines the step-by-step process for starting a vending machine business in 2024, emphasizing the importance of structuring your business with an LLC, business phone number, email, address, domain, and bank account. He also advises on finding a business address through services like iPostal and Alliance Time Box, and registering the LLC through platforms like InCorp, Taylor Brands, or Legal Zoom. Lama stresses the significance of an early business structure for securing future funding.
🏪 Finding the Ideal Vending Machine Location
The second paragraph focuses on identifying optimal vending machine locations. Lama discusses the three key factors for a good location: seclusion (minimal competition), customer loyalty (convenience over nearby stores), and high foot traffic. He also highlights the importance of the location being open for long hours, preferably 24/7, to maximize usage. Lama shares his sales pitch strategy for convincing potential hosts to adopt a vending machine, including offering a trial period and emphasizing the benefits over traditional stores. He also introduces 'driving for dollars', a method of scouting locations by visiting various places and evaluating them based on the set criteria.
🗣️ Negotiation and Purchasing Vending Machines
In this section, Lama discusses the art of negotiation when purchasing vending machines, especially when buying machines that are already on location. He advises to be cautious and question why someone would sell a profitable machine. He suggests calculating the expected monthly income based on the selling price and ensuring the machine's performance aligns with this estimate. Lama also recommends buying from those leaving the area and shares his experience of purchasing multiple locations. Additionally, he touches on the importance of word-of-mouth marketing and leveraging social media to attract potential leads and locations.
🛒 Purchasing and Testing Vending Machines
Lama provides guidance on where to purchase vending machines, such as Facebook Marketplace, Offer Up, Craigslist, and warehouse outlets. He details the process of testing vending machines for functionality, including checking coin mechanisms, bill acceptors, and ensuring all product coils work. He warns against scams and emphasizes the importance of testing in person before making a purchase. Lama also advises on the types of vending machines to buy, recommending specific brands like AP, USI, and avoiding others like Sega. He stresses the importance of buying a machine only after securing a location to avoid idle, unprofitable machines.
📊 Utilizing Technology for Business Management
The fifth paragraph discusses the use of technology in vending machine management, particularly cashless payment systems like NAX. Lama explains the costs associated with installing card readers and how they facilitate inventory management and sales tracking. He introduces the concept of pre-kitting, which allows for precise restocking based on sales data. Lama also advises on ensuring that vending machines are MDB compatible for future upgrades and shares his decision to switch providers due to dissatisfaction with NAX's service.
📝 Business Operations and Frequently Asked Questions
In the final paragraph, Lama addresses common questions about vending machine businesses. He dispels myths about high maintenance costs, explaining that most issues are easily fixable and often self-inflicted. Lama also covers topics like dealing with commissions, ensuring locations are profitable, and the importance of due diligence when purchasing machines or locations. He advises on using contracts for legal protection and refers to a tax advisor for tax-related questions, emphasizing that this information is for entertainment purposes only and not financial advice.
Mindmap
Keywords
💡Vending Machine Business
💡LLC (Limited Liability Company)
💡Business Phone Number
💡Business Email
💡Business Address
💡Business Bank Account
💡Business Domain
💡EIN Number
💡Vending Machine Location
💡Seclusion
💡Foot Traffic
💡Commission
💡Driving for Dollars
💡Car Readers
💡MDB Compatibility
💡Pre-kitting
Highlights
Starting a vending machine business can provide an additional income stream of $1,000 to $55,000 per month.
Don Lama shares his experience of running a successful vending machine business with annual revenue over five figures.
To structure a vending machine business, it's recommended to establish an LLC for potential future funding.
Essential business elements include a business phone number, email, address, domain, and bank account.
Freedom Voice is Don's choice for a business phone number, and Google Workspace for a professional email.
A virtual office address from iPostal or Alliance TimeMailbox is advised to maintain privacy and professionalism.
Opening a business bank account with a familiar bank simplifies financial management.
Registering a business domain through platforms like Wix, Squarespace, or GoDaddy is crucial for a professional online presence.
Inkile, Taylor Brands, or Legal Zoom are services to register an LLC and obtain an EIN number.
Finding a good vending machine location requires seclusion, high foot traffic, and long operational hours.
A strategic pitch can secure vending machine locations without paying commission by offering a trial period.
Driving for dollars involves visiting various locations to assess their suitability for a vending machine.
Utilizing social media and word of mouth can generate leads for potential vending machine locations.
Purchasing a vending machine already on location can save time and effort on relocation.
When buying vending machines, ensure they are from reputable manufacturers and MDB compatible.
Testing vending machines thoroughly before purchase is essential to avoid scams and ensure functionality.
NAX and ort are options for card reader systems in vending machines, providing sales and inventory tracking.
Maintaining a vending machine business involves minimal effort with most issues being easily fixable.
Commissions from locations can be managed by adjusting the cost of goods to maintain profit margins.
Due diligence is necessary when evaluating the purchase of vending machine locations and contracts.
Vending machine business taxes should be handled by a tax professional, with proper deductions for business expenses.
Transcripts
so you want to start a vending machine
business you want to make thousands of
dollars a month you want to have another
stream of income that's giving you an
extra $1,000 up to $55,000 extra every
single month with vending machines my
name is Don Lama and I have a vending
machine business that does over five
figures a year and I've been helping
people get their vending machine
locations as well in this video I'm
going to tell you step by step on how
you can get your first vending machine
location how to secure vending machines
how to go through the whole entire
process of starting your vending machine
business in
2024 the first thing when starting your
vending machine business is you need to
structure your business how do you
structure your business people ask me in
the comments should I get an LLC should
I not get an LLC and the answer is you
need to get yourselves an LLC because
you want to register your business right
cuz if you want to get funding down the
line you want to get $50,000 $100,000 in
funding you want to make sure that you
have a structured LLC this is what you
need you need a business phone number a
business email a business address a a
business domain a business bank account
for the business phone number you're
going to go to ring central Google Voice
and freedom voice those are the three
websites that you can get a business
phone number I personally use Freedom
voice for your business email you're
going to get Google workspace you can't
just have a regular email that says ABC
vending gmail.com no go get yourself a
professional email next you know you get
a business address why do you want a
business address because if you don't
have a business address you're going to
use your address so when people type in
your business people are going to see
your house and I don't want anybody
pulling up to my house and when you guys
get big I don't want people to pulling
up to your house right that's my house
so you want to make sure that you have a
business address where do you get this
business address from I postal reges
Alliance anytime mailbox those are some
good places where you could go get a
business address I get my business
address from I postal remember this is
not a mailbox make sure that this is a
virtual address a virtual office for
example if you're using ipostal you
don't want to get a mailbox like a $9.99
it delivery and mail no you want to make
sure that you have a business address
cuz when you're trying trying to get
funding in the future these banks are
going to look up where your business is
right they're going like where's your
vending machine where's your where's
your vending machine business located
right and they're going to type it in
and you want to make sure that it's an
office that you're running your
operations from with these business
address you can have your mail delivered
to these places and you could go pick up
your mail you also you want to have a
business bank account the business bank
account just go with the bank that
you're already associated with right so
if you're associated with Chase if
you're associated with Wells Fargo with
Bank of America currently right now I
have three business bank accounts I have
one with Lily with Wells Fargo and I
have one with PayPal at first I got an
online bank account but I realized I do
a lot of cash deposits cuz I have a v
machine business so that's why I went
over to Wells Fargo Wells Fargo has a
bunch of different locations where I'm
able to drop off money you want to make
sure that you have a business domain you
get the business domain from Wix
Squarespace or GoDaddy I personally use
GoDaddy go make yourself a website you
want to look professional when you type
in dsk vending.com my business website
comes up it's now it's time to get your
LLC after you have all this you want to
go to inkile Taylor Brands Legal Zoom to
go register for your LLC and get your
EIN number I use ink file I think it's
very simple and that's the one I use so
now when you have all this you have a
structured business right you could do
this today this is not something that
you have to wait to do like you can get
your LLC today right even if you don't
even have a vending machine business
startup even if you don't have your
first location even if you don't have
your first vending machine you're going
to do this because the longer that you
have your business structured for the
longer it looks like you're in business
and usually when you're trying to get
business funding you're trying to get
funding for your business they want you
to have a minimum of like a year or two
years so the earlier you start the
better that you have it right the
hardest thing in vending machines right
when it comes to starting a vending
machine business is finding a vending
machine location how do you find a
vending machine location but before I
even talk about finding a vending
machine location what makes a good
vending machine location these are the
three things that you're looking for
when you're trying to find your vending
machine location you're looking for
seclusion seclusion means that there's
no other stores around my place this is
the only vending machine in this area I
try to find places that there's not a
lot of competition less competition that
means I'm in Monopoly I control the
prices if I want to sell my honey buns
for $3 I can because there's no other
stores in the vicinity you don't want to
give people too many options that's when
I see vending machines at the mall I
look at them like why would you put a
vending machine in the mall a snack and
drink vending machine right cuz
understand there's different types of
vending machines there's hair vending
machines there's nail vending machines
there's medical vending machines there's
electronic vending machines but if
you're going to put a food and drink
vending machine in a mall that has food
and drinks there's so many options of
stuff that people could pick from right
so to me it doesn't make sense right and
also with seclusion your vending machine
is easier to notice right also Customer
Loyalty oh imagine there it's snowing
outside it's raining outside oh I don't
want to go outside to go drive and go to
this store to buy my food I have a
vending machine so I might as well use
the vending machine next what you're
going to look for you're going to look
for foot traffic how many people are
walking in front of my vending machine
how many people are coming into this
building you want a minimum of 30 to 40
people in a building when you have a
vending machine business you don't want
to find locations that have five people
that have 10 people cuz there not a lot
of foot traffic and the last thing you
want to make sure that that vending
machine location is open for long hours
24 hours amazing right because that
means the vending machine could be used
constantly you don't want to put a
vending machine in a place that's
seasonal right I only make money in the
summer then I then I'm loseing money in
the winter then I can make money back
you don't want that you want the place
to have long hours like it's open from 9
to 9 900 to 500 9 to 7 like whatever it
is you want it to have long hours the
longer the better right that makes sense
the longer I'm at a location the more I
would want to use a vending machine I
have a vending machine location at a
church sometimes they in the church from
9:00 to all the way to 9:00 at night
they have a more likely chance of using
the vending machine cuz they're there
for a longer time they're more likely to
get hungry they're more likely to get
thirsty they're more likely wanting to
get a snack because it is long hours
okay so now that we have all that out
the way let's talk about your pitch what
are you saying to these people when
you're trying to put a vending machine
in their location right especially if
you're trying to put it for free a lot
of people in my comments are like Donald
do you pay commission no I pay no
Commission because the the pitch that
you're going to say is very important so
what am I telling these people say hello
my name is Donald Lama I work for dsk
vending and I was wondering if you would
like a free vending machine for your
location I would fill up service and
repair any problems of the vending
machine cuz that's something you'll be
interested in and let me give you a
little sales trick if somebody says no I
don't leave after the first note you
know what I mean I'm from around the way
I'm leaving with something I leave after
the second third note if they if I say
hell I want put a free vending machine
location in your business and they say
no I'm going to be like but I realize
that there's no stores around the area
so your C customers and your employees
are not going to have any placees to get
food no we're still not interested let
me put the vending machine here for 60
days let's see how you like the vending
machine if you don't like it I could
remove the vending machine no okay
that's not a problem here's my card if
you would like a free vending machine
just you know who to reach you know what
to call right so there I'm not leaving
after the first no right people get
discouraged all the time and then they
leave and then they're like oh man it
didn't work I'm waiting for two three
NOS you feel me if the place asked for
commission all I tell that place is hey
I'm a service provider I'm providing a
service for you and your customers and
your your employees and if they do want
to add commission that's a conversation
that we can add for later I'm going to
tell you what to do later in this video
now you have the pitch right you're
going to go to all these different
locations how do you find them so you
could do this thing called driving for
dollars driving for dollars is simply
you just going to different locations
you're driving for dollars basically
going to this location this this app
called around me and around me you can
see all the different places around you
so like your your Banks your
supermarkets your gyms your office
buildings your churches your dayc carees
you see all those locations around you
and you're basically going to drive
around and you're going to walk inside
the location you're going to see is this
location secluded does it have long
hours does it have a lot of flip traffic
you're going to make sure all these
parameters are met that's driving for
dollars and if all these criterias are
met you're going to try to find the
person to give your pitch to and
remember volume beats luck I understand
that you might get 10 NOS you might need
to get 100 noes before you get your
first yes so volume beats luck every
single time so you want to make sure
that the more people that you could talk
to the better right people talk to 10
people and they be like oh I got no and
it didn't work no go talk to 100 people
you might have to talk to a th000 people
you might have to talk to 10,000 people
in order to get your first yes but once
you get your foot in the door guys the
sky is the limit after that so driving
for dollars you have to understand when
finding locations word of mouth is very
important I'm trying to make sure that
everybody knows they have a vending
machine business that's why I tell
people you need to post now I don't even
have to drive for dollars now I don't
even have to go knocking for doors
because I have a social media platform
and I post on my social media platform
that hey I have vending machines I have
a vending machine business so guess what
happen leads are coming to me people are
trying to sell me locations people are
telling me I should put vending machines
in locations people are hooking me up
with their manager because they know
that I have a vending machine business a
lot of you people they have a vending
machine business but they don't use the
platforms that they already have
established you have 5,000 followers on
Instagram put out a message saying that
you have a vending machine business put
out a post saying you're looking for
vending machines right hey I P someone
$100 if they can find me a vending
machine location hey I'll pay someone
$200 if they can find me a vending
machine location a good vending machine
location I I'll give you a referral
bonus so you want to make sure that
you're utilizing everything in your
power to find yourselves a location the
next way that you can find a vending
machine location is actually going to
Facebook Marketplace offer up and cigs
and buying them on location buying a
vending machine on location just simply
means you're buying a vending machine
where it's already at so if I'm buying a
vending machine at a location at a gym I
just bought vending machines at a gym
I'm buying a vending machine location at
a church so I basically just bought a
vending machines at churches right so
you're just basically buying the vending
machine where it's at and the reason why
this is amazing is because you don't
have to move vending machines vending
machines are very heavy people might see
vending machines where oh like this is
easy to move no like sometimes it it
take five or six people just to move one
vending machine you have to find how
you're going to move it right before I
was using my truck and I was getting all
my friends to help me move the vending
machines I have to buy pallet jack it's
just the whole process so buying it at
the vending machine location it's easy
because the vending machines are already
there also when you buy it at the
vending machine location um usually the
vending machines are working right cuz
why would you have a vending machine at
a location that's like not working that
means the person that's selling it to
you is is losing money but the problem
with buying it at vending machine
locations is you have to ask yourself
why in the world is somebody going to
sell me a cash cow got them why is
somebody going to sell me something
that's making a lot of money right the
only times where I want to buy a vending
machine on location is if somebody's
selling a vending machine on location
and they're leaving the state city or
country that they're selling you the
vending machine right if you're leaving
the country oh you can't take this
vending machine with you if you're
leaving the state you can't take the
vending machine with you I'm trying to
find people that's like oh um I've been
in the vending machine business for 50
years and I'm tired of it and I'm done
and I can't do it anymore those are the
people I'm looking for I'm not looking
for those average people that probably
put a vending machine in a bad place
that's not making money and now they're
trying to sell it for triple the price
that they bought it for you feel me I'm
not looking for those type of people I
recently I think like a year ago a year
and a half ago at this point I found a
guy selling like 4050 vending machine
locations and I was able to buy three
vending machine locations from him for
$3,500 right he sold it to me for so
cheap because he was trying to get out
the business in my opinion the best ways
to find ven machine location is just
Word of Mouth tell telling people that
you have vending machines telling your
family and friends because they're going
to get you into doors that you probably
thought you could never get into because
they had the access cuz the problem is
when you're driving for dollars and
you're trying to find locations you
might go talk to someone and you realize
that yo this person is not even in
charge why am I talking to you right
you're not my dad there's been times I'm
trying to put a vending machine at a
spot and I'm talking to someone and
that's not the owner that's not the
manager that person has no power but
they're trying to act like they had the
power so in turns I'm really wasting
time so when you're trying to find these
locations make sure you're talking to
the right people right I just go in
there and say hey can I talk to a
manager can I talk to corporate give me
the corporate number give me the manager
like I don't want to talk to someone
that's not in charge usually that's what
happens when you call so when you're
buying a Venom sh on location I want you
to negotiate smartly and understand how
do you make sure you're getting the
right deal so what I usually do is I
take the sales price I divided by 10 and
that's the number of money it should be
making every single month so if you're
selling me a vending machine location so
that means you're selling me the
location with the vending machines if
you're selling it to me for $5,000 I
want to make sure that that vending
machine location is making at least $500
a month by by 12 months by like a year I
should be getting all my money back that
is what I'm looking for also what people
usually do if they're selling like
bigger locations people usually take
onee gross of how much the location
makes plus the price of the vending
machine that's what I realize that
bigger vendors are starting to do right
for example if your vending machine
let's say makes $2,000 a month gross of
that vending machine a year will be
$24,000 and let's say both the vending
machines together cost $3,000 and they
was try to sell you that vending machine
location for
$227,000 make sure those numbers line up
make sure those numbers are right when
I'm going into these negotiations I'm
lowballing because I know a lot of times
these people just want to get out the
business don't be in a rush to buy these
locations don't be so like quick like I
made that mistake a lot of times like
I'm so quick to buy this I'm so quick to
buy that and then in turns I'm losing
money the last way to find locations you
could put posts that basically say oh
free vending machine for your business
and then you could just Market it like a
service so now when people are looking
they're like oh free vending machine for
my business and then you can tell them
like hey I'm a vending machine service
and you can get vending machines in the
door through that right so now now let's
talk about how to purchase vending
machines where you going to purchase
these vending machines there's different
ways that you could buy vending machines
so you could buy them on Facebook
Marketplace offer up in Craiglist or you
can go to the warehouse if I'm buying a
used vending machine on Facebook
Marketplace offer up in klist I'm
looking to spend $300 to $700 $11,000 at
the max and the type of snack vending
machines I'm looking for is Automatic
Products so AP vending machines I'm
looking for USI vending machines I'm
staying away from Sega vending machines
I'm staying away from vending machines
that are made in like different
countries right kind of staying away
from a bunch of combo vending machines
as well the problem with combo vending
machines is that combo vending machines
they have so many parts involved in the
vending machine that it's easily to
break right but if you need to buy a
combo vending machine for like a smaller
location I would try to get a combo
vending machine that has like one door
if you see the combo vending machine has
two doors stay away from it try to find
a combo vending machine that has one
door I'm telling you guys this makes a
difference understand when you go to a
vending machine Warehouse there are a a
lot more expensive right the cheapest
vending machine I ever bought was $300
and the most expensive vending machine I
ever bought was was um $3,000 if you
have a quality location and it's an
amazing location I will go to a vending
machine Warehouse because a vending
machine Warehouse they have nicer
vending machines they give you a
warranty they move the vending machine
for you and they actually show you how
to use the vending machine so I will go
to a vending machine Warehouse if I'm if
it's a quality location if I'm just
getting started out and I'm not trying
to spend a lot of money I'm trying to
spend under $1,000 to start my vending
machine business then I'm going to go to
Facebook Marketplace offer up so how do
you test these vending machines when you
get there on Facebook Marketplace you
text a seller hey I want to come see the
vending machine you're going to bring a
bunch of coins right quarters nickels
and dimes go get rolls go to your bank I
one I want two two quarter rolls two
nickel rolls two diam rolls you're going
to make sure that the coin Mech is full
the coin Mech in the vending machine is
how people get back their change and you
want to make sure the coin Mech in the
vending actually I have a coinme let me
show you what a coinme looks like you
want to make sure that you fill up the
coinme this is what you call a coinme a
coinme is how people get their change
back in their vending machine so as you
guys can see right I don't know if you
guys can see the coinme has like 25
cents 5 cents 10 cents 5 cents you want
to make sure that this is filled because
if the coin Mach is not filled it's
going to say use exact chain so you're
not going to know if the coin Mac works
if it's not filled right so you want to
make sure that you fill the coin Mech up
so after you make sure that you the coin
Mech is filled you want to start testing
everything in the vending machine right
so you want to test every single coil if
it's a snack vending machine so A1 B1 C1
D1 you're going to go through all the
roles if you can't test the vending
machine peace leave I'm not staying
right people on Facebook Marketplace be
like no we don't got it tested no we
can't test it on the back of my truck no
I better test this vending machine I'm
not leaving unless I test this vending
machine cuz we're not buying broken
vending machines in 2024 I've bought bad
vending machine and I was out of $1,500
huh understand I have other streams of
income and I make a lot of money from my
vending machine business and for
somebody that's new to the vending
machine world and they have their last
1500 if you lose that on a vending
machine you're going to be really upset
you're going to be really mad you're not
going to know what to do right so I
don't want that to happen to you so
that's why we're testing every single
vetting machine in 2024 we're not
letting people finesse us we're not
letting people get over on us no we are
testing these vending machines no matter
what it is I'm testing it so you test
every single coil if all the coils work
all the motors are working amazing this
is what you call a bill acceptor right
the bill acceptor is where the money
goes through right so you want to make
sure that it accepts $1 bills if the
vending machine can accept fives you can
put fives in it whatever right so you
want to make sure that all types of
points work so quarters nickel dimes
pennies if it takes pennies and dollar
bills okay for drink vending machine
what you're going to have to do is
you're going to tell the owner 15
minutes before you get there turn on the
vending machine you're telling him 15
minutes before you get there so by the
time you get there the vending machine
is on and you can see that it gets cold
you want to put your hand under to make
sure that the condenser gets cool and
you're going to go through the same
process you're going to make sure that
every single selection Works you're
going to make sure that the coin me this
is the coin me this is how people get
back their change you want to make sure
that this is full you want to make sure
that this is full because if this is not
full then it's going to say use exact
change right and that self-explanatory
so something's a dollar you have to put
a dollar right you can't put a $5 bill
and you want to make sure that the coin
man can give back chain you want to make
sure that all bills work so dollar bills
quarters nickels dimes this is what you
call a bill acceptor this is where the
bills go through this is where you see
me pull out all the money right the bill
acceptor if all that is good then you're
good and you could purchase the vending
machines like I said AP vending machine
USI machines for the snack vending
machines and then for the drink vending
machines you want Dixie Narco Royal
vending machines stay away from Sega
vending machines if it's a combo vending
machine make sure it has one door not
two doors also beware if scam don't
trust screenshots I don't trust screen
shots and if the vending machine is too
good to be true do not buy it like you
see like a beautiful very nice amazing
limited edition vending machine for like
$300 scam don't get don't don't get
scammed guys right so you want to make
sure that you're buying like the best
vending machine locations so you don't
want to drive all the way to realize
like it's a scam that happened to me
like once or something like I drove and
the Venom Mach ended up being like a
scam I drove all the way to New York
congratulations you played yourself Wast
the money gas toll just to get to a
place and it was a scam so beware of
scams but there's always good vending
machines like I bought a $5,000 vending
machine for only like $800 don't buy the
vending machine unless you have the
location that's like the most important
rule that's like the golden rule of
vending machine you don't want to have
10 vending machines sitting and have no
locations for them to go to so you only
want to buy the vending machine when you
find the location that's why I did the
how to find a location before how to
find a vending machine cuz you're
finding the location before you find the
vending machine cuz I bought a vending
machine thinking oh I'm going to find a
location very quickly unbeknown to me it
took me almost a year to find that
location and I had a vending machine
just sitting not making money if if a
vending machine is not making money then
what is it here for okay so let's talk
about car readers right there's
different places where you can go get
your car readers but I have all my car
readers from NAX but just a transparency
NAX has been doing a terrible job with
me a bunch of other vendors that I talk
to that say NAX is amazing since NAX is
not doing really good for me and it
works 50% of the times in my locations
I'm actually switching over to ort ort
is just another company that you can get
car readers from your vending machines
right but let's talk about NAX how much
you have to pay to install the car read
on your vending machine so you have to
pay one time fee of $3.99 right then
it's going to charge you a transaction
fee so 5.95% every transaction and then
it's going to charge you like $10 a
month with a car reader it tracks sales
and it tracks inventory people ask me
like yo do how do you know what to bring
to a vending machine right if you have a
car reader system then it basically
tells you that like hey like you have
five potato chips left you have three
sortas left and that's how people are
able to do this thing called preting pre
kitting is basically you're just putting
the exact amount of the item that you
need to go to the east location right so
if I know that this location is almost
empty I need five sodas I need five
Pepsis five hkes I need five Mountain
Dews I need five potato chips I need
five T like it tells you exactly what to
do so that's why a car reader is amazing
right and also a lot of people use cars
not a lot of people use cash and usually
when people using their car they don't
really care about the price because oh
it's on my car who cares I have the
money and I'm going to swipe I'm going
to use apple pain I'm going to get what
I need to get understand when you're
buying vending machines you want to make
sure that the vending machines you're
buying are MDB compatible cuz you might
looking be like Oh I'm going to buy this
$300 vending machine I'm going to buy
this $500 vending machine and then find
out that it's not MVB compatible right
you could ask the person that's selling
it to you or you can actually look up
the vending machine and it's going to
tell you whether it's MDB compatible or
not so usually I'm buying all my vending
machines from the vending machine
Warehouse so all my vending machines are
usually MDB compatible but you want to
make sure that you ask these questions
when you're going to buy your vending
machine from somewhere else right okay
so let me answer some FAQ some
frequently asked questions about a a
vending machine business right do
vending machines require a lot of
Maintenance vending machines really
don't require a lot of maintenance for
example everything is easy to fix on a
vending machine like there's a bunch of
videos on YouTube that you could watch
and you could do everything by yourself
if a coinme breaks on the vending
machines these cost $150 clip them in
and out pretty simple right if a bill
validator with the money goes to stops
working this is this is also $150 clip
in and out right pretty simple so I'm
not really spending a lot on maintenance
of the vending machines usually the
maintenance that was spending on vending
machines it's usually my fault I did
something that I probably shouldn't have
done let's talk about commission for
example if a location charges you
commission what I tell people to do you
need to tell them that you're a service
provider they like oh no no no we still
want commission right you're going to
take the commission and you're going to
put it right back into the cost of your
goods they want 10% commission that
means the snacks I was selling for a
dollar are now $110 I'm just adding that
back in So basically the commission is
canceling out so you're not really
paying commission and when they ask you
about oh why are you raising the prices
just tell them after raise the prices to
make sure that my service Remains the
Same how do you make sure that you're
buying the right locations make sure
that you're doing your due diligence
these locations also I tell people all
the time what if the vending machine has
a car reader you can ask for statements
and the statements will tell you how
much of vending machines making every
month how much vending machines making
um every year it's going to give you the
the whole nine yards right only thing
someone told me in the comments that
they heard a story of somebody
falsifying the statements right for
example someone could buy from their own
vending machines to make it seem like
the vending machine is making more money
you just have to do your due diligence
right you just have to do your due
diligence make sure that the owner is
trustworthy and that you can trust them
right I'm going to have contracts linked
down below if you want to buy them I
have templates for contracts that you
can use people ask me all the time about
taxes I don't really want to get into
taxes because I'm not a Tax Advisor go
to your own Tax Advisor and ask these
questions this is not like Financial
advice like this is for entertainment
purposes only you're filing taxes just
like you would do for like a regular
business I'm deducting all my cost so
like how much I spend on my product I'm
deducting cost when I buy vending
machines when I buy repairs when I buy
Services I'm just deducting it from the
the total amount of money I make every
single year right just go to your Tax
Advisor to go figure out the stuff about
tax right besides that hopefully you got
a lot of value from this video and
you're going to start your own vending
machine business in 2024 and you're
going to be sending me videos of you
pulling out thousands of dollars if you
guys got this far to the video put
success down in the comments this is
your year for success for vending
machines right this is your year when
you're going to be successful when it
comes to starting your vending machine
business and like I said my God is too
big for my goals to be too small you
feel me happy New Year hopefully
everyone has a great day
peace
関連動画をさらに表示
How To Pitch Vending Machines To Businesses
Perfume Vending Machine Business: The Next Big Thing?
I sold 8 businesses by age 32 [here’s how]
7 things i wish i did before becoming a dropshipping millionaire
How to Become a Real Estate Selling Machine and Explode Your Real Estate Business with Joshua Smith
5 Phrases To Include In Your Next VENDING Pitch (Say This To Get A Location)
5.0 / 5 (0 votes)