Create Unique Success as a Vending Machine Business Owner
The food vending machine business is a lucrative one. It is an industry that has seen significant growth in recent years and is forecast to grow strongly in the coming years.
However, it is not without its own set of challenges.
Just like other entrepreneurs, you’ll need to keep on top of all aspects of your business. Yet the vending machine industry is unique, too. These tips will help you to be successful in your healthy food vending machine franchise.
Tip #1: Learn how to identify the best locations for your healthy food vending machines
It’s all about location. A mantra associated with real estate, but equally important for a fresh food vending machine franchise. Place a vending machine in the middle of the desert, and it’s not likely to outsell the one you have on a busy subway station in New York City.
When you own a healthy food vending machine franchise, location should be your primary concern. Here are some tips to build a successful location-based vending machine business:
Know your local area and do your research
It is important that you understand your local area and know its demographics. This will help determine what kind of products to offer in your machines. Find out what types of foods are being sold in the region and what people are eating. You should also find out about any regulations that may affect your business before investing in one.
Consider foot traffic in your potential areas
Busy locations are best, but you want busy locations where people are likely to stop and buy from a vending machine. That mostly means foot traffic. Look for locations that have a high number of pedestrians.
Think creatively and don’t limit yourself to obvious locations
Vending machines work best where they are located to cater to people’s desire for convenience. You should consider where your target audience is most likely to be found, and when they will have less time on their hands. Some of the best locations include:
Think about other locations, too, such as:
And, of course, train stations and bus stops can be wonderful places for vending machines. On top of these, think about where there are no coffee shops or stores within easy reach.
Group vending machines together
Grouping vending machines together is also a successful strategy. This allows you to offer more choices, and people are more likely to make a purchase when they have extra choices.
Don’t forget regulations and permissions
Healthy food vending machines are regulated by state and local laws. Therefore, it is important to research the regulations in your area before you start your franchise. You need to make sure that your machines are compliant with the law. You’ll also need to get permission from those who own the properties where you wish to put your vending machines.
Tip #2: Keep your healthy food machines well stocked
It is important to keep your machines well stocked so that your customers can get the food they want. Well-stocked machines look more attractive and cared for. Tips here include:
Monitor the inventory of your healthy food vending machines daily
Stock up on healthy food items that are commonly in demand
Keep your machines clean and well maintained
Provide customers with the option to purchase single-serve or bulk items
Offer a variety of healthy snacks and drinks
Tip #3: Open a Post Office account
One of the most important aspects of running a healthy food vending machine franchise is the money. Though more people are using their bank cards for their purchases from vending machines, you’re still going to take a lot of loose change.
A great hack for vending machine owners is to open a Post Office account. Your bank will charge you for counting heaps of coins that you wish to deposit. Post Offices don’t.
Tip #4: Network!
A networking mindset is a great attribute to have. The vending machine business isn’t as lonely as some believe it to be! Building a professional network can boost your profitability tremendously.
Everyone you meet is a potential lead for new locations and business referrals. Whether they be a worker who helps you identify their place of work as a potential spot for your vending machines or a business owner who wishes to offer more to their employees or customers.
Tip #5: Stay motivated
Motivation is a winning trait in business. As the owner of a healthy food vending machine franchise, it’s crucial to stay upbeat and continue to do all the things that will make you successful.
Make it your mission to meet new people, create connections, and source new locations. As you travel around, look for new spots that have a high footfall and no vending machines. Do your research and learn if these spots are opportunities to expand your business.
Stay ahead of health food trends, and offer the products that your customers want.
Is a healthy food vending machine franchise the right business for you to excel in?
Take our franchise aptitude test today. It’s the first step to success as a franchisee.