Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Food Franchises and other Franchise topics.
When most of us think about vending machines what comes to mind is coins, penny candy and stale bubble gum, but advances in technology are creating new opportunities for lucrative vending franchise owners!
A vending franchise is a great way to supplement your income or build a full-time income. It allows you to work from home, maintain flexible hours and build your business as slow or fast as you want. Research indicates that Americans now spend over $20 billion annually buying food and drinks from vending machines, but that is only the beginning!
New vending machines accept credit and debit cards while dispending everything from wine to iPods. Movie rentals and music are also making a major showing in the vending franchise arena. For example, AED movie rental franchise allows you to select a movie while at your favorite fast food restaurant or buying gas. Just drop it in the slot to return!
Here are a few steps to get you started in finding a vending franchise:
1. Location, location, location. Vending franchise establishments are highly dependent upon a good location but having a constant supply of people isn't the only consideration when selecting a location. Security is another major location issue. Losses can be substantial due to vandalism as well as driving distance to service and stock the machine. Be sure to take all variables into consideration when examining your location route.
2. Buy or lease equipment. Some vending franchises include the sale of the vending machines whereas others lease the equipment. Both have pro's and con's. Owning may be most cost effective in the long run but can also require a greater up-front cost and become more difficult to upgrade when new technology comes out. Leasing may provide a lower up front cost but be sure to inspect the quality of the actual machines as they can be older.
3. Repair and Maintenance. Almost all vending franchise opportunities have some type of maintenance and repair training, but depending upon the complexity of the machine and your own skill and knowledge, be sure to spend time learning as much as you can about the equipment. New equipment can be unproven in the field so don't assume anything!
4. Visit existing vending franchise establishments. Speak to other owners if possible. Find out what works, what doesn't work and why.