Open letter to South Africa’s students‚ universities and government‚ represented by Minister in the .
An independent vending machine business is a great opportunity for the aspiring entrepreneur, but you must get out there and work for it. Just because vending is a self-service business, it does not mean you can take a back seat.
Like any other business you will have to be hands-on. Whether your machines are rented or bought, they will always need your attention if the business has to survive. When you have a vending machine business, the hardest part is usually getting started.
A legitimate coin-operated vending machine business should be treated like any other business opportunity.
You must decide what product you want to sell with those machines and the product must fulfil the customer's need. It must be relevant.
Just like in any other small business or start-up, you will need start-up money as well as cash flow to support yourself and your family while your business grows.
You will need working capital to buy stock for the machine. If you don't have your own space in which to put the machines, it is important to have sales skills to convince other business owners to accommodate your machines.
You must be able to negotiate a good compensation plan to pay for the hosting or accommodation of your vending machine.
You must also have a solid plan for maintaining and checking on the machines, such as the times during which you will refill the stock and remove the money. You must always keep a look-out for malfunctioning.
Always keep telephone numbers on the machine for people to report malfunctioning. Preventing jammed coin slots and other common problems can save you a lot of your profits. You want your machines running in top shape so that you get the maximum income out of them.
Once you have the plan, you must be persistent and stick to it. You must also get trade magazines on the industry to help you learn how to maximise profit.
Running a vending machine business is not easy as you would like it to be. It's hard work and you will only be happy when you finally have your vending machines in place and being used by the public.
But it doesn't end there. There are still responsibilities that need to be taken care of to keep your business going smoothly and being profitable. You must make sure that your machines are safe.
You need to stay on top of your vending machines and be sure they are not malfunctioning. This is a leading cause of loss of profit.
An empty vending machine means loss of profit for you. So you must always keep your vending machines full. You must know the busy times and when to refill the machines.