When starting a
new vending machine business, the last thing one would want to do is to make
novice mistakes that would affect the future of the business. It is always
better to learn from other’s mistakes rather than making one, bearing the cost
and then learning. Here are some of the most common mistakes that start up
vending businesses usually make.
- Calculating inaccurate paybacks. There are so many factors that affect the profits and the payback time required to earn back the cost of the machine. Keep a reasonably attainable estimate in mind, and plan accordingly.
- Choosing simpler and older models of vending machine. With each year passing, new technology is added to the newer models of vending machines, so as to provide a better-quality product and better security as well. This is what makes it competitive, especially when it comes to healthy vending snacks. So, choose the model wisely.
- Installing faulty bill validators and payment systems. With a defective payment system and bill validator, not only would you be missing out on potential customers and earnings, but may also be cheated with faulty currency.
- Leasing the vending machines or using credit to buy it. One shouldn’t be too optimistic in the very beginning. First inspect the market and see how’s the business going. Many make the mistake of being too optimistic and take loans for buying vending machines, or take them on lease. This could be troublesome if the sales don’t add up. Also, with so much loan and credit, the debt payments itself would eat up all the profits.
