Success Strategies of a Part-Time Vending Machine Entrepreneur

💼 The video is about a 23-year-old who runs a vending machine business and makes up to $35,000 per month.

💪 The speaker started selling snacks in high school and eventually saved enough money to start his vending machine business.

👨‍💼 The speaker didn't have any mentors when he started and had to learn through trial and error. He now uses Google and YouTube for information.

💰 The goal is to have a couple hundred vending machines, with the potential for multi-million revenue.

🍫 Shipping chocolate is challenging due to the risk of melting, but it still sells well.

💰 Vending machine owners typically pay a percentage of sales to the business owner, usually starting at 10%.

💡 Smaller locations may demand a higher percentage, while larger locations prioritize good service.

⚡️ Business owners usually cover the cost of electricity for vending machines, which are energy-efficient.

🚚 Prepping for servicing locations involves pre-kitting the products and using inventory tracking software.

🧼 One vending machine is specifically designed to sell soap at a laundromat.

💲 Converting a regular snack machine to sell soap was a cost-effective solution.

The speaker sells soap and detergents at a double markup.

They pay commission to the owner of the location.

The speaker discusses the process of changing prices on the vending machine.

💰 The speaker makes $35,000 per month working 3 days a week with vending machines.

🛒 The speaker discusses the sources for purchasing products for the vending machines and the importance of pricing and profit margins.

🏢 The speaker talks about the need for a warehouse in the vending machine business and when it may be necessary to get one.

💼 The speaker explains the difference between a vending machine and a mini market and discusses the advantages and challenges of running a mini market.

📝 The speaker mentions the importance of contracts and maintaining relationships with employers for placing vending machines and mini markets.

💰 The speaker earns $35,000 per month working 3 days a week with vending machines.

💼 Starting a mini market can cost around $15,000 and requires managing inventory and preventing theft.

💵 Micro Markets have higher average transaction amounts than vending machines, making them more profitable.

👨‍💼 Recommend starting with vending machines before venturing into micro markets due to the additional complexity and work involved.

📚 The speaker offers a course on vending machine business and can be contacted through their website.

☕ The speaker is expanding into the coffee business, renting out machines and providing coffee supply and maintenance services.

💼 The video discusses the speaker's exotic snack business, where he imports unique flavors from other countries and sells them on his website.

🌍 He explains that finding suppliers and building relationships with them was a time-consuming process, taking about eight months.

🤖 The speaker shares insights into the vending machine business, including the cost to get started, the importance of choosing good-quality machines, and the potential earnings per machine.

💼 Building connections and networking are crucial for getting prime vending machine locations.

💰 The profit margin in the vending machine industry is around 55%, but expenses like product, gas, and rent need to be factored in.

👣 High foot traffic locations, especially industrial places, are ideal for vending machines.