Joshua Tuggle-Miller shares his journey from the entertainment industry to establishing a successful vending machine business. He breaks down the key steps to getting started, scaling operations, and maintaining long-term profitability.
Learn about location sourcing, customer acquisition strategies, and the critical financial aspects of the business. This episode offers practical insights for aspiring entrepreneurs interested in the vending machine industry, from initial investments to daily operations and long-term growth strategies.
Key Takeaways:
- Starting Small – Begin with 1-2 machines and reinvest profits for steady growth.
- Finding the Right Locations – Build relationships with property owners and offer incentives for prime spots.
- Financial Planning – Understand startup costs, operating expenses, and the importance of an emergency fund.
- Effective Outreach – Use professional business packets and cold outreach strategies to secure locations.
- Operational Efficiency – Stay on top of inventory, maintenance, and daily sales tracking.
- Scaling Strategically – Maintain steady employment while gradually expanding the business.
- Risk Management – Learn the industry before making significant investments and prepare for challenges.
- Maximizing Revenue – Optimize product selection and location strategy for higher returns.
This episode provides practical insights for anyone interested in the vending machine industry or looking to build a profitable small business.
Resources:
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Connect with UpFlip:
For more insights to start, build, or grow a business, check out the resources on UpFlip.com or head to the UpFlip YouTube channel to see more interviews with business owners and experts.
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