599: Vending Machines: The Path to Your First Passive Profits
whatshot 13 snips
Mar 7, 2024
Discover the potential of vending machines for generating passive income with minimal startup costs. Learn about finding ideal locations, buying machines, stocking procedures, and risks to watch out for. Explore modern technology, strategic placement, and innovative concepts in the vending machine business.
45:58
forum Ask episode
web_stories AI Snips
view_agenda Chapters
auto_awesome Transcript
info_circle Episode notes
question_answer ANECDOTE
From Real Estate to Vending
Mike Hoffman transitioned from real estate to vending due to high down payments and maintenance hassles.
Vending machines require minimal capital and are more passive compared to rental properties.
volunteer_activism ADVICE
Find High Traffic Locations
Look for high foot traffic places like apartment buildings, gyms, or office buildings for vending machines.
Initiate conversations and offer modern vending solutions to fill the post-COVID demand for refreshed amenities.
volunteer_activism ADVICE
Use Health Focus to Open Doors
Start by asking if current vending options include healthy products to create demand.
Leverage personal passion or niche focus to open doors for vending placements.
Get the Snipd Podcast app to discover more snips from this episode
Wherever people gather, there’s an opportunity to provide convenient access to snacks, drinks, and other bestselling impulse-buy items.
And it’s a great market to get into because it’s extremely fragmented, with vast potential for growth. No national player owns more than 5% market share.
In this episode, you’ll learn:
How the vending machine business model works
The step-by-step process to go from zero to $1,000+ in monthly passive income
New to the Show?Get your personalized money-making playlist here!
Sponsors:
US Bank — Get a 75,000-point sign-up bonus with the US Bank Business Altitude Power World Elite Mastercard, and earn 2X points on everything you buy for your business.
Indeed – Start hiring NOW with a $75 sponsored job credit to upgrade your job post!
Airbnb- Start an Airbnb business and earn money as an Airbnb Host!
This is Small Business Podcast - Brought to you by Amazon, explore the stories of small business owners as they navigate their path to success!
The Side Hustle Show