The UpFlip Podcast 157. The Power of Passive Income: How He Built a $75K/Month Vending Empire
Oct 14, 2024
Michael Hoffman, a former college strength coach turned entrepreneur, shares his inspiring journey in building a vending machine empire that now nets over $75,000 monthly. He discusses essential strategies for finding high-traffic locations and choosing new machines over used ones for optimal profits. Hoffman emphasizes the importance of systemization for true passive income and offers insights on hiring staff to streamline operations. Discover how he successfully navigates this unique business landscape while balancing it with personal life.
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From Coach to Entrepreneur
- Michael Hoffman's entrepreneurial journey started with a lemonade stand and a passion for coaching.
- An aha moment while coaching led him to explore passive income through real estate, starting with a $70K rental property.
Embrace Calculated Risks
- Take calculated risks, even if it requires a significant portion of your savings.
- Embrace discomfort, as it can lead to significant life changes and opportunities.
Airport Inspiration
- Michael's interest in vending machines sparked while traveling for a tech startup, observing high airport prices and automated sales.
- Inspired by Warren Buffett's first investment, he saw vending as unattended retail with potential.