173. Passive Profits with Vending Machines - Local Market Domination Strategy

Feb 10, 2025

Joshua Tuggle-Miller, a seasoned vending machine expert with 14 years in the business, shares his journey from entertainment to entrepreneurship. He reveals practical tips for launching a vending machine venture, including starting small and reinvesting profits. Learn the art of finding prime locations through relationship-building and effective outreach. Tuggle-Miller emphasizes the significance of financial planning and operational efficiency while navigating challenges. His insights pave the way for aspiring entrepreneurs to achieve long-term success in the vending industry.

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ANECDOTE

From Entertainment to Vending

Joshua Tuggle-Miller transitioned from the entertainment industry to vending after helping a friend.
His first machine, a combo model, was funded by his dad after a business pitch.

ADVICE

Startup Costs

Starting a vending machine business may cost less than $2,500 for one machine but requires additional funds for essential add-ons like credit card readers.
Set aside at least $10,000 for initial investments, including movers, technology upgrades, and product inventory.

ADVICE

Landing Your First Client

Leverage existing relationships and frequent places when searching for your first vending machine locations.
Offer referral fees to expand your network and generate warm leads, incentivizing others to help you find potential clients.

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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:

Join Joshua in the Academy: https://bit.ly/3Q9i6Px

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