From Single Parent to Vending Machine Entrepreneur: My Inspiring Journey
Table of Contents
- Introduction
- How I Started My Vending Machine Business
- My First Investment: Candy Machines
- Scaling Up: Adding More Candy Machines
- The Transition to Full Line Vending Machines
- Challenges and Lessons Learned
- What Makes a Good Location
- Maintaining and Growing the Business
- The Goal of Generational Wealth
- Conclusion
📦 How I Started My Vending Machine Business
Starting a business can be daunting, especially for a single mom like me. But in October 2019, I took the leap and started my own vending machine business. In this article, I'm going to share with you how I got started, the challenges I faced, and the lessons I learned along the way.
🔍 Introduction
As a single mom struggling with postpartum depression, I needed something to drive me and provide a source of income. That's when I stumbled upon YouTube videos of successful vending machine entrepreneurs like Parker Thomas and Timo and Reyes. Their stories and experiences motivated me to explore the vending machine business as a way to create my own income and achieve work-life balance.
💰 My First Investment: Candy Machines
To start my vending machine journey, I decided to invest in candy machines. They offered flexibility and a lower investment cost compared to snack and drink machines. Plus, servicing candy machines required less time and effort, which was important as a single mom with a young daughter. I was determined to make it work.
🚀 Scaling Up: Adding More Candy Machines
Although my initial three candy machines didn't yield the desired results, I saw the potential and decided to expand. I acquired more candy machine locations from a local business colleague who was ready to sell out his route. Within a few months, I went from three candy machines to 15. By my first year in business, I had a total of 20 candy machines.
🔄 The Transition to Full Line Vending Machines
While candy machines were a great starting point, I wanted to explore the world of full line vending machines. One day, during a visit to a smog repair shop, the owner offered me an old school winter USI side by side combo machine for free. This became my introduction to full line vending. I tinkered with the machine, made mistakes and learned valuable lessons along the way.
🗺️ Challenges and Lessons Learned
One of the biggest challenges in the vending machine industry is finding good locations. Just like in real estate, location is everything. High traffic areas with a constant influx of people yield the best results. Through trial and error, I found that restaurants, auto shops, and barber shops were ideal locations for candy machines. Impulse purchases thrive in places where people are waiting for services.
📍 What Makes a Good Location
The profitability of a vending machine business depends heavily on the location. Two key factors I consider when choosing a location are traffic and proximity. High foot traffic increases the chances of making sales, while close proximity to other locations in my route saves time and expenses. By combining these factors, I ensure that my machines have the best chance of success.
📈 Maintaining and Growing the Business
As my full line vending machine route grew, I had to make strategic decisions to ensure efficiency and profitability. I started eliminating candy machine locations that weren't worth the time and effort, focusing only on those with the highest potential. Currently, I have six full-line machines across five locations and nine candy machine locations.
💡 The Goal of Generational Wealth
Beyond the financial success of my vending machine business, my ultimate goal is to create generational wealth for my children. I aim to teach them entrepreneurship and show them that they have the power to create their own income and opportunities. Vending machines serve as a tool to inspire and empower them to pursue their passions and achieve financial independence.
✨ Conclusion
Starting my vending machine business has been a transformative journey. From humble beginnings with three candy machines to managing a route of full line and candy machines, I've experienced both successes and challenges. Through perseverance and a focus on finding the right locations, I've been able to build a business that provides me with flexibility and the potential for generational wealth.
Highlights:
- Starting a vending machine business as a single mom struggling with postpartum depression.
- Investing in candy machines for their flexibility and lower investment cost.
- Scaling up the business from three candy machines to 20 within the first year.
- Transitioning to full line vending machines and the challenges faced.
- The importance of location in the vending machine industry and key locations for success.
- Maintaining and growing the business by focusing on profitable locations.
- The ultimate goal of generational wealth and inspiring entrepreneurship in my children.
FAQ:
Q: What inspired you to start a vending machine business?
A: As a single mom going through postpartum depression, I needed something to drive me and provide income. Watching successful vending machine entrepreneurs on YouTube motivated me to start my own business.
Q: How did you decide on candy machines as your first investment?
A: Candy machines offered flexibility, a lower investment cost, and required less time and effort to service, making them ideal for me as a single mom with a young daughter.
Q: What makes a good location for vending machines?
A: Good locations are characterized by high foot traffic and varying customers. Places like restaurants, auto shops, and barber shops, where people often wait for services, offer the best opportunities for impulse purchases.
Q: How did you transition from candy machines to full line vending machines?
A: I obtained an old school winter USI side by side combo machine for free and gradually learned about full line vending through tinkering, YouTube research, and making mistakes along the way.
Q: What is your long-term goal with the vending machine business?
A: Beyond financial success, my goal is to create generational wealth for my children and inspire them to pursue entrepreneurship and financial independence.
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