by Cray Sellars

Created on: July 25, 2008   Last Updated: July 28, 2008

Vending machines are a risky business venture. They are not going to make you a millionaire. I don't care if you are in the business for thirty years. You can make a decent living at this business. You have to be motivated and a self-starter. If money doesn't motivate you, I don't know what will.

You have to be willing to keep your vending machines cleaned and maintained. You must keep them fully-stocked at all times. You must invest time and effort in your business to be successful. Always keep change in the machines. Be prepared to spend money on repairing your vending machines when neccessary.

The first thing you must decide is what kind of vending machine do you want. Do you want a soda,snack,peanut,sandwich or candy vending machine. You may want to go into the coffee vending machine business. Once you have decided that, you must find funding for your new business venture. You can apply for a small business loan or seek private investors. You definitely need a business plan to apply for a loan. It may be difficult to obtain a small business loan, if you have bad credit. Another option would be to ask your friends or family for the money. There are also angel investors who will loan you the money at a higher interest rate. I would suggest going this route, if your credit is really bad.

You have to realize that your new business could easily fail. I don't care what kind of business you get into, it is very risky. Most businesses don't see a profit for the first five years. Eighty percent of small businesses fail in their first year. Be ready to work on weekends when necessary. This business is your "baby".

I would suggest buying used vending machines at first. They can be purchased at public auctions and websites like ebay.com. After you get a loan, set a budget for starting your business and stick to it. Do not overspend on used vending machines that you probably will have to replace in a few years.

I would also suggest buying your products like candy and peanuts at places like Sam's Club and wholesale warehouses. You will need a tax i.d and a membership to shop at Sam's Club. It would also be a good idea to have your own minivan,suv or truck to carry around products. You will also need to have business insurance.

There are many benefits to being your own boss. You control your own destiny. You call the shots and pay yourself. You also have no one but yourself to blame if your business fails. Your livelihood depends on your success. You can't be lazy and just give up when you don't see progress.

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