Statistics show that Americans are willing to pay extra for convenience. A recent study found that the vending machine industry racked up $70 million in profit last year. The idea of being able to walk up to a machine, insert currency, then receive the item you wanted without ever having to interact with another human being is pretty incredible. There is no concern over getting the wrong product or change during the transaction (well…….most of the time). What about from the business owner perspective. You are able to sell your products to customers without having to provide any customer service or even have someone to ring them up. Pretty amazing!
Oh the possibilities
The majority of vending machines offer beverages and snacks. However, the industry is growing into new niches due to improvements in technology. Have you ever been in an airport and forgot a charger for you cell phone while your battery is about to die? No problem! You can purchase a charger for your phone from a vending machine found near most terminals in almost every airport in America. Don’t have cash to purchase the cellphone charger from the vending machine? Also, not a problem! Modern vending machines except other forms of payment like credit card and Apple Pay.
On the plus side
One of the most notable advantages of running a vending machine business is the ability to scale. This business is easy to expand with the purchase of additional machines as the demand for your products increases. This also allows you to cover additional territory. The startup cost is low in the vending machine business. By financing your vending machine(s) you free up capital that can be used in other areas of the business.
A few negatives
With an industry that is easy to enter, there is going to be a high level of competition. There is also regular maintenance that will be required to keep the machines running properly and avoid downtime.
Finance your Vending Machine
Providence Capital has a few financing options that will make it easier to start up or expand your vending machine business. With flexible financing and lease options, you will be able to start making money sooner and focus on the more important elements of your vending machine business. Speak with one of our equipment finance experts at 1-800-341-1288 and they will help you find the best financial solution for your vending machine business. If you are ready to move forward and secure financing for your vending machine business you may fill out our easy online application at no obligation.