I am looking at buying another business. It’s a vending machine business. I have experience. My parents use to own one. I am looking at borrowing 50 grand to 200 grand. I talk to the finance lady today.
They offer a lot of support. They locate the machines and deliver them. I just have to fill them up. I should be able to make good money doing this. Even with the finance note.
I don’t know if I will get approved for financing though. May take me a while to get this going.
That sounds awesome. Do you need to buy a truck to transport the goods, or can you just do it with your existing vehicle?
My niece’s husband stocks grocery stores with baked goods. But he needs a larger truck to do so. He does make a hundred thousand a year though, so good choice
Good to see you online,
Best of luck with the business.
I have two sports utility vehicles. Both Toyota 4 runners. I will use those a while but may have to get a van so I don’t have to unload it every time I go out. But initially I will use the vehicles I have.
I am looking at buying 4 to 16 machines. I should be able to make at least $300 a week profit on each machine or more depending upon location.
Hasn’t Covid killed vending machine businesses everywhere for obvious sanitary reasons. People may never use them again. But then maybe they will. Might be the bottom and a good time to buy. Would need quite a bit of capital to ride Covid out. Seems very high risk but what the heck.
I have talked to several owners and they are recovering. I am post COVID so I will look at places that have employees working on site or customers.
I will target manufacturers, car dealerships and maybe the local universities. Students are supposed to go back in the fall.
Good luck to you. 
This seems more practical than the dog washing business I was considering last year.
My Dad offered to give me his vending business when I was in college but I wanted to join the Marine Corps. I ran it for a while.
Lots of tax deductions for running your own business. I think I will get a CPA though for at least the first few years. I do work for the IRS so I know a lot about taxes.
Sounds like a great idea! I hope you can do it!
I have permanently banned myself from entrepreneurship. Too much that can go wrong.
It is REALLY hard to make money working for yourself… you wouldn’t believe how many people are out there working for free.
And you’ll be competing with them.
I wouldn’t do it.
Just my $.02
Well I talked to the finance lady and the max I could probably get is $50 to 80 grand so that’s 4 to 7 machines so I would keep my job and this would be part time. I really want 14 or 15 machines so I could quit my job but will have to work up to that.
So I will still be working for the man.
Aren’t you in enough debt though ?
Yeah, Biden is giving extra money to small business owners I believe as part of the economic relief bill or whatever it is that also gave us our stimulus payments.
Hi, TomCat
I am glad that you can work and make some money. You are capable of doing your business and bust of luck to you.
Sounds like a good opportunity - let us know how things go @TomCat !!!
Sounds like a good risk
It’s expensive but a proven model and I have talked to 5 owners. 3 were veterans and they all say great things and get as many machines as you can.
They don’t offer a veterans discount because it isn’t really a franchise. You are just buying the equipment. You don’t have to pay any royalties. But for veterans they stock the machine for you on install. That’s about $300 per machine.
Check them out. You have to inquire and watch an 80 minute video to get a call with someone and a price list though.
It’s the only vending business you can get an SBA loan for and ones never defaulted. You have to have $50,000 in liquid capital to get one of those though and I don’t have that. I could sell a house and get it though.
I have a lot of debt but I have $175,000 worth of equity in my houses. If I sold my rental home I could pocket $125,000. My wife wants to hold on to it. The value will only go higher.
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