More and more people are looking for ways to make money. When you’re new to a business, it’s hard to know which one is the best fit. One of the most popular types of businesses right now are vending machines. Vending machine businesses can be profitable-but it may not be for everyone.
In this article we will go over the top alternative to a vending machines business.
What are the best alternatives to a vending machine business?
Some of the best alternatives to a vending machine business include an ATM machine business, vacuum and air machines business, Automatic car wash, laundromat and arcade vending business.
ATM Business
The ATM machine business is a great choice for those who want to start a vending machines business. Instead of selling products, the product is money itself.
The way you make money in an ATM business is by charging a fee for withdrawing money.
Pros of an ATM business:
-The cost of starting an ATM business is not that expensive.
-You can make money without any out of pocket expenses.
Cons of an ATM business:
-A cashless society may be on the way which may make it difficult to be confident in the long term success of an ATM business.
-You may have to worry about getting robbed, you always have to be aware.
Vacuum and Air Machine Business
Often times when you go to the gas station you will see vacuum and air machines that allow you to vacuum your car and also put air in your tires.
Buying one of these machines and finding a gas station that will let you put it there could be a good way to make money.
Pros of a Vacuum and Air Machine Business:
-Cars will be a thing and I don’t see them going anywhere. So this business can scale pretty well if you know what you’re doing.
Cons of a Vacuum and Air Machine Business:
-A lot of gas stations may already have these machines since they are not necessarily expensive. They can easily buy them themselves.
Laundromat Business?
The way you make money in this type of business is by charging people to wash and dry their clothes. You can have different packages depending on how long it takes the customer’s clothes to be washed.
Some people run employee free laundromats that are open 24 hours a day.
Pros of Laundromat Business:
-It’s an easy to manage business.
-The return on the investment is high.
Cons of a Laundromat Business:
-Pretty high initial investment
-Machine repairs can add up when it comes to expenses.
Arcade Vending Business
The arcade vending business is a great choice for those who want to start up. There are many different games and types of machines you can buy an put into the stand such as claw, shooting, prize wheel etc.
Where are places you can place your arcade vending machines?
Hotels, malls, apartment buildings, pizza place and anywhere there may be a lot of kids really.
Pros of an Arcade Vending Business:
-Low risk to start.
-Low startup cost.
-This business model could be scaled easily.
Cons of an Arcade Vending Business:
-If no one is playing the games, you can’t make any money.
-It may be harder to find a location for this business in comparison to the other ones listed above.
Things to keep in mind with all of these businesses:
Locations:
-You want to make sure you are in an area that is going to give you enough foot traffic. If not, it can be difficult for any of these businesses listed above.
Consider the ROI of each business:
-If you’re not going to make at least a few hundred dollars per month on your investment, it’s probably not worth doing.
Make sure the business is legal:
-You want to be in compliance with all of the laws and regulations that are out there when setting up any of these businesses.
-Keep The Future Of The Business In Mind:
Like i said above, we might be moving to a cashless society, so when it comes to an ATM business it may not be a good business for you depending on how you feel about that.
Scalability:
Take a look at all the businesses and see which ones you can easily put in more than one location. Scalability and profitability is the key to success.
Make Sure People Can Pay with Credit Card Or Debit Card:
As mentioned multiple times in this article, a cashless society is possible one day.
Make sure people can pay with a credit card or debit card on your machine. If you start out with an older machine maybe think about taking your profits and investing into a newer one with these options.
Conclusion:
There are many alternatives to starting a vending machine business. These are some of the best ones you should look into.
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Take a look at this article that compares an ATM business with a vending machine business.
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