Entrepreneurs across the UK are becoming increasingly attracted to the vending machine industry due to the fact that it offers a low-cost entry point into the world of business. The UK imported 67.7 million pounds worth of developed vending machines between 2011 and 2017 and that number is only going to increase as interest in the industry grows. New and improved machines are becoming progressively modern, with touchscreen technology making its way on the machines alongside slots that allow for card transactions now that the percentage of people carrying cash in their pockets is at an all-time low.
With the vending machine industry thriving, the machines and the products they sell are becoming a huge part of people’s lives. With these recent developments buying a vending machine in the UK for your business can be highly profitable. Continue reading to find out what you will need to think about when you are buying a vending machine for your office or building or maybe you’ve recently started a vending machine business. These tips will tell you everything you need to know
Factors to consider when buying a vending machine
Types of vending machines
There are a variety of vending machines serving products such as hot beverages, sweets, snacks, can and in cup. You will need to figure out which you want to offer to the market for your vending machine business.
Location
To have a successful vending machine operating within your office, one of the key factors to identify is making sure you select the right location. A vending machine in the right location and providing the right product maximises the chance of earning a profit.
You should thoroughly research all of the potential spots to place your vending machine business, whilst also considering the customer demographics, customer traffic and what it is your customers are likely to purchase. Ensure that the potential location does not already have an existing vending service nearby and avoid places where the vending machine is unlikely to be seen. Also, installing snacks or can vending machines in a canteen may not be a great location to gain profit as people are already buying food and drinks there. One, of many, suitable locations would be to establish a healthy snack vending machine, or a protein shake and energy drink vending machine in a local gym.
Easy to use
Another important issue you will need to address when it comes to purchasing a vending machine is making sure the one you are purchasing is quick, easy and effortless to use. A vending machine should not be difficult to use as the customer will not return to the machine if they have spent ages trying to work out how to use it. Therefore, it is important that vending machines should be straightforward for young children to operate or for a person encountering it for the first time, as consumers are more likely to use the machine, which is there to earn you money.
The Matrix Sovereign Commercial vending machine has a clear design that shows the variety of coffees available (cappuccino, latte, espresso, mocha and Americano), hot chocolate and hot water drinks with one push of a button within 15 seconds. This vending machine delivers the hot beverage at a quick pace on demand due to its simple design.
Safety
When buying a vending machine, it is necessary to consider that it is safe to use and is not at risk of causing injury, especially towards children as can be playful and careless. This factor needs to be taken in serious consideration because as the owner, you will be held accountable to any damages if an accident occurs where your vending machine is involved.
Size
The amount of space you have to put the vending machine should act as a guide to decide the size of what vending machine to buy. The space you have should be measured precisely in order to purchase a vending machine that will match those measurements.
For an office with limited space, a mini coffee vending machine is one solution! Whereas for an office without size limitations, you can opt for a larger vending machine.
Cost of vending machines
The price of a vending machine depends on many factors including the size and the quality of the machine itself. The latest electronic machines are the new, modernized, touch screens that take card payments, which tend to be more expensive than the less updated machines. However, that’s not to say that affordable vending machines don’t exist but buying a refurbished or used machine may lead to unexpected repair costs which may not be a risk worth taking for many small businesses and business owners.
In the modern age, when looking for a vending machine to purchase, it’s important to remember that cash is being carried less frequently and no longer a common method to make purchases from vending machines. The vending industry has recognised that being able to use a card makes it easier for customers to buy from a vending machine.
Purchasing used machines is also another option, they are less expensive than new vending machines. This is perfect for someone with a smaller budget as a cheaper vending machine will cost you less whilst allowing you to make roughly the same amount of profit.
Stock and maintenance
Nothing is less inviting to a customer than a vending machine that is low on stock. It is recommended that you keep your machines stocked up the maximum capacity as often as possible by planning frequent visits to your vending machine.
Having clean vending machine reduces the cost of maintenance by preventing vending failures. Also, when people detect that the vending machine is dirty, they immediately will correlate that the product you are selling is of a poor quality.
Machines will eventually stop functioning and you will need to be able to spot this and fix it quickly so that people can use the service again. New vending machines generally have 1 or 2 years warranty whereas used equipment may have a couple of months. If the vending machine stops functioning, then profits will not be generated until it is up and running again.
Starting a Vending Machine business
Buying a vending machine may be a worthy investment in the long run and an opportunity to start earning a bit of money on the side of your main job. You can start off with one vending machine and gradually increase your numbers over time when you start generating real profit. It is a fast and easy way to earn money once you’ve managed to save up the cash for an initial investment! Why not start by browsing our vending machine UK range today.
