I Need Entrepreneurial Advice, Can You Give It To Me ?
By admin on Feb 28, 2010 with Comments 8
I am a brand new Entrepreneur, I just quit my job. I have already purchased a few thousand dollars worth of Vending machines. This will be my first Venture, I am 22 years old. I plan on establishing this business as best as I can, than moving on to another venture, I have tons of ideas, a fat book full of them. I would really appreciate any advice I can get, I mean any & everything. I really want to hear what some one w/experience has to say. Also beginners like my self, anything. I will soak it all up, please, please. Every and anything, even if u just have a one liner, i.e. “its not what you do tomorrow that makes your future, its what you do today.”
thank you! thank you very much!! and god bless you!
Filed Under: Featured
There can be money in those vending machines but location, location, location will be the key to your success. Those quarters quickly add up to dollars but make sure you have the right products for the area you have the machines in. When buying inventory, think as a buyer instead of a seller. You should prepare a short “pitch” to get your machines in places that have decent traffic because without placement neither the machines nor the profitable products will do you any good.
As for being an entrepreneur, you have the energy and passion and those are important qualities but don’t stop there. Make sure you have legal and financial assistance from professionals. You should consider a bookkeeper or accountant that will help you get tax deductions and a lawyer to guide you on business insurance, contracts, and other documents and business needs. Learn as much as you can about taxes, deductions, sales taxes, etc. Keep your inventory fresh. So many machines sit unattended as the owners lose the passion that has ignited in you. Make sure that your profits exceed the costs of inventory and depreciation of equipment costs. To do that, you need to get professional advice. Networking is very important to any entrepreneur. Talk to successful machine owners to learn their tricks and tips.
Take advantage of any and all workshops, websites and educational forums relating to your business. Talk to the staff of Score and the SBA (Small Business Administration) and click into sites like business.gov.
You have much to learn and the learning never stops. Always remember that success is a journey, not a destination.
buy them out but pay a broker or someone to come to all 3 as an anonymous buyer and let them take the offer and you say no way you will have 1 partner instead of two thats my idea i have an online business and i am not a business man but a 3rd party anonymous would be the best and they will not know it is you until the papers are signed and done
You must think of a product for your machines and a market for them and let it grow, always find something that is missing and fill that need.
Best advice I can give is keep very good financial records and never think you can outwit the tax collectors.
I hope that you already have your customers. What city are you planning on placing these machines? What type of product are you going to place in them? Vending machines carry a big liability with them. Be careful where you are going to place them. Inside of a business if they are small ones, i.e. candy, snacks, etc. Large machine outside you will have to place a security type device in front of them.
Wherever you set them up, make sure that you will provide service on a regular basis. Sometimes people put slugs in them and no one else can use them until you come back.
You know the saying, location, location, is the key to success.
I am not sure how does that work in your country, but if you leasing them, or renting a spots you need to think about the following:
You need to think about:
1- Locations: # of people, tourists spot, clear spots “easily found”.
2- Maintenance and cleaning: Vending machine are very upsetting when they produce bad or only water for example. Try to avoid these situations.
3- Set up a strategic plan, budgets for direct materials & labour if you need for the whole year.
4- Set up a target using budgets of much you wanna make, and how you are going to achieve that.
5- Pay attention to customers feedback, put your number, email on machines and ask for feedback, to evaluate your products.
6- Evaluate your business periodically, think about expanding more and more.
7- Think about using a brand name and logo for all your vending machine.
The location of your vending machines will be KEY to your business. You’ve probably already given location a lot of thought. Take out a piece of paper and at the top, write the question “Where do people want more than anywhere else?” or “Where are people desperately seeking ?” or something like that. Below that, write down 20 possible answers. I know, 20 seems like a lot, but it’s meant to really stretch your brain and think it in a way that you hadn’t before. Even if you’re stuck after 8, keep thinking and make sure that you write 20 in that one sitting. Don’t judge your answers at the time. If you feel it, just write it. Some of the ideas might be already saturated markets for vending machines or just wouldn’t be feasible, but all you need is a few really good spots.
Hope that helps and good luck your first entrepreneurial adventure!
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