Farm Raised Work Ethic | Profit is the byproduct of doing everything right! | Hustle every day! | ❤️ Sales | 304-964-3950 | jrogers@shipldi.com | My reputation is my business card
I officially kicked off my vending business today. KraveWave Vending is now open for business. My 2 units shipped on Friday via LTL, so I should get them last this week. Canada to GA, 2 units, the shipping was only $452.40, and that included the US customs. You want to know is wild? I ain’t paid for them. I have asked, and was told, “At some point we will send you an invoice to pay.” Talk about trust. Now that I have my goods, I must calculate my total COGs, and what I am going to sell them for. I have an excel worksheet that I will enter the description name, COG, sell price, SKU, and quantity. I will upload that, and then all my items are in the database. Then I will build out a planogram, upload a picture of each item and where it will be placed in the machine. Once that is in place, I can start vending. My son and I will work on that today so they were ready to this weekend to load the machines and be ready for Monday morning when the warehouse folks come into work. There are other things to consider too. What if we have items that don’t sell? We’ll have to watch that and make adjustments as necessary. Inventory control. Tracking shrink is important to any business. For the government end: The business is setup, EIN# is in place, and tax ID has been issued. I’ll have a few other costs too consider when calculating COGs. Internet to process payments is $45 a month, plus the per transaction fee associated with the CC processing. I paid cash, so I don’t have to consider interest into my costs. I had the warehouse workers make a list of some of the items they like to see. They great part is I can cater to their needs to give them a better vending experience, which will increase my sales. I’ll report back and share how I did in the full money of September.
The rewards for entrepreneurship are tangible (the things money can buy) and non-tangible (the lessons money can’t buy). Buckle-up Bubba … the rides about to start. Enjoy the journey as much as you hope to enjoy the destination. My son and I have done several deals together (rental properties, network marketing, etc) and wouldn’t trade the experience for all the tea in China or all the gold in California. 🙏👍
I don't have a business, but we have them for our drivers/office and shop. One thing we forget about sometimes is expiration date. Try to manage that so you can push it out before it fully expires.
My brother ran a vending machine company in Chicago for over 30 years. He eventually expanded into commercial coffee for offices and that was VERY profitable. He would give them a free 'BUNN' coffee maker as long as they continued buying their coffee thru him.
Claw machines!! Have you thought about those? People put in money and don't leave with anything half the time.
Love this! No better teacher than helping your son build a business and become an entrepreneur himself. We need less handouts and more of this. Well done.
Love it! Consider logistics (resupply) in the plan. As you scale to more locations, this will take on greater importance.
Hi John, Congrats on starting your vending business! When I was in your shoes a few years back, I built SmarterVending.com to be a game-changer. It can help you get your business off the ground smoothly. Let me know if you'd like an intro!
Was always curious about this business!
Operational Specialist, Ready for a break from the everyday? Let me help.
2moDo you buy initially from Costco or a store like that?