Although a vending machine business needs low capital investment, profits depend on several factors. Vending machines appear more like a flourishing and ideal business solution for lazy entrepreneurs. All that you need to do is buy a vending machine, fix it at some publically accessible place, fill it with snacks, drinks, and other food items and let the money flow. This automatic wealth generation model works really well for most people, but it is not that straightforward to implement.
Reports reveal that a vending machine business is not that costly to implement, but one needs to consider all relevant things first. Depending upon the vending machine version you wish to install, it may require you to make a capital investment of S$9000 to S$16000. And if you want to install multiple machines, the cost will multiply accordingly.
Also, it requires you to think about a few other money-hungry factors such as office rental, marketing, labor, and business support costs. You may also need to find a supplier or manufacturer for designing products for you that you can sell through your vending machine.
There are so many important things that you need to do while starting your vending machine business:
Step 1: Register your business
The first step in this process is to do company registration Thailand, and then you have to obtain all the essential permits and licenses. The self-registration process is the cheaper solution. Moreover, if you need some additional services such as virtual addresses and paperwork management, the local business agencies and government authorities can help you better. The vending machine business registration doesn’t require you to make multiple formalities. The licensing formalities will further depend upon what kind of products you want to sell.
Step 2: Sourcing products for your vending machine
The main challenge for new business owners is to source products from the market to sell via vending machines. First of all, you have to check the cost of the vending machine in the market and compare available options. The cost may vary depending upon the temperature control, capacity, format, and design. You can also check whether you want to make the payment option contactless with mobile-based payments. After setting up the machine, you have to check possible options for products to be sold, such as snacks and canned drinks, etc. Try to establish contact with some budget-friendly distributors and wholesalers. Make some in-depth analysis on profit margins and accessibility of products.
Step 3: Running your business
After setting up the sources for products, you can start running your business. Make sure you choose some crowded locations for your vending machines so that more people can access them with ease. Look for the marketing strategy also to make people aware of your services. Other than this, you have to pay attention to restocking, maintenance, and insurance.
With these simple tips and tricks, you will be able to run a large vending machine business in Thailand with ease.
