Compilation: Zhang Yongqing / Image source: Shutterstock
The epidemic made it difficult for him, who was in charge of the business, to achieve his performance goals, but it also made him develop business acumen. Starting from two vending machines, he now earns NT$920,000 a month and only needs to work 6 hours a week.
Before the outbreak of the new crown virus, Quinn Miller was in charge of a digital start-up company in California, including performance dividends, with an annual salary of regarding 240,000 US dollars (7.36 million Taiwan dollars). But a pandemic brought everything to a standstill. Miller’s clients in the retail, restaurant and entertainment industries have also slashed their budgets. Even if Miller extended his working hours, he might barely achieve the performance.
In June and July of 2021, he bought two vending machines for US$5,000, and his sideline business started. The progress was very slow at the beginning, because he expected to scale up, he simply resigned from his full-time job in the summer and devoted himself to the vending machine business.
Miller said, “I am very happy that I took this risk. Now I have 57 sellers scattered all over the city where I live, bringing me an average monthly income of US$30,000 (regarding NT$920,000)” . In the past two years, the cost of purchasing a vending machine was regarding 160,000, “but because I have savings and no debts, and now I only need to work 6 hours a week to maintain the operation of the vending machine.”
But Miller is not idle at other times. He will continue to look for new locations to set up vending machines. Like many Internet celebrities, he will record his entrepreneurial experience as an online paid course. money to help you pay your bills.” Miller also shared the five steps of starting a business with a vending machine:
1. Settled in a busy area
Miller’s first vending machine was in a friend’s father’s automobile factory. There were not many employees in the factory, so the performance was very mediocre. In the first three months, even only $181 worth of goods were sold.
A second vending machine rolled into an apartment complex and sold $1,200 in merchandise in its first month. The way to find a good location, Miller said, is really to bite the bullet and make the phone call, targeting buildings with a lot of traffic or employees. On the phone, ask to talk to the owner or manager, tell them that they want to place a vending machine, and tell them the benefits, for example, employees or residents can easily buy snacks or drinks, and clearly tell you how you will be responsible for the maintenance .
2. Purchase high-quality machines and conduct market research
Miller’s first vending machine cost $1,000, and later picked up a good one on Facebook’s marketplace.
But looking back, Miller feels it was a waste of money. He believes that it is more worthwhile to buy a brand new machine through a local supplier. Even if one usually costs US$4,000, which is equivalent to NT$100,000, it is more reliable and will not break down and require frequent repairs.
Miller suggested that beginners might as well start with the vending machine that sells beverages, and display up to 6 to 10 kinds of products, which means that you don’t need so many types of goods, and you can also experiment on your own to see which products sell best.
3. Buy a credit card sensor
Not all models accept credit cards, so he bought a credit card machine. The credit card machine already allows you to observe sales through a website or an app. In other words, you don’t have to go to the site, but you can know the sales status anywhere.
Fourth, please come professionally
The installation of the vending machine should be done by a professional. When buying a machine from a machine vendor, usually they will know an experienced installer. Especially in the elite areas where every inch of land is expensive, vending machines often need to be squeezed into a small space. At this time, experienced moving and installation workers will save Miller a lot of trouble.
5. Replenishment depends on mass merchandisers
Although he orders directly from beverage manufacturers, Miller buys some of his products from mass merchandisers because some of the deals are truly incredible.
For Miller, Sam’s Club, a warehouse-style store owned by Wal-Mart, is an excellent place to restock. He calculated carefully and explained that the cost of replenishment of course depends on the product mix you sell. Generally speaking, the cost of replenishing a vending machine is 250 to 1,000 US dollars.
Then there is a series of experiments. At the beginning, we start selling popular and well-known brands, and then slowly observe which products sell well and which ones will not sell well. The important thing is that the best items can bring you a profit rate of 50% to 75%.
“I love being a vending machine owner, and I think the thing that annoys me the most is probably a stuck coin, but it still doesn’t make me want to go back to being a commuter employee,” Miller said.
(Source: CNBC, News Break Original)
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