579: Ice Vending: $2500/Month in (almost) Passive Profits

The Side Hustle Show

Nick Loper

How To, Entrepreneurship, Business, Education

4.7 • 1.6K Ratings

🗓️ 14 September 2023

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

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Summary

Making extra money on the side often requires finding ways to create leverage. Leverage means getting paid multiple times for work you only have to do once, and making money without having to actively do the work yourself. One side hustler who has cracked the code on leveraged profits is Steve Slagle. By day, Steve works construction jobs. But outside of his 9 to 5, he now earns over $2500 a month from Beachside Ice, his ice vending machine business. In this episode, Steve takes us through the world of vending machine location negotiations, landowner compensation, and the importance of maintaining positive relations. We explore the finer details of partnering with manufacturers, securing permits, and overseeing installation and delivery. Tune into Episode 579 of The Side Hustle Show to learn: Ideal locations for steady demand with ice vending machines Financing options for starting an ice vending operation Local customer promotion with grassroots marketing Maximizing profits through maintenance strategies Scaling ice vending for semi-passive income Full Show Notes: Ice Vending: $2500/Month in (almost) Passive Profits

Transcript

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0:00.0	We won $1,500 a month in almost passive profits.
0:05.0	What's up, what's up Nick?
0:06.0	Hello, we're here.
0:07.0	Welcome to the side hustle show.
0:08.0	Now in November, entrepreneur, podcast, and network.
0:12.0	Because you're nine to five, maybe you're living with your five to nine.
0:15.0	It makes you alive.
0:17.0	One thing I like to see in a side hustle is leverage.
0:20.0	And what I mean by that is a couple things.
0:22.0	First, you look at the ways where you can get paid multiple times from work to do once.
0:27.0	Create the things, sell it over and over again.
0:29.0	Create the blog post earned from years.
0:31.0	That kind of thing.
0:32.0	The second thing I look for in terms of leverage is a way to make money without you having to be there doing the thing,
0:38.0	laying the bricks, driving the car, whatever it is.
0:40.0	Today's guest has got a side hustle that checks both of those boxes.
0:43.0	He works in construction by day, but as a side hustle runs,
0:47.0	a vending machine business and specifically an ice vending machine business.
0:52.0	Now you thought the margins were good on regular vending products,
0:55.0	try selling frozen water.
0:57.0	It's a pretty low cost of goods sold.
0:59.0	So he started in early 2022 and now sells several thousand dollars worth of ice every month.
	...

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