599: Vending Machines: The Path to Your First Passive Profits

The Side Hustle Show

Nick Loper

Business, Education, Entrepreneurship, How To

4.7 • 1.6K Ratings

🗓️ 7 March 2024

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

Tired of trading time for money at your 9 to 5 job? Looking for a way to make passive income with minimal startup costs and overhead? Then starting a vending machine business may be perfect for you. The vending machine industry was valued at $42 billion last year and is expected to grow at 8.1% from 2024 to 2030. Profitable vending machines are everywhere — offices, apartment buildings, gyms, airports. Wherever people gather, there’s an opportunity to provide convenient access to snacks, drinks, and other bestselling impulse-buy items. And it’s a great market to get into because it’s extremely fragmented, with vast potential for growth. No national player owns more than 5% market share. In this episode, you’ll learn: How the vending machine business model works The step-by-step process to go from zero to $1,000+ in monthly passive income Finding ideal locations and signing contracts Buying used machines vs leasing new ones Stocking, restocking, and maintenance procedures Risks to watch out for and mitigation tactics Full Show Notes: Vending Machines: The Path to Your First Passive Profits New to the Show? Get your personalized money-making playlist here! Sponsors: US Bank — Get a 75,000-point sign-up bonus with the US Bank Business Altitude Power World Elite Mastercard, and earn 2X points on everything you buy for your business. Indeed – Start hiring NOW with a $75 sponsored job credit to upgrade your job post! Airbnb - Start an Airbnb business and earn money as an Airbnb Host! This is Small Business Podcast - Brought to you by Amazon, explore the stories of small business owners as they navigate their path to success! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	What if you had a bunch of robots that each paid you 500 bucks a month?
0:04.0	What's up? What's up Nick Loper here?
0:06.0	Welcome to the Seinfeldel Show part of the entrepreneur podcast network.
0:10.0	If you're looking for legit ways to make extra money in your spare time, you are in the right place.
0:15.0	And those robots I was talking about, well it's not sci-fi. They're called vending machines.
0:19.0	They've been around for decades. My guest has placed 15 of them over the last few years, generating thousands
0:24.8	dollars a month, and he helps other people do the same to get their first taste of
0:28.4	that elusive passive time-leverished income from Mr. passive.com. Mike Hoffman.
0:34.7	Welcome to the Side Hustle show.
0:36.4	Thanks Nick, excited to be here and excited to chat today.
0:39.4	Me to stick around in this one, we're covering the location and logistics piece of the
0:44.3	vending business how to get started without a ton of upfront costs and just general
0:49.1	best practices in building out a modern vending route on the side.
0:53.1	They can pay you every month.
0:54.4	So Mike, take me back to the beginning here.
0:56.2	You're working 60 hour weeks, bringing home 1,200 bucks a month.
1:00.1	That sounds borderline like probably below minimum wage.
1:03.2	You realize something's got to change here.
1:05.6	What's going on there?
1:06.5	We were working in collegiate athletics.
1:08.4	And we talk about financial freedom and making kind of money
1:12.2	without your time, something had to change because
	...

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