Vending business can be highly lucrative but it can be dependent on where you place your machines. Sometimes, the most unexpected places can surprise you and bring you business while a conventional location may not. Therefore, it is important to perform market research and ascertain the foot traffic.
Here are a few things that vending owners can look into:Traffic
Is there a steady stream of traffic in the area? Did you consider peak and non-peak periods? Choosing the right places where there are plenty of foot traffic can determine your success.
In addition, you need to know when your machines get busy so that they get stock up at the right times to keep the business flowing smoothly.Competition
Many populated areas may see high concentration of vending machines already. If this happens in your location, you may want to search for better placements elsewhere.
However, some people may think that a little competition is good for their business. To outwin the crowd, there should be differentiation in your products. This means you machines need to offer customers with different products. Consider what the next machines carry and provide a better choice.
Possibility of Placements
Machine placements differ from place to place. Straight off our minds, most people would think that shopping malls and schools are popular locations for their vending machines. However, in our experience, the key to attract crowds is to acknowledge your target audience.
Know who your target audience is and work out a few locations where are they usually hanging out at. These will give you a broader idea of where your machines should be at.
For instance, food lovers lining up near popular restaurants may need a drink while waiting. Hotel occupants need a drink or more food out of convenience since hotel charges food and beverages at a high price.
Other placements could be apartment complexes, hotels and motels, gyms, offices, grocery stores, laundromats, community colleges and universities.
There are also services out there that help business owners choose the right spots for their machines, but these services can be costly. Those who want a bit of extra help can try these agencies out, but many find that doing their own research and moving their machines around as necessary help them make a nice profit without having to hire an outside person to help.