Did you know that vending machines are an often overlooked but extremely powerful passive income source? If you haven't considered investing in vending machines, Michael Hoffmann is here to convince you why you should.
Join Russ, Joey, and Michael as they discuss how to start a vending machine business with minimal capital, the cost and profit margins, how to stock them, how to find an ideal location, how to hire an operator, and almost everything you need to know about this opportunity.
Top three things you will learn:
- How to start a vending machine business
- Choosing the best location for your vending machines
- How much you can make from vending machines
About Our Guest:
Michael Hoffmann's journey to passive income started while working a 60-hour week job that paid him only $1,200/month. He then began experimenting with short-term rentals and several other income streams. One of those income streams quickly became his favorite: vending machines. He now offers a course to teach others how to build passive income with vending machines.
Connect with Michael Hoffmann:
Website - https://wealthwithoutwallstreet.com/vending
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00:00 - Intro.
01:05 - Why vending machines?
03:36 - How did you make it happen?
04:19 - What is required to get started in the vending machine business?
06:00 - What was the result in the first 90 days?
06:51 - What is the monthly amortization cost for the vending machine?
07:35 - What is the best location for a vending machine?
09:12 - Are building owners trying to gain revenue from you? Are you paying them rent, or are you doing rent share?
10:50 - What is the cost of maintaining your vending machine?
13:24 - Who operates your vending machines? Are you doing it yourself?
17:19 - How do you sell digital ad spaces on your vending machines?
19:20 - What percentage of people you talk to say yes to your vending machine?
20:55 - What can go wrong with the vending machine business?
22:15 - How do you know if a percentage of your vending machine sales or items are being pocketed?
23:42 - Are most vending machines cash-based or are you transitioning to credit cards?
25:21 - On average, with an operator, how much income per machine can someone expect if they follow your process?
27:55 - Is there an opportunity to sell your vending machines eventually, or do you just keep them forever?
29:21 - How easy is it to follow your course?
🎧 Listen Now to the full episode here 👉
https://www.wealthwithoutwallstreet.com/podcast/how-to-start-a-vending-machine-business-cost-tips-how-much-you-make-with-michael-hoffmann
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