Generally, vending machines can be a profitable investment if placed in the right locations. In fact, the location of your vending machine can determine the success of your business.
The vending machines business is expected to continue to grow; according to research, the global vending machine market will grow to $25.25 billion by 2027.
To help you choose the best locations for your vending machines, I have compiled some valuable tips on how to choose the best locations for your vending machines. If you wonder where are vending machines most profitable, I wrote a whole article that I encourage you to read.
1- Consider High Traffic Areas
One of the most important factors to consider when choosing a location for your vending machine is the amount of foot traffic the area receives.
Generally, vending purchases are impulsive or habitual because people either grab something when they need a quick pick or purchase from a machine they see daily. I encourage you to look for areas such as malls, universities, schools, hospitals, bus stations, and airports.
If you have a vending machine that dispenses healthy foods, consider putting it in areas like fitness centers or yoga studios. Also, I suggest you ensure that the area is accessible, well-lit, and secure.
2- Know Your Target Audience
Another key factor when choosing a location for your vending machine is knowing your target audience, as it is essential for your success. If your vending machine sells toys and games, consider placing it near a children’s play area.
On the other hand, if your vending machine sells hot beverages, you might want to place it near a busy street where people are typically in a hurry and looking for a quick caffeine fix.
3- Check Your Competition
Before you install your vending machine, I believe that it is essential you research the area and check for other vending machines.
If the area is already saturated with vending machines, it might not be worth the investment. Also, a saturated area doesn’t always mean a bad thing. If other vending machines are nearby, you must consider their product selection, prices, condition, and payment options.
For example, you can create an edge for yourself by placing vending machine that provides compelling opportunities and allows cashless payments.
However, if you notice a lack of vending machines in the area, you might have found your next goldmine.
4- Accessible And Easy to Maintain
Another crucial factor when choosing a location for your vending machine is ensuring that you have access to it for maintenance.
I believe that having a vending machine in a remote and inaccessible area might result in trouble when it comes to re-stocking and general maintenance.
5- Indoors Vs. Outdoors
Placing your vending machine indoors or outdoors depends on the location and the products it contains. Outdoors may be a good idea if you offer drinks and snacks; outdoor locations will be great, as people may want to hydrate outside, like running in the park.
If you place your vending machine indoors, ensure it is located where people visit regularly. I also suggest you research and ensure there aren’t cheaper or more convenient food and drink choices nearby.
For example, if you put your vending machine in a company building offering free food to its employees, you likely will not run a profitable vending machine business.
6- Get Permissions
It would be ideal to plug in a vending machine anywhere you find a spot and start earning money. However, you must sign a contract or agreement with property owners to place your vending machines.
Before setting up your vending machine, I recommend you make sure that you have the necessary permits and permissions.
Generally, different locations have different regulations surrounding vending machines, and it is essential to ensure that you are compliant with the local regulations.
What to read next:
- Top 7 Most Profitable Vending Machines.
- Starting a Vending Machine Business in California: Everything you must know!
- 7 KPI Metrics for Your Vending Machine Business that Can Skyrocket Profits Today!
- Is Online Vending Machine Good For Passive Income? (Yes, and here’s why!)
- Is a Kiosk The Same As a Vending Machine?
Wrapping Up
When it comes to choosing the perfect location for your vending machine, I believe that it is essential to keep in mind the target audience, accessibility, competition, foot traffic, maintenance, and legal requirements.
By understanding the factors outlined in this article and putting them into practice, you can increase the chances of success and profitability for your vending machine business.
Remember, investing some time and effort into finding the perfect location for your vending machine can pay off in the long run.