Great video, probably the most underrated RU-vidr I’ve seen. My only question is about how you set up your machine tech wise once you’ve bought it. Thanks giving me an insight into an something I’ve wanting to do for a while.
Generally a supplier can do this for you. Even if not, most of the setup is on the app (Nayax) not difficult, litereally just choosing a price you want to charge. Nayax also give you free support so theyre always a great help!
Thanks for the insight as I have been thinking of starting up. One question I can’t find the answer to is , how much do you pay the for the private land the machine sits on and what about electricity cost?
Great videos man keep them coming , quick question for full line machines do you just buy them and place them on a location or do you have to get them PAT tested or insured ?
Thanks Sam. I've just placed two machines but am completely lost on how I accurately account for the coins collected in my machine. If there are £30 worth of coins, how do I know how much of that is revenue without knowing how much change my machine gave? I can't remove the coin tubes everytime I visit to count the change left inside. And I can't just put the £30 collected into my accounting books can I as I'd pay more tax than I should as only around half of that is revenue after considering change given to customers, but I don't know exactly how much. Am I confusing things here?
I was exactly the same. Best way to account for it is save all of your money cash and card sale until the end of the month. Then with Nayax export your products sold data. Always make an excel with each products profits. Then I deposit all my cash and credit card sales into a business account and send your profits to a desperate account. I could never work with change. It’s confusing but hope that helps !
Hi Samuel, I recently came across your channel and found it very helpful. This is quite a late comment, but I want to ask if you think the vending machine business is a good way to save up for property business later on?
Yeah I would say so! It gives you a little experience running something of your own and that is great for starting out in property. It's also great to build your cashflow!
Question: How much rent do you pay the location for these vending machines considering they use the establishments electricity and floorspace? Secondly, if the location takes a cut of your sales, how do they know you're being honest about the number of sales?
Hi there! I’d recommend checking out my other videos on this topic but essentially I don’t pay commission as I’m providing a service for their business and if you were to pay commission then you would probably print off your sales from the NAYAX website and show them. Hope this helps!
Great video. Thank you! Just wondering if there's a business model in stocking vending machines with healthier options or do whole sale places selling these options have higher prices and so profit margin narrower?
Yes this is definitely a business model that works, like you said it will have higher cost prices and so would be higher prices you would have to charge. If you’re going down this route make sure you are in a location that is wanting healthier options but could also afford it!
Hi there great videos very good information Can you please tell me how much I should be paying for a full line re furb machine with card reader ? Many thanks
The location commission is non negotiable as a service is being provided eg placing a £2000 machine into their venue. You have to always see yourself as equal and only use commission as a last resort! Thanks for watching🙏🏻
What would you recommend as top 10 selling products and how much do you charge for them, it's hard trying to find a decent price to charge as it's either too high or too low.
Good sellers were: McCoys Steak Lucozade Coke Original Breakfast Bars (cheap item) Rubicon KitKat There are honestly so many but it really depends on your area target market. For drinks as in bottles it was £1.60 and cans £0.90 however due to inflation that would probably go up another 10p. For chocolate and crisps £0.90 also. Hope that helps 🤙🏻
Bit late but question, where do you buy your supplies? I've been looking at wholesalers in the uk and I'm getting prices such as £1.38 a can of red bull. Is that just inflation or am I looking in the wrong places?
Hi there, they're based in Manchester area. You are correct it probably would vary - maybe up, maybe down. London could have higher profit margins and higher demand or equally it may be seen as overpriced so sales fall but you make a great point! Thanks for watching 🙏🏻
Love the video fella any chance you could hook me up with who you buy your machines off and any other info as I’m from Chester and I’m about to start the business my self
Hey Lloyd, I get my full line from a local vending machine supplier and tower vending machines on used marketplaces, if you have any more questions just let me know!
Hello hope your well, for someone like myself wanting to start the business. I’d start off with tower machines. Do they still make money with people using more contactless nowadays
Whats your take on TUBZ brand, as i am keen to purchase with them as a franchise. I only pay the fee of £4-5k and get 10 tower machines and help with marketing and choosing location. Im based in london, would i recommend to go with a franchise or build your own as you are? Im atill going over your videos, ive come across soanu from USA didnt realise that there were quite a few in the UK. Looking foward to your response.!! Thank you
Great question! Tubz are great but the franchise model is very expensive. If you have the funds and are not bothered about a slower return then go for it! That being said you can set ten machines up for a lot less capital.
Hi Samuel, First off love your videos. Really informative. Great job. I have a question relating specifically to tower vending machines. My question is. Other than the obvious permission from land owner to place the machine on site. Are there any other legal loopholes holes you need to jump through at all?
I set the pricing based on the cost of the products. I do this via the Nayax app. Generally the crisps all have one price and same with drinks and chocolates. Go and see what vending machines in the area are charging but ideally 50p + profits per item! Thanks for watching!
I get a deal to buy a vending business with includes 14 vending machines for 32000$. profit around 2500$ per month. you thiink is a good ideea to buy the business? i want to extend it to 100 machines in 3-4 years
All depends on the quality and brand of the machines and if they’re in locations. Look around and see what other deals there are! Thanks for watching 🙏🏻
Thanks for your question! In terms of selling energy drinks, this particular unit is located in a secure staff room with access to 18+ members of staff and no one else. You are correct that you should not be placing them in machines that under 18s have easy access too. Thanks for watching🙏🏻
There are age restrictions and I wouldn’t place red bull etc in a shopping centre or locations similar where children are likely to be around. I only place energy drinks in locations such as staff rooms where children will not be present. Hope this helps!
If you pay £2k for a machine and it returns £200 a month that would be £2,400 per year which is a 120% return on investment. Much better than the average stock market return of 10% per year.
Hahaha buy in bulk, in all fairness due to inflation it probably has gone up significantly but if you find the right cash and carry, you’re winning! Thanks for watching 🙏🏻
Thank you for your reply.. You know I went to one of this bulk seller and they didn't let me in because they asked for my business account and I had no idea how I can even prove that I got a business account.. Any recommendations about that do you have?
