Individuals, small businesses, and large companies alike can benefit from starting up a vending machine business. Vending machines provide profitable opportunities as well as security in stable income. Renting is a great solution for a person or company that would like to test out different types of vending machines - snack vending machine or drink vending machine - before purchasing one of their own or would prefer to have some assistance during their start-up endeavor. Below, we’ll explore the benefits of vending machine rentals, alternative solutions such as a lease, the need for a business plan and how to prepare one, and a well-rounded list of vending companies that allow you to rent a vending machine.
Make Sure Rental Is the Best Option for Your Needs
If you’re keen on outfitting your space with brand new vending machines or you’d prefer to go with refurbished vending machines that are tried-and-true, a rental can be a great option for you. Renting is not ideal for everyone, but if you’d like to take advantage of lower starting costs, establish the business in multiple locations right away, or set yourself up for streamlined expansions, renting is definitely a good fit.
Lower Starting Costs
Renting a vending machine is an excellent way to dramatically reduce your start-up costs, especially when you want to register an LLC to run your vending machine business. Even refurbished vending machines can cost thousands of dollars, and there are many other things you’ll be spending money on as you get started with a vending business. Renting can eliminate that initial purchase cost and make the business idea more achievable.
More Locations Right Away
Another notable benefit of renting a vending machine rather than purchasing one is the ability to start with multiple machines in multiple locations, rather than just a single unit. Not only will this jump start your earnings, but you’ll be able to reach more customers with a wider range of products in an area that needs it. For this purpose you'll need to register an LLC - something we explain in detail.
Better Scalability
When the costs associated with expanding a vending business are covered in large part by rentals, scaling the business suddenly becomes a lot more straightforward. You won’t have to browse for new vending machines, find sustainable financing options, or take a loss in order to expand the venture. You can test a few different vending ideas and settle on the right vending machine for your venture.
Alternative Financing Options for Vending Machines
In addition to short-term and long-term vending machine rentals, there are additional financing options such as leasing, grants, franchise membership, third-party financing, and the world-renowned option of borrowing money (or acquiring investors) from your pool of family and friends.
Prepare a Business Plan
Before any entrepreneur gets their new business started, they need to prepare a business plan. This is true for a vending machine business as well. It is an important step and is comprised of a number of elements that will help you get started and find success along the way.
Importance of a Business Plan
A business plan is important for vending machine business for two key reasons: it provides an outline for both the operational aspects of a vending machine venture as well as the financial side of things, and it provides guidance as the business gets going. A business plan will help you iron out your entire plan and ensure you are armed with all of the knowledge you need to be successful - especially before you send proposals to vending machine locations. Preparedness is invaluable in every industry and that includes vending machine rentals.
Elements of a Comprehensive Business Plan
A lot of work goes into creating a comprehensive business plan. Here are some of the elements that should be included:
· A summary of the business purpose
· Market analysis explaining the needs of customers and vending locations
· Description of the target audience
· Estimates and expectations of the financials
· Risk factors
· A timeline for task completion
· Action plans for strategy execution
Vending Machine Companies That Allow Rentals
After finalizing your decision to rent vending machines and completing your business plan, it’s time to actually rent a machine. There are a number of excellent vending machine companies that allow you to rent vending equipment. Their range of available machines can include drink vending machines, snack vending machines, and even specialty machines that offer fresh fruit or hot beverages like tea and coffee.
Dependable
Dependable is a vending rental company located in California. They offer many types of vending machines for rent, including snack machines, drink vending machines, and specialty options that sell ice cream, coffee, or fresh food.
Dependable machines can be rented short term for commercials/movies or events, but they also offer long-term rental plans that allow you to use their vending machines in your place of business. They will take care of all maintenance requirements, but you may need to provide the stock and fill the machine yourself depending on your agreement.
Dependable has been operating since 1979. They pride themselves on providing up-to-date vending machines that are user-friendly and well cared for. Their staff will clean the rented machines at least once a week, and they’ll even take care of the installation and provide you with some training.
Selecta
Selecta has more than 60 years of experience in the vending industry. Their headquarters are located in Switzerland, but they provide vending equipment all across Europe. Selecta offers the option to outright buy a vending machine, lease a machine, or hire one.
Their selections include snack vending machines, drink vending machines, hot vending machines, combo vending machines, and those that offer healthy snacks and meals.
Vending Systems, Inc
Vending Systems, Inc is a vending services company located in Kentucky. They began operations in 1989 and have been a trusted source for the community since their opening day. Vending Systems, Inc has a full selection of new and reusable vending machines that can be leased by an individual or business. Their vending equipment includes food machines, snack machines, and drink machines.
Vending Systems, Inc has a wonderful leasing setup: they provide installation and maintenance for the machine, and you won’t have to pay a down payment. You have the freedom to determine the prices for your employees/customers, stock items of your choosing, and keep all of your profits. Vending Systems, Inc will retain ownership of the machine and will be responsible for the property taxes during the entirety of the 36-month term.
Friendly Vending
Friendly Vending is the go-to choice for short term rentals. They have been praised extensively by the community they serve and offer flexible terms. Their contracts can be signed for single-day rentals, week-long rentals, or a full month. Their next-day delivery service ensures you will have the vending machine you need no matter how little notice you are able to provide.
Located in New Jersey, Friendly Vending machines are perfect for events, sports tournaments, temporary job locations, and more. You won’t to worry about liability issues as they are fully insured, and you can pick and choose the snack and drink vending machines that suit your needs and preferences.
CVM
The CVM team has 40 years of experience in financing and leasing vending machines. They are located in Texas and offer instant approvals with just a soft credit check: they are the ideal option for people that want to avoid a hassle when they lease a vending machine.
CVM allows you to set up a lease agreement risk-free. In most cases, your upfront costs will only include the first and last payments, and you can buyout the contract or add additional machines without any penalties. Installation services and training can also be provided to you.
American Capital Group
Established in 1995, USA-based American Capital Group has been financing vending machines for decades. Their lease conditions are incredibly flexible, and their vending machine types include all types of beverages (including beer) multiple types of food machines, toy machines, and the standard soda and snack machines everyone loves.
Crest Capital
Crest Capital is a reputable financing company based in Georgia that boasts an easy application process, excellent rates, and a fast approval time. Their only requirements for leasing are a good credit history and at least three years in business.
With over 20 years of experience in the vending financing industry, Crest Capital has become America’s #1 lender for small businesses—it says so right on their website. They offer flexible financing options for every type of vending machine you could think of.
Wrapping Up
All in all, vending machine rentals are an excellent way to begin offering vending services to customers, employees, residents in apartment buildings, and more. Whether your desire is to set up a snack machine, soda machine, or a combination of machine types, there are plenty of vending companies that can offer the right vending machines for your location. Whether you rent or lease vending machines, the right payment terms can offer you more control, help match vending machine costs to your profits, and ensure you find success with your new venture.
