How to create a gumball machine business
Passive income is defined as "income that is generated from a venture that the owner does not actively participate in". A few examples of passive income include; dividends, real estate rentals and vending machines. All passive income sources require an initial investment of effort and money, but then minimal work thereafter is required.
Passive income enables your money to work for you, rather than you work for money. So you may be wondering, how can I start creating a passive income?
The first passive income business that I started was a gumball machine business. As I was still a student at university I did not have a lot of money to invest. After a few weeks of research into the business I bought my first gumball machine. These machines generally cost between £60- 100. I was able to break even after just a few month and I then reinvested the money in another gumball machine, and so on. After you build up a few of these machines you could make a good weekly income.
How to get started
- You could buy a simple candy machine from Amazon ( affiliate here). Personally I recommend buying a machine with a stand, as the machine needs to be seen easily. Also I recommend you get a gumball machine that is colourful and clean that attracts attention.
- Next you need to secure a good location to place your gumball machine. You need to locate a place with allot of people traffic. These are the following places that produced me the best income ( Bars/ Pubs, barbers, bowling places, laundrettes).
- After you secure a good location, you need to visit your vending machine weekly, top it up with candy and take your income.
Tips
The biggest problem that I faced with this business is securing locations to place the machine. My tip to you is to talk to business owners of the location you wish to place your machine, show them a picture of your vending machine and explain to them that having a vending machine in their business premises is good for attracting customers and explain that the gumball machine only takes up a small amount of space. You may even offer them a small cut in the earning your make each month. Keep trying till you have secured a place for your vending machine.
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