I'm curious to see if there are any other part-timers out there on the BevBoard who are close to having to decide whether or not to jump into vending with both feet and give up the day/full-time job.
I have 7 machines, 5 of which are placed and are doing well. Sales are WAY up. We are devoting 4 machines to soda and snacks, and 3 to energy drinks and special interest items (like V8 and water). The other two will be placed soon.
On the flip side, my day job is a corporate sales position that would completely own my time both day and night if I would let it, and has up until I decided to get into vending. Giving up any time at all in the evenings and sometimes during the day to do my vending business as you can imagine, sends tidal waves of stress and pressure into my life. With just 7 machines, I have already reached the point where something needs to give.
I have considered getting a part-time job, but every part-time job I have found only pays between $8 to $10 per hour, which is peanuts. It almost wouldn't be worth my time at all, and I certainly would not be able to pay my bills making that kind of money. I have also asked myself if the real cost of working a part-time job would be greater than if I jumped into my vending business full-time so that it could grow at a much faster rate than sharing my daytime with a low-paying part-time job that won't pay my bills anyway.
I do have some cash reserves, but I really don't want to have to live on that because it wouldn't last but a few months and took too long to save it anyway.
My question is, if you really bust your rump and invest your profits back into the business to buy more machines to place and in between buying new machines, grow your business by placing 3rd party machines, if you work it hard full time, what kind of growth is reasonable to expect?
If I could get to the point quickly (maybe 3 or 4 months) where I could pay myself about $1000 per month and still have profits to reinvest for growth, I would probably just jump in now completely.
I'd like to hear how some of you were able to transition from PT to FT vending and what some of your challenges were and how you overcame them... those who are willing to share.
I'm sort of in the same boat you are in. I have not posted on this board in awhile because of this. I am still in college, now working more than full time this summer to pay the bills. Work and vending combined im working over 80 hours a week.
I don't plan on the vending business being able to generate full time income, and still expand, for another year or so. I too have seven machines placed, all with long term contracts. I am still working on paying off my initial investment while puting money back into the business. I do know that I will tap my savings while I make the transition.
I'm considering tapping out my credit resources to get all the machines I can and get them placed. I'm finding out that if a machine is well placed and bought at a fair price, they can really produce a good income stream and pay for themselves in a reasonable period of time. Right now, technically, just one of my machines is earning enough profit to make my loan payment (for all the rest of t he machines) with extra going towards principal, while the profit from the others is going towards other stuff. I have to run the numbers, but I suspect that using all the "other people's money" I can get (with the right terms of course) will pay off and I can get to the point where I can pay myself a little bit of something, pay off my debt, and put money back for expansion all at the same time. If this works on paper, I'm seriously considering jumping all the way. Something has to give because my work schedule is killing me. Ugh!!!!!