My locator emailed me last night with 3 locations but 2 of them were in the wrong zips, unfortunately. I say unfortunately because all 3 were outstanding locations. Anyway, the one I have to drop off today is at a restaurant/bar. They mentioned that they want mints. Does anyone have an idea about what kind of mints to put into these machines? Obviously cheaper is better.
Cynthia and I have exchanged call sheets! We are going to call and attempt to secure each other locations. I think this is a great program and if anyone wants to join in on the fun let me know. It is much easier calling for someone else. It's a mental thing.
I have 17 machines to build today. What a blast. I got part of them put together yesterday with my friend, I think he's going to help again today. Putting these things together is becoming a full time job.
Rob
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My name is Robert. I graduated from the University of Central Florida with my B.S.B.A. My specialty is business finance. After my first 10 machines find homes and I get this business down I'm going to leverage as much money as I can to buy more machines. You can call me the Candyman. - Cataloging my experiences from Day 1.
Email Updates Available
CANDYMAN EMAIL
RobertNPatterson@gmail.com
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About Me
- Robert Neil Patterson II
- Naples, FL, United States
- An entrepreneur at heart; I have owned many businesses through out my young life. Before vending I was a PowerSeller on eBay with sales exceeding $20,000 a month. I did this while in college so it was sort of a mess. Anyway, it's risky, scary, and a lot of work, but fun. It's not as easy as people make it seem. I have also written a book on Stock Options. It's called Stock Options 101. I have sold over 200 copies on eBay for $3.99 (I don't sell it anymore) and if you want a copy I will be happy to send it to you. It is in PDF form so I can email it to you. Obviously, I have traded stock options before. I like risk and love great reward. I think one reason I like the vending business is because it's a risk for me to go in and sell. By the way I have 100 of my own bulk machines in Naples, FL. Check out http://www.kickstartlocations.com/forum for my Bulk Vending Forum!
14 comments:
Rob,
O yea..buliding.lucky you . Mints...how fun. You can get "polar mints" from GMW. There cheap, plus when you vend mints, you can give very few. Turn the wheel down as far as it will go!
25 pounds, $49.99, this will last you for over a year! {Fill it up half way to the top}
Glad your locator found you new locations! Now start again on your own, and get on the phone!
Kyle G.
Well, I saw the polar mints at the store but I didn't like the way they looked. I got these Mikenike mint things. They only came in small containers. Anyway, I'm giving too many out at the moment and it costs me about 12 cents per vend. But I really think the gumballs will be the bigger hit at this location. It's a bar and grill and there is room for another machine in the back buy the pool tables. We will see.
Rob
Rob,
I have no clue what you are talking about, but cool. Small containers? Not bulk I am guessing!
Well I am glad you did not have to buy them over the internet!
How far are you along..building wise?
Kyle G.
I have a lot more building to do. I'm going out right now to build.
Rob
Rob,
Ok. Talk to you later tonight then!
Kyle G.
Rob asked me to post this over here as well.
Ok, I've got a few questions for everyone. First off, how many of you carry Liability Insurance? Do you have your companies incorporated? Pay income taxes on your profits?
I ask this because I just don't see much profitability in Bulk vending.
example- Rob has in his blog that he checked one location after 30 days or so and it had $35.00 in it.
Gross- $35.00=140 vends @ .25
Product Cost @ .05/vend = $7.00
Commission @ 30% on net = $8.40
Charity Contribution @ 5% = $1.40
Income Tax + or - $10.64
=$7.56 net
This doesn't include the following:
+ Locator fees
+ equipment costs
+ fuel / vehicle costs
+ insurance
+ city vending fees
+ your time
Am I missing something here? Please tell me how this is profitable large or small scale.
Thanks for your time.
Todd,
I will post on this on my blog tonight.
http://guthvending-myvendingblog.blogspot.com/
Check it out, and I will alert you on this blog about a new post on my blog. Robert has a link on his to mine as well!
Kyle G.
Todd,
His link says Guth Vending Blog.
Kyle G.
Todd,
Now you understand why most people cite the benefit of vending as being an all cash business.
Like I told Todd. I only have two locations with commission and 30% is a big chunk.
About taxes:
It's never a good idea to tell other people about the taxes you do or do not pay or how much income you claim etc. To be honest I just figured most vendors didn't claim income tax. It's an all cash business and the IRS isn't going around town looking to reclaim your gumball machines. I haven't reached the point where I have had to file income taxes and when I reach that bridge I'll be sure to keep you in the dark, ;) hah
I don't have insurance yet, but I'll probably end up getting that. That seems like something that could really affect you if a kid hurt themselves on your machine. Especially Ken who has another job "on the side, haha" It could really affect his way of life is he got sued.
Rob
Ken,
Beleive me I understand the all cash aspect of this business. I run kidde rides on the side as we speak. I was trying to throw out there all aspects of running a business.
If you want to sell that business and your not claiming any profit...good luck selling it.
If you don't have liability insurance you are really playing with fire. In the lawsuit happy world we live in it's just a matter of time. All it takes is a choking incident or a kid pulling the machine over on them or just getting sick from the candy.
By the way I carry a million $ on my kidde rides in an LLC.
I mean will regular balloon insurance cover this business? I really wouldn't even know where to start.
Rob
Rob,
I think just general liability would work. cost around $1000/yr or so but well worth it if you need it.
Todd
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