Demand for CBD products is on the rise. There are different channels of selling CBD products, but one of the latest channels is the CBD vending machine.
Setting up a CBD vending machine business is easy. It can be done in simple steps like selecting the machine, choosing a location, and getting a license.
But when you’re done setting up your CBD vending machine business, you will need customers to come up and buy your range of CBD products.
If you’re inexperienced or lack social capital, it’s easy to struggle with getting customers and it can threaten your CBD vending machine business.
But there are various things that you can do to get out of losses and fast-track the success of your CBD vending machine business.
- 1 1. Location, location, location
- 2 2. Buy Quality CBD Vending Machines
- 3 3. Diversify Your Products
- 4 4. Invest in the Maintenance of the Machine
- 5 5. Have a Growth Mindset
- 6 Can You Make Millions from Your CBD Vending Machine Business?
- 7 The Takeaway: Creating a Successful CBD Vending Machine Business
1. Location, location, location
Location is the number one driver of success for physical stores. Before you even purchase the machine, spend some time scouting for a location with great traffic. Avoid putting your vending machine in a small corner on a deserted street. Some of the ideal locations for a CBD vending machine include hotels, apartments, and malls. If you don’t own the structure where your vending machine sits, make sure to look for the owner and persuade them to let you install the machine.
2. Buy Quality CBD Vending Machines
Buying a vending machine is not like buying a shirt. Vending machines are typically pricey. If you came across a vending machine whose prices are ridiculously low, it can be enticing, but remember the old saying that you get what you pay for? A ridiculously cheap machine is probably second-hand or made of inferior materials, and is likely to develop dysfunctions later, thus making you pay for repairs or replacement.
3. Diversify Your Products
You need to stock up your machine with diverse products. Thankfully, the CBD ecosystem is filled with a million different products. Some of the suggestions include tinctures, edibles, creams, ointments, energy drinks, suppositories, and so on. You should also take notice of the products that move a lot and play around with the products until you find the winning combination.
4. Invest in the Maintenance of the Machine
I mean, if you stand the machine on a corner and disappear, like not literally, but if you fail to provide constant maintenance, your machine takes a beating, has its lifespan reduced, and potentially develops dysfunctions. The machines need to be cleaned and replenished frequently, and whenever a problem arises, it should be smoothened with urgency.
5. Have a Growth Mindset
If your CBD vending machine is doing well, and the demand for your products is high, it can reach a point and the customers miss what they are looking for. To avoid losing customers, you need to expand your CBD business by e.g. installing new machines. This ensures that the supplies are enough and your customers stay happy.
Can You Make Millions from Your CBD Vending Machine Business?
I once read a story about a powerlifter that made millions with his Silicon Valley-based vending machine business. Here’s the thing, you can collect handsome revenue from your CBD vending machine, yet vending machines are unlikely to make you a millionaire. But take the revenue and let it supplement your income. If you expand your business, you multiply the income and it becomes something large. Many CBD vending machine owners are making in the region around $600 per month.
The Takeaway: Creating a Successful CBD Vending Machine Business
A CBD vending machine business is a viable business idea. It makes for good passive income, but the important thing is to find the perfect location. Some of the best locations for a CBD vending machine include malls, hotels, and apartments. Incorporate the above tips to ensure your business is successful.