It’s no secret that all businesses want to make more money. It’s a no-brainer!
If you own a small to medium sized business, you might not have considered the opportunity for profit inside your break room. A vending machine is a fantastic way to bring in extra income outside of your core business.
Whether it’s soft drinks, hot drinks, crisps, breakfast bars, sweets or nuts, your staff will thank you later for all the snacks on tap. When hunger pangs or thirst kicks in, your machine will save employees time and money. Staff will also be happier and more productive if they don’t have to go to the nearest coffee shop every time they fancy an Americano.
And the best part? Your business will profit in the process.
In this post, we’re breaking down 5 simple ways that a vending machine can boost your company’s profits. Let’s jump in!
Vending machines are everywhere these days.
There is one for every 23 people in Japan according to Jonathan Hilder, chief executive of the Automatic Vending Association. In the UK, there is a vending machine for every 55 people. In the States, there are 7.1 million and in 2016, they generated $73 million.
If your business owns your machine outright, any profit made on the selling of products is instant income.
If you don’t want to buy a machine, you’ll be renting or leasing the machine. Make sure you shop around to get the best agreement on profit with your supplier. There are lots of options out there and some work on a commission or fixed income basis.
“The profit margin on a vended snack, such as a bar of chocolate or packet of crisps, is 30%-40%” according to Hilder. However, with coffee, the profit margin leaps to 70%. Having a range of snacks and drinks will bring you the most profit and satisfy your staff as much as possible.
By installing a machine, you are saving your employee’s money and time due to the convenience.
Staff don’t have to leave the office to buy drinks and snacks. They can have what they want immediately and easily. Indeed, hot drinks machine can dispense a drink in around 20 seconds.
There will be more incentive to stay on site, which leads to positive working relationships between colleagues. What’s more, they would probably spend more going to a coffee shop or restaurant. A further incentive to use the machine.
A fantastic way to keep employees happy is to provide them with food and drink. Everyone knows that! Giving your staff an area with a variety of vending machines will take you that much closer to improving overall staff satisfaction.
With quality machines situated across your office space, your staff are bound to be happier and more alert throughout the working day.
Installing one or more machines means your employees can satisfy their hunger or thirst at the push of a button.
Everyone needs an energy boost from time to time, and you’ll be ensuring your staff are kept fully alert and productive by installing a machine.
Increased productivity raises office motivation and, in turn, overall company profit and income. Staff will also be less likely to run over allocated lunch hour time slots.
You won’t have to worry about buying milk, coffee, tea or biscuits for the office anymore. Equally, you won’t have to pay for a cleaner who would usually make sure any dirty mugs got washed.
Installing and managing a vending machine is far from complicated and your business will profit in a variety of ways.
Place your machine(s) in high traffic areas in your office for more usage and maximum revenue. It’s also a good idea to mix up what you’re putting in the machines. Work out what’s most popular too!
If you want to raise more revenue from your machine, it’s important to have the correct pricing structure. Put your prices too high and you’ll lose out on sales, too low and you won’t be making a profit.
It’s also really important to fix as issues soon after they occur.
To find out more about vending options, get in contact today.