Quinn Miller went from a ?1,400-per-hour corporate job to running a ?2.4 crore-a-year vending machine business. Unhappy with his corporate sales job in San Diego, he dreamed of financial freedom. In 2020, inspired by tweets about the vending machine business, he bought his first machine. Today, Blue Agave Vending has 56 machines across major cities and is on track to make ?4 crore by the end of 2022. Here’s how he did it.
From Corporate Sales to Entrepreneurship:
- Initial Career: Quinn worked in software sales, making about 100 cold calls daily. Despite being well-paid, he was dissatisfied with the corporate environment.
- Inspiration: Tweets about profitable vending machine businesses caught his interest as a low-risk investment opportunity.
- First Steps: Quinn purchased his first vending machine for under ?1.6 lakh, including the machine, products, and other expenses. He secured a placement at a local mechanic's shop and launched Blue Agave Vending.
Rapid Growth and Scaling:
- Early Revenue: The first month saw little revenue, but by the second month, July 2020, he made ?1 lakh.
- Quitting Corporate Job: Confident in his business's potential, Quinn left his sales job in July 2020 to focus full-time on vending machines.
- Revenue Growth: By March 2021, he increased his revenue to ?3.5 lakh. Acquiring established routes of vending machines further boosted his income to ?9 lakh by April 2021.
- Current Status: Quinn's business has expanded to 56 vending machines, generating ?24 lakh per month.
Key Lessons from Quinn's Journey:
- Start-Up Costs: Initial investment under ?1.6 lakh. He recommends a starting budget between ?3.6 lakh and ?4 lakh for new entrepreneurs.
- Choosing Machines: Look for reputable vendors and consider refurbished machines for cost-effectiveness.
- Finding the Right Location: High-foot-traffic areas like laundromats, hospitals, and large apartment complexes are ideal.
- Branding and Customer Service: Professional branding and prompt customer service are essential. Invest in company attire, business cards, and a website.
- Product Selection: Popular items like Coca-Cola and snacks are profitable. For instance, buying a Coke and selling it yields a 35% profit per bottle.
- Managing Inflation: Adjusting prices is necessary to maintain profitability amidst rising costs.
- Work Efficiency: Quinn spends only five hours a week on maintenance, thanks to two contractors and a virtual assistant handling restocks and administrative tasks.
Advice for Aspiring Entrepreneurs:?
Quinn encourages those interested in vending machine businesses to start small and experiment. The financial risk is minimal with a low initial investment and the potential to resell the machines. Persist, learn continuously, and scale your operations strategically.
If Quinn Miller can start a vending machine business and turn it into a ?2.4 crore-a-year success, so can you. Start small, experiment, and learn.
Interested in launching a vending machine business?
Fraxotic’s Team is here to help you start your journey.
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