Asset advice?

Question

Hi I'm 18 and would like to start establishing some assets, an idea I had for a while was to buy a vending machine that I could buy drinks/ snacks from a company, then stock it up and see if I could pay a local business a monthly rent for me to sell drinks/ snacks there. Then eventually buy more and grow my collection of vending machines around town.

Anyone have any advice they could give me? and maybe some other ideas?

Thanks.

Answer 1

I don't know much about the business, but I do think you could learn a lot by reading the standard contracts (agreements) that seasoned vending route owners use. I did a search, but all I found was a bunch of dealer-type stuff. I recomend trying to get your hands on a contract that a seasoned pro uses.

I think there a probably more things in one of those contracts than you or I could think of in an afternoon.

Good luck.

Answer 2

Yes. I have 2 pieces of advice.

1. If you want to make a go of the vending machine biz, start working for one. Rather than starting out and making a bunch of mistakes figuring out how to do things, work for one for 6 months or a year and learn how they operate. How do they find locations, negotiate with biz owners to place machines, where they buy supplies, how they deposit all the coins, everything?

2. Don't be afraid to go into debt a little. Using debt to buy assets that make money can be a very good thing, if you are confident the assets will make you money.

Good luck.