Starting a Vending Machine Business in Ohio before retirement in 2023
Are you nearing retirement, but want to make a big splash into something different than your current job. Maybe it’s because you don’t have enough saved in retirement. Or, are you looking for a way to secure your nest egg with a franchise or small business that will continue to generate cash flow and revenue? Are you worried about the economy with the looming recession and inflation in 2023? 2024?
If we consider the state of Ohio (a place I used to live and still visit often) the cost of living is relatively lower or medium comparatively. The average retirement age is listed below, and the amount of money needed each year is about $52,000 for a couple to live off of as a minimum.
- Average retirement age: 62
- Money needed per year in retirement:: $52,000
- Amount Needed in Savings: $900,000
With the way prices are going, and wanting to travel, buy gifts for your grandchildren, I would think you would need more. In fact, this is probably assuming you have your entire house paid off.But, what if you want more? Are you worried about inflation in 2023? Or, maybe how to protect yourself from Inflation in 2024 because you are nearing inflation.
Traditional advice when I read retirement articles was to max out your 401K if you are young. If you are nearing retirement the advice was to spend less and work longer and delay retirement. Maybe buy more bonds or gold. WHAT? This advice is so boring, and not even helpful. I’ll understand that what I am about to say is not for everyone, and is not for every personality type.
But, let me encourage you to dream, and to dream of starting something FRESH, NEW and EXCITING. Sure you might feel like there is some risk, but with the right thinking you can reduce that risk.
START A BUSINESS! (or buy real estate, but let’s save that for another day. Send me an email if you’re interested in how I buy 2 properties every year for a lot less than you think you need. We’ll first focus on something that generates cash without over leveraging)
The business I have for you is the following.
Start a vending business. You might wonder… is a vending machine business a good idea? Or, are you thinking… is a vending machine business profitable? I’m here to say yes.
Starting a Vending Machine Business in Ohio is a great idea!
The benefits are the following:
Allows you to Invest in an asset that can be sold later as equipment or as a business
Generates passive income
Diversity in asset and investment portfolio
Be a business owner. Not everyone can say that. Be proud of it! Own it! Literally.
Join the health revolution, and provide healthy products to your customers! So, do something for your community and fellow human being.
Be proud of serving your community. People need snacks and drinks to be productive, and you’re there to provide them this service to keep people happy and productive. I know I get grumpy when I get hungry! Ha!
Everyone love snacks, and so when they see you coming they will want to talk to you!
On the flip side, they are just snacks so it’s not a do or die business. It’s low-key and relaxed. No one’s going to die or lose millions just because you didn’t bring snacks that day. Do you see my point? DO something meaningful, stay active and don’t have to just be a Walmart greeter. Nothing against Walmart greeters, they are actually pretty awesome. I’m just saying that you have an opportunity to do something great!
How much do vending machine owners make a year?
This is totally up to you, but you can realistically make $50,000 in profit per year with 10-12 vending machines. By adding more machines you can easily get into 6-figures with a vending machine business. Think about this… when you are nearing retirement, you can afford to invest. The name of the game is to deploy your cash into something that will make more money in the future. So, why not invest in something that generates income.
Don’t put all your money into the stock market.
Even if you have an index fund or mutual fund that spreads out the risk over a lot of companies still doesn’t help. Look at our economy now in 2022, where we are worried about another recession and inflation. The questions keep coming. When will we see a huge inflation? Will we see inflation in 2023? Will inflation come in 2024? Don’t wait! Take control of your retirement, invest in an asset that will generate income even in a recession and will not be affected by inflation. Let’s say you invest in 10 vending machines in 2022 dollars. We know for sure the cost of buying these machines will increase in 2023, 2024 and 2025. You’ve just purchased these machines at cheaper dollars. And, these machines will always generate profit for you in future dollars. Do you know why? Because as a business owner when the price of what you stock the machine goes up, you raise the prices of what you sell and your customers will understand because that is what everyone is doing. Do you see how you’ve just protected yourself from inflation? Just putting your money into a savings account is very bad for inflation. Because the money you keep in cash will lose buying power as time passes. Let’s say your strategy is to have $500,000 or $1,000,000 in the stock market via an index fund or mutual fund. And you depend on the proceeds during retirement, because you don’t have a pension and social security checks are dismal. What do you do when the economy crashes and stocks go down in value. Well, if you are young you can wait it out. But, the way some people are talking about the next crash, it might be big. And, if it is big, how long will it take to recover? How long can you wait? You can’t wait because you need to live off of those funds. And, what if you have $200,000 sitting in a regular savings or checking account, because you want to have reserves. Well, it’s smart to have cash reserves. At least 6 months or 1 year. But, please realize that the value of that cash in the savings account will decrease because of inflation. You’ll be able to buy a lot more in 2022 with that $1 than you will be able to buy in 2024.
The latest statistic is $1 in 2020 in buying power is $1.20 in 2024. This means that what only cost you $1 in 2020 will now cost you $1.20. That’s a whopping 17%. Or, think about it this way. $100,000 to $120,000. That is $20,000 dollars when you increase a few zeros.
It’s really important to protect your hard earned money all these decades. And, just only depending on the stock market and wall street isn’t enough. You need to diversity your assets.
Be PROUD that you will become a business owner, keep your mind and body active and do something fulfilling. Be an example to your adult children who still need your mentorship, be an example to your grandchildren who look up to you. Don’t just stay home and watch TV or play golf. Use your time to inspire the next generation! Oh, and while you are at it… make some money so you can go travel, treat yourself to a fine dinner and don’t worry about skimping and scraping by your retirement.
My proposal to you is to invest in a vending machine business.
YOUR business. No one else’s business. Now it’s time to pull up that Monday morning arm chair to the big table. It’s easy to criticize how company leaders make decisions, it’s maybe easy to even criticize your boss. Well, now it’s time to put your money where your mouth is. Don’t depend on a CEO you don’t know to save your retirement. If he or she screws up and the stock goes down, you have no control. If the entire US economy suffers in a recession your mutual fund will go down, your index fund will go down. We’ve all seen people in 2008 -2010 where their retirement savings were cut in half in an instant. It’s time to take control over your future.
Starting a vending machine business like any business starts with an investment. It’s just like when you buy stocks or a mutual fund, where you take your cash and turn it over to someone. Well, when you start a business you invest in the equipment and other start up costs. You take that money and buy the items you need to generate more money. The business will generate a profit that will pay back that initial investment, and continue to generate cash every month.
You might say, but I have to work. Well, consider this fun and be proud that you have and run a business. Plus, running a vending machine business does not require a full time schedule. And, it keeps you active and have something to do. Part of keeping your physical mind and body healthy even in your older years is to stay active. Plus if someone doesn’t get a snack its not the end of the world. This is not a high pressure business!
People love it when you come do your fill, you are the guy or gal that brings snacks!
Steps to Start a vending machine business
Please read the article here for that:
Stop worrying and asking questions like is it worth starting a vending machine business, because the best way to make something happen is just to start. Your business will grow into a profitable and amazing venture that you can’t even imagine. It just starts with you taking the first step, then after that you’ll figure out what the next best step is, then take that one, and the next.
What’s the best way to eat a cow? One steak at a time:) Sorry if you are a vegetarian. But, my point is that you just need to take action on one thing, stay consistent, don’t give up and before you know it, you’ve built yourself an awesome business. You’ve finished eating the cow.
This website is for you to join our community, so that you don’t have to go it alone.
Take the plunge and make some money!
In fact, I’ll explain how you can increase your profit with our unique techniques and strategies.
Start thinking like a business owner! Be proud, have fun and give back!