5 Tips on How to Start a Profitable Vending Business

Have you dropped a coin into vending machines lately?  If you did, you sure contributed another dollar to this whopping billion-dollar industry!

No wonder, this has become an attractive cash business opportunity for a number of Americans, but some would get into the vending machines business without preparation; they get burned like moths flying too close to an oil lamp.

However the fact can’t be ignored that vending machines have become an indispensable part of the American life as you can spot one vending machine in every conspicuous corner you can find and manufacturers have reinvented vending machines to become fully functional and be able to dispense, not just goodies, but services as well.

Vending has given selling another facelift when it becomes possible for even services to be marketed through the vending process.  Gone were the days when only soft drink and bulk candy came out as soon as you drop a coin into the vending slot; now, from your CDs to back massage, vending business has got you covered.

Here are tips on how you can potentially set up a vending business that can guarantee you Call to action if you still keep your regular job or a means to fortune if you dedicate your efforts to really make your vending business grow:

1.) Know Your Territory.  Learn everything you can about the business before you make the plunge.  Collaborate with other entrepreneurs who are into the vending industry and determine the pitfalls they have experienced, which you should avoid and the strategies that have worked for them.

2.) Find Your Niche.  You can’t be selling the universe out of your vending machines, thus you should determine your niche market and the products your market may have a strong demand for. 

3.) Determine Your Hot Spots.  When you have established a profile of your customers belonging to your niche market, you should determine next, which locations have high volume of foot traffic.  You can capture the flow of traffic right into your vending machines by getting one installed on every place your machine is most likely very much needed. 

4.) Do Your Math.  Going into business without a plan is like sailing out at sea without a compass, even worse, because your hard-earned money is involved. If you hated Math in school, this is the right time to look at it from a different point of view.  You need to know and understand basic accounting and its terminologies, such as cash flow, profit and loss statement, working capital and other financial matters that can help you understand your vending business more.

You must also calculate how much you should pay the owner of the location where you install your vending machines.  “Small leaks can sink a ship”; you should be wary about the fine prints in business, otherwise you would end up wondering why your vending business is going downhill.

5.) Invest wisely.  When you choose vending machines for sale, do not just look at the price.  A lot goes in and out of the vending slot; not just coins and goodies, but your reputation as the owner of your vending business.  If your vending machines are not manufactured by reputable companies, you might end up spending more on repairs and the cost may eat up on your profits.  Poor vending machines also irritate.  Sooner, you will have more people kicking at your vending machines than dropping coins.

Chunk of coins go through vending slots everyday that most budding entrepreneurs have laid eyes on the vending industry more favorably these days.  If you are a bit worried the vending business may not be what you want to build your fortune upon, you can start part time and keep your day job.  However, most people have realized that vending business can be a lucrative source of income if managed properly.  It won’t be America’s $20-billion industry for nothing!

Source by Christiene Villanueva

The Christian Declaration of Financial Independence

The Christian Declaration Of Financial Independence

  To encourage people to better understand and appreciate the principles of Christian financial stewardship as set forth in the article and sections below.

Article I
  We the Christian people hereby agree to the following:

Section 1.  We recognize that God is the creator and owner of all things.  We promise to be the best possible “stewards” of all that God entrust us with during our lives-including our own personal relationship with Jesus Christ, our spiritual growth, our family lives, our relationships with others and our finances.

Section 2.  We will show our love and appreciation to God for the sacrifice of Jesus Christ on the cross as He bore our sins that we might have life eternal by accepting
God’s Mercy and Grace.  We will tithe/give (goal-10% or more) to help others with not only our money, but also with our time and talent.

Section 3.  We will help God secure our futures by saving and investing.  We will start saving immediately.  We will first save at least $1,000 for an “emergency fund” that is placed in a safe liquid account.  Next we will save 3-9 months living expenses for our “emergency fund.”  In addition to our “emergency fund,” we will save and invest for the future (goal-at least 10%).

Section 4.  We will take care of our finances by tracking each account and putting money where it will grow.

Section 5.  We will invest for the long-term.  Financial futures are built on patience, time and hard work.  We will avoid speculative investments and investments that are too risky. 

Section 6.  We will pay our “fair share” of taxes.  While paying our “fair share” of taxes, we will utilize tax strategies that minimize our tax bite.  We will focus on investments that are less taxed than the highest rate, which is “earned income”-such as a paycheck.  We will utilize “portfolio income”-such as stocks, mutual funds and bonds that are less taxed than “earned income.”  We will focus on “develop” -investments such as real estate, which is the least taxed income.

Section 7.  We will use our home as a savings account.  Our home provides shelter and helps build equity for our futures.  We will save for a large down payment-at least 20% or more-when we buy a home.  We will purchase a home that is affordable for our budgets.  We will pay off the mortgage loan as soon as possible.  We will leave our home equity safe instead of spending it on perishable things. 

Section 8.  We will live within our means.  We will spend less than we earn.  We will be content and grateful for the resources we currently have.  We will make every effort to pay for purchases without acquiring debt.
Section 9.  We will protect our credit worthiness.  We will pay our bills on time. 

Section 10.  We will avoid debt whenever possible.  We will only borrow money when necessary and only in amounts we can comfortably pay back.  We will know the cost of borrowing before agreeing to any debt repayments.  We will add the cost of borrowing to the original purchase price and ask if the purchase is worth the total cost.  We will borrow the least amount of money possible, at the lowest rate possible and for the shortest time possible.

Section 11.  We will destroy credit cards if we are not paying the balances in full each month in order to avoid extra finance charges.  If currently spending more than earned, we will stop incurring additional debt immediately and work on a plan to pay off debt.

Section 12.  We will not confuse our “self worth” with our “net worth.”  Regardless of whether you are a pauper, middle class or a billionaire, Jesus Christ died for your sins that you might have life eternal.  You are of infinite worth to God.  God desires that you be a good steward of His resources; however, you will not be taking money with you to heaven.  Your relationship with God and others is more important than money.

  We mutually pledge our commitment to these declarations with a firm reliance on the protection of God’s divine providence.

__________________________     ______________________
Your Signature                             Date

Source by Bill G. Page

How To Get Rich By Quitting Your Job

If you want to get rich then maybe you should quit your job. You might think that your job is what is going to make you rich, well it isn’t. Your job is making your boss rich, if you want to be rich you need to do so in your spare time. There are hundreds of reasons quitting your job will help you to become rich, I want to share some of the more important ones with you today.

1. Rich People Don’t Work For Money
This is one of the hardest concepts for people to comprehend. Most people see being rich as having a lot of money (which is true) and therefore you must work hard for money in order to become rich. But this is not the case. The rich do not work for money, the rich work for assets and then their assets work for money.

An asset is something that puts money in your pocket on a regular basis. Like stock dividends, or rental income, or businesses. Rich people don’t work for money, because then their income is limited to how hard they work. The rich work for assets that generate them Email and work for them whether or not they go into the office.

2. Quitting Your Job Brings Out Your Creativity
All children are creative, but for some reason as we get older we loose that creativity. I believe that a lot of our creativity is lost through our jobs. We spend the best hours of our week working for someone else, doing something we are likely not passionate about. We are not creative in our jobs because you just need to get the job done to be paid, then you come home and you are so tired from work you cease to be creative at home.

By quitting your job you are unable to release your creativity. By working only part time I have released my own creativity. I have had to be creative to find ways to earn money apart from my job. I now have a flare for writing and I am very creative when it comes to making more money. Every day I get more and more creative and this makes me richer and richer. This would never have happened if I had of worked full time.

3. Quitting Your Job Gives You Time For Opportunities
I found that when I worked full time even when an opportunity came up I didn’t have the time or the headspace to even think about it let alone take advantage of it. When you quit your job you will soon discover how many opportunities there really are. Instead of failing to take opportunities when they come (and that is few and far in between) you will have so many opportunities that you will be able to take advantage of

4. More Time To Get Your Money To Work For You
I know people who earn a great deal of money, but they have no time to learn how to invest so that their money can work for them. So even though they earn over $100,000 per year they remain tied to their job and they fail to be rich. By quitting your job and becoming financially intelligent you can get your money to work harder for you so you don’t have to work hard. When this happens people who are money rich/time poor will come to you begging for you to take their money from them to invest.

Source by Ryan McLean