Quinn Miller Income Report

Industry

Revenue Models

Quinn Miller's Vending Machine Empire earns $30,000 monthly after quitting a six-figure sales job and investing in 57 machines

Before the pandemic, Quinn Miller worked at an ad-tech startup in California, earning $240,000 a year including sales commission. However, as the country went into lockdown in March 2020, many of his retail, restaurant, and entertainment clients also shut down. Despite long hours, he struggled to meet his sales quota.

That spring, he discovered someone making passive income by placing vending machines in office buildings through a Twitter post. Intrigued by the idea, he decided to give it a shot.

A New Venture

In June and July 2020, Miller purchased two vending machines for $5,000 to start a side hustle. Initially slow but hopeful for growth, he quit his day job that summer to fully dedicate himself to the business. Today, Miller owns 57 vending machines across his hometown and generates an average monthly revenue of $30,000.

Over two years spent approximately $160,000 on machines but maintains positive cash flow and no debt. With just six hours of weekly work on vending machine operations, he focuses his remaining time on other projects like online coaching and finding new machine locations.

Getting Started in the Vending Machine Business

  1. Land a Busy Location:
    For initial placements—Miller called on personal connections first but found that cold-calling was more effective. Targeting high-traffic buildings using tools like D7 Lead Finder helps identify and contact potential business owners or managers.
  2. Buy a Quality Machine:
    Miller initially bought used machines from Craigslist but later realized new ones from local suppliers like Ross Vending were worth the investment despite higher costs. He recommends stacker drink machines for beginners due to their simplicity and reliability.
  3. Buy a Credit Card Reader:
    Adding credit card readers is essential as many customers prefer cashless payments. Devices like Nayax can cost up to $399 but provide real-time sales data via app or website without requiring physical checks.
  4. Pay for Professional Movers:
    Vending machines are heavy and tricky to move; hiring professional movers costing around $100-$150 ensures safe placement without hassle. Machine distributors can usually recommend reliable movers.
  5. Buy Products from Wholesale Stores:
    Storing supplies in bulk warehouses is convenient; however purchases from wholesale stores such as Sam’s Club offer great deals too—stocking costs range between $250-$1,000 depending on products chosen with popular brands giving better profit margins (50%-75%).

Miller loves running his vending machine business despite minor issues like jammed coin slots compared with stresses faced during previous nine-to-five roles.

How It Works

1. Land a Busy Location

Start by identifying high-traffic areas like office buildings or large residential complexes. Cold-calling is an effective method to secure these spots. Use tools like D7 Lead Finder to locate potential businesses and get their contact information.

  • Tip: Aim for locations with many employees or visitors. Make sure to explain the convenience and benefits of having a vending machine on-site.

2. Buy a Quality Machine

Your best bet is to purchase new machines from a reliable local supplier, even though they might be more expensive initially. These machines are less likely to break down and require less maintenance.

  • Beginners: Consider starting with a stacker drink machine that holds fewer product types, making it easier to manage inventory.

3. Buy a Credit Card Reader

Add credit card readers to your machines to offer cashless payment options. This not only increases sales but also provides real-time sales data through platforms like Nayax.

4. Pay for Professional Movers

Maneuvering vending machines can be tricky due to their size and weight, so it’s wise to hire professional movers for this task, costing about $100-$150 per move.

5. Buy Products from Wholesale Stores

Sourcing products from bulk stores such as Sam’s Club offers great deals and helps maintain healthy profit margins (between 50% and 75%). Begin with popular brands and adjust based on sales data.

This step-by-step approach minimizes risks while maximizing opportunities for success in the vending machine business world!

Pros

  • High Revenue Potential: Vending machines can generate substantial monthly income, offering a lucrative return on investment.
  • Low Operational Costs: Minimal maintenance and operational expenses lead to positive cash flow and profitability.
  • Flexible Working Hours: Requires only a few hours per week, providing more time for other pursuits or businesses.
  • Independence: Control over your schedule and business operations offers greater freedom compared to traditional employment.
  • Easy Expansion: Starting with a few machines allows for gradual growth, making it feasible to scale the business over time.

Cons

  • High Initial Investment: Starting a vending machine business requires a significant upfront cost for quality machines, ranging from $4,000 to $6,000.
  • Slow Initial Returns: It might take time before seeing substantial returns. Early revenue may be low as you build out your network of locations.
  • Physical Labor: Operating vending machines involves restocking and maintenance tasks, which can be physically demanding and time-consuming.
  • Location Challenges: Securing high-traffic areas can be competitive and challenging. Not all attempts will yield profitable results.
  • Dependence on External Factors: Sales can fluctuate based on external factors like economic downturns or changes in foot traffic patterns due to unforeseen events like pandemics.

Platforms Used for Income Generation

Quinn Miller utilizes several platforms to generate income. Let’s dive into each one and see how they contribute to his earnings.

Vending Machines

Quinn initially invested in vending machines after reading about passive income opportunities on Twitter. He now has 57 vending machines that bring in an average of $30,000 monthly revenue. The process involves:

  • Land a busy location: Cold-calling businesses with high foot traffic.
  • Buy a quality machine: Purchasing more dependable and cost-effective new machines.
  • Add credit card readers: Offering alternative payment options to prevent lost sales.
  • Hire movers: Ensuring the safe transportation of heavy vending machines.
  • Stocking products: Using wholesale suppliers and bulk stores like Sam’s Club for inventory.

Online Coaching Business

Apart from the vending machine business, Quinn also runs an online coaching business. While details on this platform are limited, it contributes to his overall income streams and allows him flexibility in his work schedule.

You can follow Quinn’s journey and get more insights into passive income strategies by following him on Twitter @quinnmiller.

How to Start a Vending Machine Business

Starting a vending machine business can be a lucrative venture with relatively low initial investment. Here’s an overview of the revenue model, industry insights, key activities, and estimated startup costs.

Revenue Model

  • Sales Revenue: Primarily generated from selling snacks and drinks through vending machines.
  • Credit Card Sales: Using credit card readers to offer alternative payment options, increasing sales opportunities.

Industry Insights

The vending machine industry is part of the broader retail sector and offers passive income opportunities with minimal maintenance. Key locations include office buildings, apartment complexes, and high-traffic areas.

Key Activities

  • Sourcing Locations: Identifying and securing high-foot-traffic locations for machine placement.
  • Purchasing Machines: Buying reliable vending machines suited for the chosen products.
  • Stocking Products: Regularly restocking machines with popular items purchased from wholesale suppliers or bulk stores.
  • Maintenance: Ensuring machines are operational and addressing issues like jammed coin slots or malfunctioning credit card readers quickly.

Estimated Initial Investment

The initial investment required to start a vending machine business can range between $6,000 to $8,000 per machine. This estimation is based on the following expenses:

  • Sourcing quality machines: $4,000 per new vending machine from a local supplier ensures reliability and reduces maintenance costs.
  • Add-on credit card readers: $399 per unit providing continuous sales tracking via apps or websites without physical checks.
  • Mover fees: $100-$150 ensuring safe transportation and installation of machines to your specified location without risk of damage or injury.
  • Initial stock costs: $250 -$1 ,000 depending on product mix , starting with recognizable brands for better sales turnover .
  • Miscellaneous Costs: Upfront minor expenses in marketing materials or legal compliance if necessary .

By focusing on prime locations , investing in robust equipment ,and managing stock effectively , you can set yourself up for success in the vending machine business . With this approach,a profitable passive income stream is within reach.

Essential Tools and Services for Starting a Vending Machine Business

Vending Machines

  • New or refurbished vending machines (preferably from a local supplier such as Ross Vending)
  • Types of machines: Crane 167/168 for snacks, Royal stackers or BevMax 4 for drinks

Payment Systems

  • Credit card readers (e.g., Nayax) that provide real-time sales data via website or app

Location Tools

  • D7 Lead Finder to identify potential high-traffic locations and obtain contact details of business owners/managers
  • Professional movers to relocate heavy vending machines safely and efficiently to chosen locations

Product Sourcing and Storage Solutions

  • Bulk products from wholesale stores (e.g., Sam’s Club)
  • Adequate storage facility (e.g., warehouse space) for product inventory management and restocking purposes

Add-Ons and Maintenance Equipment

  • Coin mechanisms with regular checks to ensure they are not jammed
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Revenue Type

Platforms

TwitterRoss VendingNayaxSam’s Club

Committment

Full Time

Last Updated

12/06/2022