Summary: As entrepreneurs, we’re always on the lookout for additional revenue streams to bolster our main sources of income. In the early days, it may be through necessity as we’re trying to raise funds for our small businesses, but whatever stage we’re at, it’s always good to have different ways of bringing in cash. If these secondary income sources can generate revenue passively then even better! There are many ways that we can go about this and each method has its own positives, negatives and levels of relevance to our lives. Of all the possible ways to generate secondary income, perhaps one you haven’t thought of is vending machines.<br> I know what you might be thinking. Vending machines are big, expensive and require a lot of maintenance. That doesn’t really sound that passive. It sounds like there would be a big initial investment of money and an ongoing investment of time. Our guest on this episode of Excellence Expected, Matt Miller, says that this needn’t be the case. The big electric drink and snacks machines can be expensive and time consuming to maintain, but mechanical vending machines can be relatively cheap, low maintenance and profitable. You may have seen them vending everything from toys and temporary tattoos in arcades to travel toothbrushes and mints at motorway services.<br> Can there really me good margins in such simple vending machines? Well, according to Matt, there certainly can be. He has built a multimillion dollar business in the vending industry over the last nine years and he has raised millions for schools across America in the process.<br> On this episode of your favourite small business podcast, Matt is going to talk us through his journey and what gave him the idea to try vending for himself. He’s also going to discuss some of the basics of the industry as well as leave us with his actionable tips for how we could follow his lead and make vending a low-impact, high-profit secondary revenue stream. Not only that, but he’s also going to be giving away his e-book on the subject so you can research if vending can work for you.<br> Issue Challenged in this Small Business Podcast: <br> How can I create a secondary income from vending?<br> About Matt:<br> Matt Miller was formerly a pilot in the US Air Force but he always had dreams of starting his own business. A chance conversation about gumball machines lead him down a path he hadn’t expected and soon Matt and his company, School Spirit Vending, were at the forefront of the vending industry in his area.<br> Matt’s company has grown into a multimillion dollar endeavour that has helped raise millions of dollars for schools all across America. He’s with us on this episode of the number one small business podcast to talk about his journey and how vending machines can be used to create secondary revenue streams.<br> Actionable Tips:<br> <br> * Learn about vending. There are lots of different types of vending machines so you should do some research to find the right type of vending for you.<br> * Start small. Take a small risk that you can afford at first. Maybe buy some used equipment to test the markets and to learn the ropes. If all goes well and you’ve proven the concept in your market, you can then spend more money on the right equipment.<br> * Begin prospecting immediately. Head out and work out where your locations are going to be and who you’re going to be working with. You can have your first location all lined up before you even have any equipment. Don’t get stuck in research mode.<br> <br> <br> Top Quotes:<br> <br> * “I knew I was a lot better than the situation I was in so I didn’t get down on me, I got down on the situation and got busy trying to figure out how to get out of it.”<br> * “I was looking to a quarter to solve my problems and most people don’t see real money in a quarter.”<br> * “Sales is a numbers game and if you’re willing to work the numbers, you will succeed.”<br>
