đ§ Vending Machine Placement Service Side Hustle
Google's new AI music machine and What I'm reading
Todayâs read time: 2 minutes and 25 seconds
Whatâs up party people! Weâre back with another side hustle idea!
Before we dive into todayâs idea, letâs connect on Twitter!
1. Business idea of the Week: A Vending Machine Placement Service
If youâre into side hustles, youâve probably looked into vending machines.
After all, they seem like a great (small) business.
You place a vending machine in a busy area â restock the inventory â collect the cash.
But if youâre like me, the one question you ask isâŠ. How do you find a place to put the machine?
And where thereâs a problem, thereâs a business.
The idea: Create a vending machine placement service.
Instead of dealing with constantly re-stocking machines at mediocre margins, youâll just source the locations.
This service will help people find a business or public area to put their vending machines.
Youâll lock in a location, and sell it to someone that will place a machine there and service it.
Since this is usually what people see as the hardest part of the vending machine business, theyâll be willing to pay a premium for it.
Now you might be wondering⊠how will you find places to put the vending machines?
Thereâs no right or wrong way to do this, but hereâs how itâs typically done:
Put together a list of businesses, apartments, or places in your area that receive a lot of foot traffic (ex: hospitals, apartment buildings, golf courses, etc.)
Next, itâs time to get in touch:
Cold calling: you can cold call the owners or managers of the places on your list and ask them if you can place a vending machine in the building.
Walk-in: good oleâ in-person combat. Walk into the places on your list and ask for the manager or owner.
The key is to highlight whatâs in it for the owner.
Sometimes theyâll want a monthly fee to have the machine there, but sometimes they just want the additional amenity to offer their customers, without servicing it themselves.
Now letâs assume youâve got your first location to sell.
Post it on Facebook marketplace and/or Craigslist. You should be able to get a bunch of interest from these platforms. If not, call other venting machine operators in your area and tell them you have a location for sale.
On the flip side, you can start by finding a buyer before you source the spot. This can be done by calling local vending operators, and asking if they are interested in new locations. Agree on a fee and start sourcing.
Now letâs talk about pricing. Iâm no expert here, but I assume you can charge anywhere from $500 to $1,000 for a spot.
And if you decide youâd rather operate a full vending machine business, youâll already have the hardest part out of the way.
Once youâve proved your business model, you can hire additional overseas cold callers an VAâs to fully operate this.
And thats a wrap!
2. Things Iâm Reading.
Sales Scandal: Amex Sales Reps Get Jipped - The Follow Up
How To Grow & Monetize LinkedIn - Justin Welsh
Publishing 5,000 Blog Posts - Anthony Iannarino
Googleâs AI Music Maker
This week I was accepted into Googleâs new AI Music generator, MusicLM.
First impression: Wow. Itâs impressive. Not quite there yet⊠but pretty close.
All you have to do is describe the type of music you want, and it generates it in a few seconds.
Hereâs a few prompts I gave it and the results it gave me:
âEmotional electronic dance music that sounds like it would be played at a large festivalâ - Click here to listen.
âCountry pop music that would be played on the radioâ - Click here to listen.
âClassic rock with a fast tempoâ - Click here to listen.
As you can see, itâs almost there.
And it also comes with limitationsâŠ
I told it to make a âfast tempo Drake songâ, but as youâd expect, it told me no.
So is this going to replace traditional music production soon? I donât think so.
But thereâs a strong chance that AI plays a major role in music production soon.
Want to try MusicLM out for yourself? You can join the waitlist here (it only took me 1 day to get access).
Can you use the music commercially?