Most people want to be their own boss. The appeal of being a master of one’s own destiny, combined with increased pay, offers definite advantages. The problem is that, all too often, it is not possible to start a small business without exposing oneself to a large amount of risk. Moonlighting can cause one to get fired or, alternately, do two jobs poorly instead of one job well. Additionally, starting a small business tends to be very expensive, and thus it is difficult to get enough credit to start one. There is also the massive financial risk should you fail.
Therefore your best option is to go into one of many tried-and-true small business models which minimize both your financial and time investments. This will give you time to learn the business and the nature of the market in addition to minimizing risk. The best way to do this is to invest in businesses which are coin operated and revolve around machines, since this eliminates much of the need to deal with customers and employees.
One of the most solid coin-operated businesses is the laundry. Every person needs to do their laundry on a regular basis, and many rental houses, apartment complexes and other properties are not have on-site laundry facilities. Additionally, by slightly under-pricing the machines in nearby rental properties, you can draw business towards you. Laundries require regular cleaning and maintenance, but with proper care and solid efforts to satisfy your customers, the business will succeed and expand.
The somewhat hands-off nature of the business also encourages multiple small investors to join up and participate jointly, since it ensures no one can be accused of “shirking” their duties while still enjoying profits from the investment. You can even increase the profits of your laundry by adding a few video games, vending machines or other coin-operated devices.
Another solid coin-op business is the car wash. Many vehicles are too big or too complex to be easily washed at home, or require special and expensive equipment to wash it right. Coin operated car washes, which are either fully automated or self-serve, require more maintenance than laundries (and also have various environmental concerns) but offer potentially more profits. Like laundries they can be distributed among a pool of investors who work together to maintain it and collect the money, and it requires a minimum of employees. This makes it a good first investment.
One last coin operated business that is useful is the leasing of vending machines. It is very easy to buy vending machines online and they can be delivered right to the location where they are leased, thus eliminating much of the need for storage space. Vending machines need to be reloaded and have the money removed on a regular basis, but often it is possible to do this yourself or with very few employees. Most companies no longer own and stock their own vending machines but lease them instead. This offers substantial profit potential while minimizing overhead and initial investment, since you can start with a dozen or so machines and then expand over time.
Article contributed by Jenna Smith