Jump to content

Honor box update


QuikVend

Recommended Posts

Figured I'd share details on my honor boxes when I could. Currently sitting at 30 locations. As of right now, 10 locations have mixed candy and the other 20 are mints. 

Location - $ - Shrink % - Profit 

*Salon #1

*Salon #2

*Salon #3

*Salon #4

*Salon #5

*Salon #6

*Sushi Rest 

*Salon #7

Pizza Rest #1 - $25.25 - 38% - $15.70

Burrito Rest - $23.00 - 6% - $17.30

Pizza #2 - $17.90 - 54% - $8.74

Wing Rest - $23.74 - 28.1% - $16.04

Rib Rest

*Mexican Rest 

Sandwich Shop

Pub #1

Thai Rest #1

Mexican #2

Mexican #3

Burger Rest #1

Pub #2

*Korean Rest

Burger #2

Thai #2

Chinese Restaurant

Burger #3

Pub #3

Pub #4

Pub #5

Pub #6

(* = mixed candy location) 

I visited 4 locations yesterday with plans to visit 17 more tomorrow.

Link to comment
Share on other sites

Figured I'd share details on my honor boxes when I could. Currently sitting at 30 locations. As of right now, 10 locations have mixed candy and the other 20 are mints. 

Location - $ - Shrink % - Profit 

*Salon #1

*Salon #2

*Salon #3

*Salon #4

*Salon #5

*Salon #6

*Sushi Rest 

*Salon #7

Pizza Rest #1 - $25.25 - 38% - $15.70

Burrito Rest - $23.00 - 6% - $17.30

Pizza #2 - $17.90 - 54% - $8.74

Wing Rest - $23.74 - 28.1% - $16.04

Rib Rest

*Mexican Rest 

Sandwich Shop

Pub #1

Thai Rest #1

Mexican #2

Mexican #3

Burger Rest #1

Pub #2

*Korean Rest

Burger #2

Thai #2

Chinese Restaurant

Burger #3

Pub #3

Pub #4

Pub #5

Pub #6

(* = mixed candy location) 

I visited 4 locations yesterday with plans to visit 17 more tomorrow.




Is that after two weeks?


Sent from my iPhone using Tapatalk
Link to comment
Share on other sites

Those 4 are on 2 weeks. They are all very close to each other. Pizza #2 shrink is climbing. I read someone puts a sign on the box that says "Please don't forget to pay". After next service if it doesn't improve I'll give that a shot. I'm still making a few dollars and it is right next door to one of the others, or I probably would have pulled it already.

Sent from my SM-N920V using Tapatalk

Link to comment
Share on other sites

Yea, like I said it's so profitable with very little effort, but it's gone up 3 collections in a row, from 18 to 54%. Hopefully it will at least improve to 20-25%. Although, one of the nearby locations is averaging 6%, so it does kind of balance out, but still hate to see the money not there.

Sent from my SM-N920V using Tapatalk

Link to comment
Share on other sites

Yea, like I said it's so profitable with very little effort, but it's gone up 3 collections in a row, from 18 to 54%. Hopefully it will at least improve to 20-25%. Although, one of the nearby locations is averaging 6%, so it does kind of balance out, but still hate to see the money not there.

Sent from my SM-N920V using Tapatalk





I hear ya. One I was planning to pull yesterday surprised me with two $5 bills and like $17.5 which was 10% shrinkage vs 70% the last two times.


Sent from my iPhone using Tapatalk
Link to comment
Share on other sites

4 minutes ago, Determined said:

In a high traffic area like a restaurant I would think the theft would vary quite a bit unless the employees are stealing.  It would depend solely on who would come thru the door.

Right, though it seems like there is some consistency at some sites so I think it's likely the employees then like you said

Link to comment
Share on other sites

7 minutes ago, vendtex said:

Right, though it seems like there is some consistency at some sites so I think it's likely the employees then like you said

I'm sure. I know a guy who steals whatever and whenever because he can. He feels like there's nothing wrong with it either.

Link to comment
Share on other sites

Right, though it seems like there is some consistency at some sites so I think it's likely the employees then like you said


Alot of restaurants have their regular customers as well, which helps the consistency a bit.

Sent from my SM-N920V using Tapatalk

Link to comment
Share on other sites

Location - $ - Shrink % - Profit - Cycle

*Salon #1 $13.95 - 44% - $7.20 - 1 mo.

*Salon #2 $19.37 - 23% - $12.35 - 1 mo.

*Salon #3 $7.50 (1st service since purchase 2 mo. ago) 

*Salon #4 

*Salon #5 $16.02 - 36% - $9.99 - 1 mo.

*Salon #6 $14.52 - 46% - $9.57 - 1 mo.

*Sushi Rest $5.25 - 79% - $(2.25) - 1 mo. 

*Salon #7 $8.50 - 66% - $5.44 - 1 mo.

Pizza Rest #1 - $25.25 - 38% - $15.70 - 2 wk.

Burrito Rest - $23.00 - 6% - $17.30 - 2 wk.

Pizza #2 - $17.90 - 54% - $8.74 - 2 wk.

Wing Rest - $23.74 - 28.1% - $16.04 - 1 mo.

Rib Rest

*Mexican Rest $9.37 - 72% - $1.67 - 2 wk.

Sandwich Shop $16.00 - 36% - $10.15 - 2 wk.

Pub #1 $21.47 - 26% - $14.68 - 1 mo.

Thai Rest #1

Mexican #2

Mexican #3

Burger Rest #1 $26.54 - 14% - $19.30 - 1 mo.

Pub #2

*Korean Rest

Burger #2

Thai #2 $10.35 - 56% - $4.88 - 1 mo.

Chinese Restaurant

Burger #3

Pub #3 $42.10 - (68)% - $36.25 - 1 mo.

Pub #4 $10.00 - 5% - $7.54 - 1 mo.

Pub #5

Pub #6 $8.42 - 12% - $6.19 - 1 mo.

 

Notes: 

Salon #3 was the first time I've collected since purchasing the boxes/locations

Sushi Restaurant was a joke. Told me they no longer wanted the box, all candy was gone(75 pieces mixed candy) and box was partially unfolded and torn. The girl that handed it to me broke the news to me and said "all the money is in there" with only $5 total of a possible $25. 

Pub #3 made up a bit for the Sushi restaurant. found a $5 and $20 bill in it. Pulled $42.10 of possible $33.

Mexican restaurant is one more poor performance from being pulled. After 2 really good services, the owner asked to be removed because they were selling mints for themselves. I offered to change to a mixed candy instead and he agreed. The box I swapped out and the first mixed candy box were both short 70+% after only being short 17% and 19% the first 2 services. 

Link to comment
Share on other sites

Yeah I've had some theft similar to yours. All in all though my better locations have offset my bad ones so I've still made a profit. It's still not easy for me to see people steal from me and not seem to care about it though lol.

What's your overall thoughts on the honor box side of vending so far?

Link to comment
Share on other sites

1 hour ago, AMD Snacks said:

Yeah I've had some theft similar to yours. All in all though my better locations have offset my bad ones so I've still made a profit. It's still not easy for me to see people steal from me and not seem to care about it though lol.

What's your overall thoughts on the honor box side of vending so far?

   I'm still adjusting to the theft numbers myself. When I first got started, I was thinking 25-30% would be my worst boxes. it's probably close to a 40% average. Luckily I look at the actual profit figures, or I might have given up completely by now. 


I like the honor boxes, especially the ones I'm just doing mints with. Super simple and quick while still making a decent return(I've got some that are doing alot better than my bulk locations). I'm still not a fan of the constant turnover, but I understand it comes with the territory.


If I didn't hire locators for the boxes I have out right now, I'd have my investment paid off already. But in 2 months, I should be all profits. ROI is pretty quick, even with hiring locators, so I'm pretty happy with my decision to try it out. I'll probably end up locating about 30-40 more boxes in the next few weeks, hopefully.

Link to comment
Share on other sites

Yea, that's after COGS. I haven't figured time or had into it though.

With pizza rest #1 for example:
I used 124 mints(both sold and stolen). 124 x .077 (cost per mint) = $9.55 COGS
$25.25 - $9.55 = $15.70 total profit for that cycle

That's how I figure it out anyway.

Sent from my SM-N920V using Tapatalk

Link to comment
Share on other sites

QuikVend, that is the same formula I use for calculating my profits.  I have been running these boxes for about 6 months now.  I primarily do Pearson Mints, but have also ran some with Laffy Taffy and AirHeads.  I also am going to try some Tootsie Roll Pops this next cycle.  Regardless of the product, I try to keep the COG below 10 cents, which gives me a rate of return approximately 250%.

Link to comment
Share on other sites

38 minutes ago, lionvending said:

QuikVend, that is the same formula I use for calculating my profits.  I have been running these boxes for about 6 months now.  I primarily do Pearson Mints, but have also ran some with Laffy Taffy and AirHeads.  I also am going to try some Tootsie Roll Pops this next cycle.  Regardless of the product, I try to keep the COG below 10 cents, which gives me a rate of return approximately 250%.

Yea, my mixed candy boxes are mixes from sam's. they have 2 different mixes, one with snickers and a few others and another with reeses cups and a few others. I've added Airheads and Laffy taffy as well, but I'm going to stick with the 2 mixes from sams, along with the blow pops I have from the guy that sold me the boxes, for simplicity with the mixed boxes and York mints for the mint boxes. 

How many boxes are you up to now? What makes you decide to pull a box? 

Link to comment
Share on other sites

I am up to 34 Locations, with 8 more to locate within a few weeks.  I have only pulled 1 location for very obvious theft.  Once I place all of the boxes I have on hand, I will pull some of the really slow locations (less than $5 per month) and place them in more promising locations before I order more boxes.

Link to comment
Share on other sites

Gotcha. I'm sitting at 29 myself. Probably going to be 26 after the next service. 2 locations actually didn't get any use plus I'm pretty sure the Mexican restaurant isn't going to miraculously get better again. So I'll have 65-70 to get placed and short through the next month or 2.

Sent from my SM-N920V using Tapatalk

Link to comment
Share on other sites

Thanks for the info you've shared. I took the plunge last week and purchased an Honor Box "package" of sorts where they place the boxes for me. I'm looking forward to working the route and sharing my experience here.

Link to comment
Share on other sites

Havent been on in a while but will give you all a quick update with my honor boxes.  I am up to almost 800, I work about 25 hours a week, would say it is full time income.  In 2 years I have probably had 50 or so stolen or destroyed.  with that many boxes out I have cycles some locations are weekly most are every 2 weeks and some are a month.  Money ranges from $1-$50 per pick up.  It is a grind but at the end of cycles the profit is good so I am happy.  at this point in time boxes that aren't losing me money I leave there, when I am ready to locate another 50 locations I will pull the poor locations.  some advice locate yourself I tried a locator for 100 locations I drove around trying to locate these and half weren't the right address and in the end I prob only got 35% of locations.

Link to comment
Share on other sites

What kind of area are you in to have 800 boxes out?  I can't imagine having that many locations out in my area.  What types of businesses do you have boxes in?  I have them in restaurants, nail salons, and a few retail stores.  Am I missing anything?

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

×
×
  • Create New...