dperry Posted May 21, 2008 Share Posted May 21, 2008 I notice that the readers here are in various stages of growth in their businesses. I was wondering how you financed your entry into the business? Did you use a new credit card? Did you withdraw from your 401k? Did you get a prosper loan? Are you growning from the proceeds from the business? When I started, I had a new $500 CC. I didn't know about any of these discussion boards, so I made some bad choices and I was only able to get 3 machines plus product. A year an a half later I had 8 machines out on the street. That was when I got my first loan to get 15 new machines. A year after that I got another loan for another 12. I'm at a point now where I can buy a handfull of new machines a month. I'd like to grow faster, but to do that I will need to get more credit, which I don't want to do. I'd like to hear from you all on how you got started, and from where you got your funds to start. Link to comment Share on other sites More sharing options...
G-man422 Posted May 21, 2008 Share Posted May 21, 2008 I just started with a little cash I had. I found some good deals on CL, and started with my first two machines (XYZ triples) for $120. I then made a trip to Sam's and was off locating. Link to comment Share on other sites More sharing options...
Beer980 Posted May 21, 2008 Share Posted May 21, 2008 I cashed in a weeks vacation. My company will pay you a week of vacation with no time off. My time just piles up so it is a win-win for me. I do the same thing at Thanksgiving and use it for my holiday shopping money. Link to comment Share on other sites More sharing options...
naraol Posted June 5, 2008 Share Posted June 5, 2008 I am also starting out very small I bought 1 off of ebay, and I am borrowing the money from work as an advance to buy 5 more machines, product and pay for insurance and a membership to Sams. I hope to make atleast that money back. And then I will grow from that when those are paid off. I do also sales with a direct sales company and if I add a party or two a month I would have that paid off in a short time but that is more time added to the already busy schedule. Link to comment Share on other sites More sharing options...
MountainMan Posted June 6, 2008 Share Posted June 6, 2008 I had a little money in savings that I was going to get a 4 wheeler with, but I decided this business was a better idea! Link to comment Share on other sites More sharing options...
joebob051977 Posted June 9, 2008 Share Posted June 9, 2008 I had saved up birthday and Christmas money as well as $5.00 a week allowance my wife and I each get for buying things out of vending machines and such (kind of ironic). I ended up with about $500 dollars. Since I don't rely on my vending money I re-invest 100% of my vending money back into the business. After spending $225, on 1 3-head machine, $50 on candy,$35 Sam's Club membership, $100 assumed name, $12 NCCS, $25 on business cards, and wasting $180 on used machines (they weren't on a route for a reason---lesson learned) I was essentially broke. It's slow going, but I should be up to 6-8 locations within 6 more months. Finally getting some ROI to buy more machines. Sometimes I wonder: Would I have been better off if I could have skipped out on college, and lived with my parents while they gave me tuition money to invest in vending machines? $15,000 a year to invest....hmmm. 100% re-investment since I'd have no expenses. I can see it...years later I'm 30 years old still living with my parents earning a very nice salary working just a couples days a month. "Mom you really don't need to cut the crust off the bread for me...I'm 30 years old!" Link to comment Share on other sites More sharing options...
Boazcat Posted June 11, 2008 Share Posted June 11, 2008 Sometimes I wonder: Would I have been better off if I could have skipped out on college, and lived with my parents while they gave me tuition money to invest in vending machines? $15,000 a year to invest....hmmm. 100% re-investment since I'd have no expenses. I can see it...years later I'm 30 years old still living with my parents earning a very nice salary working just a couples days a month. "Mom you really don't need to cut the crust off the bread for me...I'm 30 years old!"Nice thought.... Link to comment Share on other sites More sharing options...
ahha Posted June 12, 2008 Share Posted June 12, 2008 Got a loan from prosper for $1000 , cashed in some stocks and Work more at my other business. But of course I should have more machines but things never work out like they are supposed to. do they? Getting another tax refund from my 2005 tax return I amended so I hope to buy a few more with that as well. Link to comment Share on other sites More sharing options...
T BIRD Posted June 12, 2008 Share Posted June 12, 2008 Got a loan from prosper for $1000 , cashed in some stocks and Work more at my other business. But of course I should have more machines but things never work out like they are supposed to. do they? Getting another tax refund from my 2005 tax return I amended so I hope to buy a few more with that as well.Good for you Candivend! I am rooting for you big time!! Link to comment Share on other sites More sharing options...
davidsurvz Posted June 12, 2008 Share Posted June 12, 2008 As I've mentioned in the past. We just sold a bunch of stuff that was sitting around the house on Ebay and used that money to start our vending business. When we had some "extra" money come in we would spend some of that also. Now we just reinvest the money from our machines. David Link to comment Share on other sites More sharing options...
nzvendor Posted June 12, 2008 Share Posted June 12, 2008 I've had it sweet when it comes to financing - I have this interest free over-draft of $2000 that I don't have to pay back until i've finished studying. So i've been using that...no penalties for not paying it back..no interest to pay! And I can just pay it back at my leisure. Real sweet. I also have a low-interest master card with a no-interest option on it for the first 55days Link to comment Share on other sites More sharing options...
Yvette Posted June 13, 2008 Share Posted June 13, 2008 I've used a $1,200 line of credit from the Credit Union twice and both times I was able to pay them off quickly. For my latest full-line expansion, I was able to get a $3,000 loan from Prosper.com funded within three (3) days. I plan to pay them off quickly also. This has been a real blessing to my vending business. Link to comment Share on other sites More sharing options...
ahha Posted June 13, 2008 Share Posted June 13, 2008 Oh my name is Amber;) Just so you know! Yea, I am no quitter.. i will continue on. If i would have quit my other business early on. I wouldn't be where I am at today with it.. I turned a $35 a week business into a 55,000 a year business. When I was making $35 a week I did think that it wasn't going to workout and I would have to suck it up and get a real job. But I just stuck with it and worked really hard. Anyone can do it!! So I can do this one to..but it's a lil to technical for my girly brain. So I rely on my 17 yr old to put the machines together and place them at the location. I do the rest. Amber T Bird Johnny wrote: Got a loan from prosper for $1000 , cashed in some stocks and Work more at my other business. But of course I should have more machines but things never work out like they are supposed to. do they? Getting another tax refund from my 2005 tax return I amended so I hope to buy a few more with that as well.Good for you Candivend! I am rooting for you big time!! Link to comment Share on other sites More sharing options...
Boazcat Posted June 14, 2008 Share Posted June 14, 2008 I just got a line of credit from my credit union. It was so easy after being turned down from my other bank... It is flexible and I can spend it and then pay it back as I choose -- Hopefully quickly! Michael Link to comment Share on other sites More sharing options...
grumpy Posted June 14, 2008 Share Posted June 14, 2008 Here is the reason why you want to be finicially responsible. I'm mortgage free, have successful businesse's, great credit lines, credit cards all at nil. Call my business bank manager, tell her I want money for a vending venture and she informs me of a new government gurantee loan (no risk to bank) at 1% below prime, so it is 3.75%. Max to be borrowed is capped at $50,000.00 and 47 months pay back term. So she draws the documents and I go in the next day and sign. Couldn't be any simplier. Now if it was only this simple when I started at my first business, had to max every credit avenue on us personally as the bank would not give us one thin dime for a business. Now they call me and see if I need a loan for anything. (I hate credit and rarely have anything on credit, cash is king, can't pay cash I don't need it) Link to comment Share on other sites More sharing options...
pusherman Posted June 14, 2008 Share Posted June 14, 2008 (I hate credit and rarely have anything on credit, cash is king, can't pay cash I don't need it) could not agree more grumpy. these are words to live by. Link to comment Share on other sites More sharing options...
candygirl Posted June 15, 2008 Share Posted June 15, 2008 I agree too, Grumpy. I've used only my savings and have some CD income I've used too. Cash really is king. Barb Link to comment Share on other sites More sharing options...
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