Is this a really good deal?

[Singod]

i can get 6 oak vista machines with 4 ford cast iron pipe stands  (2 doubles and 2 singles) all working in in good used shape. all are 25 cent vend and no locks for $90.  is this a good deal?

[NYCandyMaN]

Sounds like a good deal, the locks will be the most expensive, make sure to take pics and measurements of the locks being taken out of the machine, when buying new ones make sure they are "keyed alike" also make sure you are able to get more of the same key if you will be expanding to more machines, don't be caught on stupid by buying same locks with different keys, you will pay for that mistake dearly later if you don't think ahead now.

[gumball guy]

15 hours ago, Singod said:

i can get 6 oak vista machines with 4 ford cast iron pipe stands  (2 doubles and 2 singles) all working in in good used shape. all are 25 cent vend and no locks for $90.  is this a good deal?

Assuming they are all in good working order then yes it's a good deal.

[Singod]

9 hours ago, NYCandyMaN said:

Sounds like a good deal, the locks will be the most expensive, make sure to take pics and measurements of the locks being taken out of the machine, when buying new ones make sure they are "keyed alike" also make sure you are able to get more of the same key if you will be expanding to more machines, don't be caught on stupid by buying same locks with different keys, you will pay for that mistake dearly later if you don't think ahead now.

 

5 hours ago, gumball guy said:

Assuming they are all in good working order then yes it's a good deal.

Thanks guys. i am just starting up. it is just a side gig for me but i am wondering what i need licensing wise. I tried to look it up but cant seem to find anything except amusment machine stuff. and that is different i am sure

[gumball guy]

6 minutes ago, Singod said:

 

Thanks guys. i am just starting up. it is just a side gig for me but i am wondering what i need licensing wise. I tried to look it up but cant seem to find anything except amusment machine stuff. and that is different i am sure

Some municipalities require licensing for bulk vending machines but most do not. I'm guessing if you found the amusement licensing info and there was nothing said about bulk vending then you have nothing to worry about. If you are still concerned then you can always call them.

[Singod]

33 minutes ago, gumball guy said:

Some municipalities require licensing for bulk vending machines but most do not. I'm guessing if you found the amusement licensing info and there was nothing said about bulk vending then you have nothing to worry about. If you are still concerned then you can always call them.

ok i plan on it in the morning but only thing i could find was for knoxville tennessee but i am like 150 miles from there. so most likely just a normal buisness license?

 

[gumball guy]

18 hours ago, Singod said:

ok i plan on it in the morning but only thing i could find was for knoxville tennessee but i am like 150 miles from there. so most likely just a normal buisness license?

 

You want to check the rules in the city (or cities) that you plan to operate in. If you are only going to operate 5 or 10 machines, I personally wouldn't invest a bunch of time and money into creating a legal business entity until I knew I wanted to expand to something bigger. That said, there is always a concern about personal liability (machine falling over or a kid choking) but with so few machines the odds are in your favor that there will not any issues like that. I bet that half of the bulk operators out there these days have no liability insurance or legal business entity. It's a decision you need to make for yourself.

[Singod]

On 3/29/2022 at 4:19 PM, gumball guy said:

You want to check the rules in the city (or cities) that you plan to operate in. If you are only going to operate 5 or 10 machines, I personally wouldn't invest a bunch of time and money into creating a legal business entity until I knew I wanted to expand to something bigger. That said, there is always a concern about personal liability (machine falling over or a kid choking) but with so few machines the odds are in your favor that there will not any issues like that. I bet that half of the bulk operators out there these days have no liability insurance or legal business entity. It's a decision you need to make for yourself.

Thanks again. i checked they said all i needed was a buisness license it was $15. so my only concern now is im sure sales tax has to be paid on sales and how much buisness tax, and do i also have to pay income tax too?  would this all be federal? or is this a state rules thing aswell.

 

[gumball guy]

36 minutes ago, Singod said:

Thanks again. i checked they said all i needed was a buisness license it was $15. so my only concern now is im sure sales tax has to be paid on sales and how much buisness tax, and do i also have to pay income tax too?  would this all be federal? or is this a state rules thing aswell.

 

Sales tax would be through your state department of revenue. Some counties may have sales tax as well. If you are declaring any income that you make it will be subject to state and federal income tax. To do all this, you generally need to create a sole proprietorship, LLC or corporation and register your business with the state (usually the secretary of state office).

Honestly, most people starting out in bulk vending don't declare their income or pay sales tax because the amount of money they make is minuscule (akin to a garage sale). If you decide that you love the business and want to expand then by all means I would encourage you to get things set up as a normal small business but in the event you don't care for the business, you can just sell your equipment and move on with life without having to dissolve a business entity. As I said earlier, the decision is yours.