Thinking of goinging full time vending

[sbishop]

I have been vending part time for over 2yrs now. I started by buying out a full line vendor. I got his van and the machines listed in the sig below. Last year i picked up a bulk route of 110 VS 3Ks. Things have been tough with the full time Job and vending on the side.

The biggest thing that has held me back was cost of machines to expand. Since joining Vendiscuss, I learned about 4rd party Vending. It is not perfect, but it has allowed me to expand my full line side.

I am looking at cutting back to part-time at work and spending 20hrs a week on vending. I would need 18 full line locactions that net $100 per month to replace my income(this does not count the bulk)

I feel that if I have 20 hrs a week I can find the locations and improve the one I have to reach my goal.

[jt13]

That's awesome sbishop! I'm sure it'll work out for you. Good luck.

[sbishop]

Well, Thanks to a discussion here, I redid my taxes. After deducting the cost of the bulk route, I am now waiting on a 7k refund check from the IRS. At first, I was going to buy a bunch of locations for the bulk and full line, but after discussing it with my wife we are looking at using it as an emergency fund to give me time to build the route to where is needs to be.

By working part time, I'll still have a steady income that will help stretch the fund until I get the vending where I need it.

[jt13]

Would you mind enlightening me about the tax discussion? Maybe I'll be able to use the tax tip in the future if I buy/start a route.

Thanks,

James

[mission vending]

By working part time, I'll still have a steady income that will help stretch the fund until I get the vending where I need it.

I know that when I made the leap to go full time that I jumped too soon and if I could go back and start again I would have kept on working for another 6-12 months. My only suggestion is to take your time and to be absolutely sure you are ready.

[sbishop]

I know that when I made the leap to go full time that I jumped too soon and if I could go back and start again I would have kept on working for another 6-12 months. My only suggestion is to take your time and to be absolutely sure you are ready.

HEY, STOP TRYING TO SCARE ME!

Just kidding, Thanks for the advice. I know that is would be tough in the beginning. that I why I plan to work parttime at first. I want the steady income untill I get things going. 20hrs a week dedicated to vending would give me a lot of time for finding new locations and giving better TLC to the ones I have.

Like I said, I am not counting the bulk vending into my numbers, that gives me some wiggle room. Also, my wife teached parttime at  the community college. So I think we will be fine

[mission vending]

HEY, STOP TRYING TO SCARE ME!

I'm sure you will be fine.

Not trying to scare you, I just know that when you've got the fire and feel the burning on your tush to get out there and get it rolling it's real easy to jump before the safety net is fully deployed.  8)

[sbishop]

Would you mind enlightening me about the tax discussion? Maybe I'll be able to use the tax tip in the future if I buy/start a route.

Thanks,

James

here is the link to the discussion http://vendiscuss.com/forum/index.php?topic=8486.0

They mentioned section 179 of the IRS code that allows you to deduct the full purchase price of your equipment in the year you bought it up to a certain limit. When I used it it lowered my income and allowed me to qualify for EIC(those 2 kids helped out) So, now IRS owes me an extra 7k. This will seed my jump to full time.

Let me remind everyone. My Jump to full time Still has me working parttime in the beginning.

[Mikey B]

I am now waiting on a 7k refund check from the IRS. At first, I was going to buy a bunch of locations for the bulk and full line, but after discussing it with my wife we are looking at using it as an emergency fund to give me time to build the route to where is needs to be.

Thats what I/we did.  Except we had 5k put back and averaged our monthly utility bills for the year and paid them a year in advance!  so I had 12 months to either rise or fall on my arse.  luckily, I rose!

[sbishop]

I'm sure you will be fine.

Not trying to scare you, I just know that when you've got the fire and feel the burning on your tush to get out there and get it rolling it's real easy to jump before the safety net is fully deployed.    8)

I was joking about trying to scare me. Real life experences are what I was looking for, so thank you for sharing.

[sbishop]

OK, So here is how things worked out.

I will be stepping down as apartment manager. I will start working as an Assistant Manager at another of our properties. This will be hourly, which was one of the issues I had. Working 6 days a week for the same pay was not giving me time for my vending or family.

The new schedule will have me working Saturdays and give me Sunday and Wendsday off each week. This will work out better for me. I will have a full day during the week to work on vending. My bulk route needs the week day attention, my full line locs are all accessible 24/ 7. I will continue to work full time with Wendsdays off and build the vending to the point that I am ready to cut back to parttime and eventually do vending full time.

My wife is happier with this option, the reduction in pay is lower than going straight to parttime and with the tax refund we sill still have the emergency fund.

[BenG]

Good luck sbishop. I hope everything works out!