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honor box

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i figured people might wonder how honor boxes do, here will track collections

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currently 3 boxes on location

price points are at $1 candy and pastry, $0.50 chips and crackers and popcorn (or as i phrase it on the notice "2 for $1.00" to suggest you can pay without having change)

i will point out, the prices should probably be $1 for everything, since I have snack machines I don't mind taking a little less margin on the chips and crackers because its helping me move excess inventory.

These boxes are located in and around my soda-only locations, because I have to go there anyway, this lets me maximize profit from these stops.

boxes contain about 35 to 37 items

boxes are on two week service cycle

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box #1 - bank

first pull - 

35% of items removed

8% shrinkage

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box #2 - aeroplane repair shop

first pull -

for this box i tried $1 for everything price point initially ,telling my contact i would lower prices on chips and crackers if there was no shrinkage. Results were encouraging.

62% of items removed

0% shrinkage

------

box #3 - credit union (bank)

due for collection saturday

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i figured people might wonder how honor boxes do, here will track collections

-------

currently 3 boxes on location

price points are at $1 candy and pastry, $0.50 chips and crackers and popcorn (or as i phrase it on the notice "2 for $1.00" to suggest you can pay without having change)

i will point out, the prices should probably be $1 for everything, since I have snack machines I don't mind taking a little less margin on the chips and crackers because its helping me move excess inventory.

These boxes are located in and around my soda-only locations, because I have to go there anyway, this lets me maximize profit from these stops.

boxes contain about 35 to 37 items

boxes are on two week service cycle

---

box #1 - bank

first pull -  

35% of items removed

8% shrinkage

----

box #2 - aeroplane repair shop

first pull -

for this box i tried $1 for everything price point initially ,telling my contact i would lower prices on chips and crackers if there was no shrinkage. Results were encouraging.

62% of items removed

0% shrinkage

------

box #3 - credit union (bank)

due for collection saturday

I place those for a guy who has about 80 something of those out and does great...GREAT...He says he is proffiting 30-50 per box a month...you think he is being straight?

I thought about these for my self and to have on of my guys here in houston service(trust him like a brother) and just split the profits

this guy uses the nccs sticker on them..he says it helps theft since it is for charity and it make it easier for us to get in...

anyone know where to get these used or cheap?

also I place these for 40 bucks for him...5 for 200...he is the only vendor I have soing them and we got the script woen prety good...take less than 10 days to place 10

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I place those for a guy who has about 80 something of those out and does great...GREAT...He says he is proffiting 30-50 per box a month...you think he is being straight?

I have no idea, its certainly possible. I'll let you know in a month, my trial run is going pretty well, I would like to roll out at least 10 of these by the end of the month. Depends of course on what he is vending and what his price points are. Computing profit on the boxes is an enormous pain in the golpher. I am considering simply not doing it and just tracking gross sales and tracking the profit as a sort of rough figure.

right now i track every item in the box, so i have the margin down to a penny. however i think it would be easier to just track 10 items @ 1.00 , 25 items @ 0.50 so i know what $ should be in there and kind of guesstimate the margins.

this guy uses the nccs sticker on them..he says it helps theft since it is for charity and it make it easier for us to get in...

yeah i would imagine the sticker helps theft, i thought about it but i dont like the kind of questions it would raise.

anyone know where to get these used or cheap?

LOL USED?! its a card board box man.

they are about 2.50 a piece from cameronpackaging.com those are what i use. they are kind of small though, i found it holds about 40 items max without the divider. i've seen another website which sells larger ones for more. i add a piece of foam core board to the back of the box with a sign explaining how it works and a big arrow to the money slot. i also attach the card with my number to the box.

also I place these for 40 bucks for him...5 for 200...he is the only vendor I have soing them and we got the script woen prety good...take less than 10 days to place 10

i would not under any circumstances pay 40 dollars commission to someone to locate one of these. maybe 10 bucks. i use the script RJT posted on another thread and i have a professionally designed flyer in case the decision maker is not around.

the only problem i've run into is getting people to accept a $1 for all items price point. if i was a salesperson i doubt this would be a problem but i am not really from a sales background i am doing this mainly to try to improve my sales ability. its obvious to me people will pay $1 for a small bag of chips but the manager at all 3 locations balked initially. the only place which didn't was because i promised to change it if i collected 100% the first pull. oddly they all were fine with pastry and candy at $1 but not chips/crackers.

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box #1 --

second pull -

80% items removed

0% shrinkage.

eddie,

attached is the copy of my flyer you can see how the box looks set up

post-2202-129433938572_thumb.jpg

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Why not I wouldn't even pk up the phone for 10 buks much less call for an hournor

have one of my guy waste there time for ten bucks. If you have the time go for it.

This guy offered 40 and thinks one month to get his money bk on his investment is a bargain

thanks for the flyer bro

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Why not I wouldn't even pk up the phone for 10 buks much less call for an hournor

have one of my guy waste there time for ten bucks. If you have the time go for it.

This guy offered 40 and thinks one month to get his money bk on his investment is a bargain

thanks for the flyer bro

yeah i understand u are trying to maek money too, hey if u can get 40 thats great but i am just saying that guy is  insane, to me. i cant imagine it taking an hour of bs to place one of these things, in person. maybe on the phone i could see it being harder.

look at it this way, if he shows up and there is no money and no snacks in the box do you give him a refund? cause if not he is out $80 not $40 plus whatever time he spent making the box and bringing it over to the locations.

what kind of places do you target for him, if you dont mind me asking.

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dang that was long bro..I'm going to report you to the moderator LOL

back to the honor boxes...looking at your pulls and what he tells me he is doing it seems unlikely to roll up and get a zero...besides I think they call that the risk/cost of doing biz. I think the only place of knowing for sure what your going to make is punching a clock LOL

I was just being smart as$ and giving you a little crp...everyone thinks ...just get on the phone...ask... and people just say yes...these are harder than bulk ...harder meaning about 1 out of 50 instead of 1 out of 30...so prob not an hour ...but close to get one.

we basically hit the same as bulk...auto parts stores, beauty salons, schools ... but can ad a few places like insurance offices...dental doctor etc...law officies where a machine would be tacky and not do well anyway..

btw ...this guy picks someone after a few visits and does what he calls "deputize" them...gives them free stuff to keep and eye on his stuff...lowers shrinkage by a ton he says

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dang that was long bro..I'm going to report you to the moderator LOL

it is worth reading a lot of good info on honor box vending in that article, actually its what convinced me to do it. i read the idea somewhere else and i remembered that story above from a book i read years ago (book is called "freakaonomics")

back to the honor boxes...looking at your pulls and what he tells me he is doing it seems unlikely to roll up and get a zero...

you are leaving a box full of money laying around an office, pretty tempting target for someone who just got laid off, delivery man, repair man, cleaning person, anyone to just clean it out.

I have a hunch shrinkage will increase over the next few weeks, people aren't sure how well i keep track of the box, someone will steal, get away with it, and then figure its ok to keep stealing. i imagine its low, then goes up, then levels off at some point. we'll see if thats what happens. I have a set of  signs in various bright colors (red, yellow) which say things like. "Someone has been eating without paying, was it you? Box will be removed if this continues" that I will be stapling to the box if I have a theft problem.

I was just being smart as$ and giving you a little crp...everyone thinks ...just get on the phone...ask... and people just say yes...these are harder than bulk ...harder meaning about 1 out of 50 instead of 1 out of 30...so prob not an hour ...but close to get one.

its easy to say no over the phone, i think its probably very hard to do it that way compared to in person. I will let you know I'm going out on my lunch hour to try to place 2 boxes thursday, I am hoping to get them both placed within the hour.

we basically hit the same as bulk...auto parts stores, beauty salons, schools ... but can ad a few places like insurance offices...dental doctor etc...law officies where a machine would be tacky and not do well anyway..

thats interesting , i would try large office buildings or doctors offices that are all in the same complex, at least if u are doing it for yourself.

banks are usually all clustered in the same area too, and they lock their break rooms and the employees, cleaning staff,etc.. knows they are being watched.

location #1 and #2 are soda only locations i had already. #3 was near #1 , i am going to try more banks in that area so i can just park and walk around to switch them out.

btw ...this guy picks someone after a few visits and does what he calls "deputize" them...gives them free stuff to keep and eye on his stuff...lowers shrinkage by a ton he says

thats good advice , thanks.

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box #3

21% of items removed

shrinkage -12% (yes, negative there was $0.50 more money than there should have been)

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LOL, that is awesome. I had heard of this before from some guys in the biz. They say it isnt typical but you would be surprised at the people that dont have the correct change and just toss in a dollar and pay to much for what they are getting.  He said one lady at a location puts in a  $5 bill every week just to cover what she "thought" she would use. He said that box was always over by a few bucks.

Now add the drinks and see how that goes……

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box #1 (bank) -- 3rd pull

52% of items removed

shrinkage -- -41% , not sure what the deal is here, i am pretty meticulous with my accounting but i am guessing this may be an accounting error, because there was a LOT more money in there than there should have been

box #2 (aeroplan repair shop)  -- 2nd pull

70% items removed

shrinkage - 20% , this is disappointing, unfortunately my contact was out that day so i couldn't address the situation. I will have to leave a note next time

and talk to my contact, hopefully it will not continue.

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I am so glad to see some actual report on honor box vending. Every time the issue is brought up there are a ton of negative comments by people who have never had them. Now we can follow someone and see how it goes for you. best of Luck.

I like the idea of running product through before it goes out of date to reduce shrinkage.

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havent had time to update this properly

#1- 100% collection as usual about 50% of items were removed. this is probably my best overall location

#2-losing my a** on this one ..75% of items removed, collection was 33% short and one guy had the balls to give me a special request while i was leaving. I was polite to him but i definitely was pissed off. i left a note on the box and am going back friday to have another chat with the location manager. may have to simply remove it if this doesn't turn around. shame they started off strong.

#3 - about 10% of items removed 100% collection though.

This location sort of sucks based on the # of employees but at least they dont steal.

placed a few more will update once i pull them

i put some ramen cup of  soap things in there at $2 but they

were not a big hit, location #2 didnt even bother stealing them.

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i put some ramen cup of  soap things in there at $2 but they

were not a big hit, location #2 didnt even bother stealing them.

Can't imagine a ramen cup of soap being a hit.

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cleanliness is next to godliness ;D

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Can't imagine a ramen cup of soap being a hit.

Me either!  I think it would taste rather soapy to me. :D

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#1 - bank

items removed - 66.67%

shrinkage - 7.41%

#2 - airport

talked about shortages over the last few weeks, one employee

confessed owing me a bunch of money but he wanted to give it

to me in person because he did not trust leaving it in the box. Left a note about

shortages hopefully wont get any blowback from that.

items removed 42%

shrinkage 6.67%

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Location #5 -

Removed Box on owner/manager request after 7 days on location

Shrinkage - 0%

Removed - 9%

Location #7 -

Removed Box on owner/manager request after 6 days on location

Shrinkage - 0%

Removed - 6.2%

Location #13 -

Removed Box on owner/manager request after 1 day on location

Removed - 15%

Shrinkage - 0%

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#7 (Barber Shop) -  Removed 78% , Shrinkage 8%

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i re-numbered my locations probably will just post my tracking

sheet from now on

revsummary.png

# 12 and #6 are banks

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This is great info. How long in between collections? Weekly?

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Just reread first post. 2 week cycle. Sorry

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