Being an aspiring entrepreneur with little money is a difficult place to start. Investment is scarce, dreams are big, and risks must be avoided. Confusion reigns and questions are mind-boggling as to what to invest in, where to start and how to start. Choose a high-ticket opportunity, or start with something small, there is no conclusive answer anywhere. Financial coach Michael Hoffmann is helping aspiring investors with his expert advice to make the right income acceleration choices.
Mike believes in starting small; he suggests that his clients avoid bigger and riskier investments with low ROIs. Having experimented with real estate investments at the beginning of his professional journey taught him how bigger investments can become tax liabilities. So instead, Mike suggests smaller and smarter investments like vending machines.
With the potential of generating up to $1000 to $10,000/per month, vending machines are Mike’s absolute favorite. On Twitter, he shares precious business and performance tips and tricks, mostly revolving around profit maximization with vending machines.
Mike’s top trick about setting up a vending machine is to look for a location closer to your place. Don’t wander off in the wild in search of vending routes. Speaking about finding the most convenient and profitable vending routes, he says, “make a list of high-traffic locations within 5-10 minutes of your house like apartment complexes, senior citizen homes, manufacturing, schools, military bases, and medical Centers.” These bustling places offer excellent opportunities to those who want to build passive income streams with vending machines, and because they are closer to home, you won’t need to spend a lot of time visiting your machines either.
The next best thing is to buy the right stock. Some items sell like hotcakes, while others are cold turkey. Mike talks about buying stocks with ROIs crossing 200-300 percent. As a vending machine owner, you don’t want to think that all packed stuff has the same value. Nowadays, healthy food options attract people more; adding some healthy, low-carb, low-sugar options can do the trick. Finding the right product is the key.
Revealing top tricks that make vending machines mint money, and easy money, for that matter, Mike emphasizes innovative sourcing. Find places where you can get products at the best rates and fix your prices competitively. Sound sources can triple your profits effortlessly. Michael Hoffmann is a fervent supporter of financial freedom through multiple passive income streams and regularly writes motivational and strategic posts for like-minded entrepreneurs. His company, Passivepreneurs, is busy helping people build passive businesses successfully. Check out his Twitter for more information on his passive income ideas.