316. How to Start and Grow a Vending Machine Business with Little to No Money with Mike Hoffman

Building a lucrative income stream through vending machines is the discussion for today's podcast. Mike Hoffman from mrpassive.com shares how he transitioned from a career in sports science and real estate to managing 25 vending machines that yield significant monthly profits. The conversation covers the initial investment, operational strategies, and the high profitability of vending machines compared to stocks and real estate. Mike also emphasizes the growing potential of the vending industry, especially with technology advancements and market saturation ripe for disruption. Listeners can learn about the ease of starting and scaling a vending machine business, hiring strategies, and the long-term financial benefits and equity-building potential of this venture.   What we discuss with Mike: + Meet Mike Hoffman: From Sports to Vending Machines + The Journey to Vending Machine Success + Why Vending Machines Over Real Estate? + Earning Potential and Location Strategy + Getting Started with Vending Machines + Stocking and Managing Your Vending Machines + Hiring and Scaling Your Vending Business + The Importance of Technology in Vending + Disrupting the Vending Industry + Buying and Valuing Vending Routes + Expanding Vending Operations + Vending in Hotels and Remote Management + Time Commitment and Profitability + Challenges and Liabilities in Vending + Future of the Vending Industry + Final Thoughts and Advice   Thank you, Mike! A BIG thank you to Mike for sponsoring today's episode and for sharing so much value! To learn more about starting your own vending machine business, go to Mr.Passive.com.   And to connect with Mike check him out on Instagram and Youtube.   To get exclusive offers mentioned in this episode and to support the show, visit millionaireuniversity.com/sponsors.   Sign up for our FREE Millionaire University Business Course - Understand the 7 Phases of A business, so you know where you are now and where you need to go next! Go to https://www.millionaireuniversity.com/training.   Wanna get social? Click on any of the links below to connect with us. Instagram, Twitter, Facebook, Youtube, TikTok and LinkedIn. We'd love to hear from you!   And if you want us to answer your business questions on an upcoming episode, drop us a line at [email protected].