iKrave Vending is a consulting company by Lakinya Francis that teaches how to start a vending machine business. It covers the A-z to build a successful vending business from obtaining quality machines and securing locations to setting up contracts and maintaining inventory. Lakinya offers different packages, ebook bundles, tools, and also consultations that will help you succeed in your venture.
Vending machine business offers an opportunity with its expected global market of $146.6 billion by 2027. As the typical vending machine generates over $300 per month. However, the vending machine business is not a fully passive income venture. You need to restock your products at least twice a week and monitor your sale to check what items are profitable and not. And sometimes you need to move your machines to different locations until you find a spot that will work for your vending machine business.
If you want to start a more hands-off business than vending machines, local lead generation is an option. It eliminates the work of managing vending machines and restocking inventory. It is a sort of digital real estate where you need to create a top-ranked website and rent it out to local businesses to generate leads for them. By doing that, you will receive monthly passive income streams. You can enjoy a truly hands-off approach to local lead generation by leveraging search engine optimization (SEO).
iKrave Vending Pros And Cons
Pros
iKrave Vending helps you to start your business.
All of their offers have payment options.
It receives good feedback from its customers.
iKrave Vending is one of the top vending machine experts.
Cons
Lakinya mentions nothing about the refund policy.
Vending machine business is not a fully passive income venture.
No reviews and feedback outside its website.
Price
The costs of iKrave Vending depend on the package you'll avail.
- Starter Vending Package: It costs $97.00.
- Standard Vending Package: It costs $297.00.
- Ultimate Vending Package: It costs $497.00.
Refund Policy
iKrave Vending does not offer any refund policy.
Origin
iKrave Vending started in 2017.
Reputation
It gains a good reputation online from its students who successfully acquire their own vending machines.
What Do You Get In iKrave Vending?
With iKrave Vending, you get an online training course for vending machine business, an online training workbook, and a machine finder service. If you choose the Ultimate Package, you will get mentoring for 90 days. iKrave Vending has three different packages; starter, standard, and ultimate.
This is the beginning course that includes contracts you can use immediately. It also has inventory sheets for your vending business. The three packages have the same coverage for their online training course.
Ikrave Bending online training course content:
Price: Starter iKrave Vending Package costs $97.00.
Payment Option: It offers 4 payments of $24.25 with afterpay.
This standard package has the same offer as the starter. Besides the starter package, this package includes Machine Finder services. It helps you streamline the process to acquire fully functional cheap and used equipment for your vending business.
Price: Standard iKrave Vending Package costs $297.00.
Payment Option: It offers 4 payments of $74.25 with afterpay.
This is the Ikrave Vending full-service online masterclass. Aside from the training course, workbook, and machinefinders, it has 30 days of unlimited support and guidance with one owner of iKrave Vending.
Price: Ultimate iKrave Vending Package costs $497.00.
Payment Option: It offers 4 payments of $124.25 with afterpay.
iKrave Vending Other Offers
eBook Bundle covers:
Price: Vending 101 eBook Bundle costs $24.99.
Payment Options: It offers 4 payments of $6.25 with afterpay.
This Vending Machine Locator focuses on finding locations for your vending machines. It has a list of different vending machines. This includes snack machines, gumball machines, toy machines, sticker machines, honor boxes, snack boxes, soda machines, snack machines, combo machines, healthy vending machines, and more.
Price: Vending Machine Locators cost $79.00.
Payment Option: It offers 4 payments of $19.75 with afterpay.
This offers a list of vending machine suppliers for different types of machines you can avail. It helps you pick what kind of vending machine package you want.
Price: Vending Machine Suppliers cost $49.99.
Payment Option: It offers 4 payments of $12.50 with afterpay.
This consultation is for anyone who wants to start a vending business and doesn't know where to start. This offer by iKrave Vending guides you where and how to start.
Price: One-On-One Consultation for Vending Machine Business costs $147.00.
Payment Option: It offers 4 payments of $36.75 with afterpay.
This offer has a 70-minute course to build your own beauty supply vending machine. Also, it has a 50-minute course on how to create business credit to grow your own business. Lakinya provides a start-up plan list, eBook covers the hair and beauty vending and so much more.
Price: Starter Vending Guide Package for Beauty Supply Vending Business costs $97.00.
Payment Option: It offers a 4-payment of $24.25 with afterpay.
Who Is The Founder Of iKrave Vending?
Lakinya Francis is the founder of iKrave Vending. Lakinya finished her degree in Business Administration at Western Governors University. She started as a high school teacher for four years, then switched to the State Government. With the urge to find some side hustle, she started a vending machine business. At first, Lakinya did it as a hobby to generate extra income and she noticed the lack of services that provide consultation to beginners who want to start vending machine business. Then, she founded iKrave Vending in 2017. It offers a series of training courses for anyone to eliminate the trial-and-error process of starting this kind of business. As of last year, she converted her side hustle to a whopping $10,000 per month. iKrave Vending has less than 25 employees now.
iKrave Vending Social Media Presence
iKrave Vending has a good following online with 25.9K followers on Instagram and 2.3K followers on Facebook. Lakinya Francis also has 500+ connections and 791 followers on LinkedIn.
Is iKrave Vending Worth It?
iKrave Vending can be worth it for anyone who is looking for a good side hustle while dealing with their 9-5 job. Lakinya offers training courses for an affordable price that teaches how to start a vending machine business in 2023. iKrave Vending runs for over 6 years and already helps hundreds of business owners to acquire their own vending machines. Also, every course, offer, and consultation by iKrave Vending has offered 4-payment with afterpay. It makes all the products affordable for anyone who is on a tight budget. iKrave Vending's most expensive offer cost only $497.00 and you can pay it with 4 payments of $124.25.
But, the typical cost of a brand new vending machine starts from $3,000 - $$7,000. And if you choose something more advanced, it can be more expensive than the typical one. The course is cheap but the vending machine is not. So, you need to prepare thousands of bucks to apply your learnings from iKrave Vending. Lukinya does not offer a refund policy.
iKrave Vending Clients Review
iKrave Vending receives tons of positive feedback from its clients and is hard to find negative comments about the program online. Lakinya really provides good services to her students. Also, you can check some iKrave Vending case studies by its clients who avail of different packages.
How Much Does It Cost To Start A Vending Machine Business?
It costs $3000-$30,000 to start a vending machine business. This capital covers your initial purchase, stocking inventory, maintenance, and necessary license and permit. The exact cost to start a vending machine business will depend on the type of vending machine. Also for location fees, product selection, maintenance costs, and other operational costs.
How Much Does A Vending Machine Cost?
A new vending machine costs between $3,000 to $10,000. But, it can vary on several factors, such as type, size, features, and condition. You can purchase a new bending machine between $3,000 - $7,000. But some owners choose to buy used machines that cost from $1,000 to $5,000, which is cheaper. If you want more advanced vending machines that have special features, it can cost you over $10,000.
How Much Does A Vending Machine Make A Month?
A vending machine makes $300-$500 a month on average. There are different factors that can affect your monthly income. It includes if your vending machine is well-placed and stocked. Maybe you heard claims you can earn $1,000+ daily, but you need to know that you need to acquire 50 -100 machines to reach those totals.
What Is The Most Profitable Vending Machine?
Snack vending machines are the most profitable vending machines. Snacks are high-demand and have a large customer base that generates consistent cash flow. Snack vending machines make the most money because they offer a wide range of choices, including chips, cookies, candy bars, and beverages. Snacks typically have a higher profit margin than other vending machine products because you can purchase snacks in bulk at a low price.
How Can You Be Successful In a Vending Machine?
To be successful in vending machines:
- pick the right vending machine
- choose an appropriate price
- find the right location
- provide great service
1. Pick The Right Vending Machines
Picking the right vending is important for your success. Some beginners fail by choosing the wrong vending machine, doing no research, and ticking all the checklists in purchasing machines.
You need to consider the following factors:
2. Find The Right Location
If you want to succeed in the vending machine business, find the right spot. The best place to put a vending machine business is in hospital or nearby schools. But it depends on several factors, including your target audience's foot traffic, competition in the area, accessibility, and visibility.
3. Price the Products Right
You need to put the right pricing strategy in your vending machine to maximize profitability.
4. Provide Great Service
Aim to provide your customer excellent service to satisfy and create repeat business.
What Are The Pros And Cons Of Having A Vending Machine?
Pros
Vending machines can generate steady income without daily supervision.
It requires minimal staffing, or no staff that can reduce labor costs.
It can provide quick access to a variety of products which many people want..
Some vending machines have cashless payments which can attract customers.
It can be a good side hustle.
Cons
It requires upfront capital to purchase a vending machine and fill your stocks.
Maintaining and repairing vending machines can add to your overall cost and time.
It requires managing your inventory and it can be time-consuming.
Having a vending machine can be vulnerable to theft, vandalism, or fraudulent activities that can cause profit losses.
You may face competition from other nearby vending machines in your area.
iKrave Vending Alternatives
Conclusion: Is The Vending Machine Business Worth It?
Yes, the vending machine business can be worth it. It can be a good side hustle if you are stuck in your 9-5 job. This business can generate an average of $75-$100 weekly and $300-$500 per month. Also, Vending machine business is a recession-proof business to start in a bad economy. But it requires many machines to generate significant income to make it a full-time venture and allow you to quit your job.
However, local lead generation through rank and rent can help you achieve financial freedom to quit your 9-5 job. Instead of starting a vending machine business, you create websites and rank them in high in search engine results. Once the websites generate leads, you can rent them out to local businesses in need of leads for a monthly fee. You don't have to worry about active maintenance, like in the vending machine business. If you want to quit your 9-5 job while doing little to no constant work, check out local lead generation.
