Many people I know talk about how they want to make more money, how they have all of these ideas for doing so, and how they want to make sure they can retire early, but I never see them doing anything about it. They do have some good ideas for building wealth, but they don’t have any money. This is because there is a huge difference between wanting to make a lot of money and actually doing it. As I get older I realize that money is out there to be made, but you have to really want to do it. If you have the drive, there should be nothing stopping you from getting what you want.

The first step in building wealth is indeed knowing if you really want it. You may think you do, but if you are not willing to put the time and effort into it, you aren’t going to get very far. There is no fast building wealth method that will make you rich overnight. You can give someone your money that says they can do it for you, but you might as well forget about seeing a return. They are making money from your lack of drive and your wish to get rich quick.

Building wealth means finding out what you can do, and what you can do to make money with the skills that you have. You may be good with numbers, or you may have a talent. It doesn’t matter what it is as long as you can think of a way to make it profitable. Building wealth does mean that you have to have somewhere to start, but everyone has a chance. You may even get more than one chance, but if you let them pass you by, they aren’t going to do any good.

Another important aspect of building wealth is to know what to do when the money does start to come in. You can buy some things, but if you spend it as fast as you make it you aren’t going to have anything to show for all of your hard work. Building wealth means saving as much as you can, and it also means living like you don’t have much money. Many millionaires live in houses that are adequate but not flashy, and you would never know they had that much money. That’s why they have it!

Many people who consider buying a gumball or candy machine for wealth building fail to understand the three keys to running a profitable route. Failure to follow these keys is what leads people to eventual failure in their business. Let me share the keys with you to help you avoid the mistakes of a number of owners I have observed first hand.

The first key is to treat your route like a business, not a hobby. You’re in this to make money and maximize your time and resources. Having a simple plan for placing machines, choosing products, deciding on route dimensions, and expanding your business are key elements for a successful vending entrepreneur. Don’t approach your business as “I’m just in this to make a few extra dollars” experiment. Do it right from the beginning.

Second, many vendors don’t know how much it costs them in product per vend. If you think you get to keep that whole quarter come collection time, you’re in for a rude awakening! You must concentrate on your margins (profit margins). Knowing your margins can help keep you ahead of the competition. The goal is not to dispense the most product to beat the competition but to dispense a fair portion keeping your product costs down to reinvest in other areas to multiply profits. Don’t fall for the emotional trap of thinking you have to give them a whole handful of candy. Be a business person. Know your cost per vend.

Third, too many people enter the bulk vending arena thinking vending locators will save the day. While locator services can be a good tool at times, what you will find is the turnover rate of accounts (losing accounts) plus the mediocre accounts you will receive end up costing you too much up front money with the cost of machines and product. Even if you buy a cheap $80 machine including stand, by the time you pay a locator $40 and $12 to fill the machine, you have over $130 invested in a machine that might bring in $5 a month gross. My point is to learn to locate yourself. Focus on sales!

For any legitimate business to prosper, sales must be a focus and priority. You can learn to locate yourself if you will face your fears. I know this from my own personal experience. I have had no sales training yet I have placed over 100 machines in the last year. I still don’t feel comfortable locating yet I know it is probably the greatest key to building wealth in the bulk vending business.

Take these keys into consideration and don’t end up discouraged with a warehouse full of unplaced machines. You can build a successful bulk vending business if you educate yourself and go beyond your limits. As others have said, “Grow the person, grow the business.”