How a 31-Year-Old Man Moved From Earning N12k Per Hour to N223.5 Million Yearly, Working 4 Hours Weekly
- Marcus Gram said he quit his job and began a business that makes fortunes for him every year
- The 31-year-old said he makes about N223 million every year from his vending business
- He said that he uses several methods to promote his vending business and recommends strategies
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31-year-old Marcus Gram said he has a thriving business running vending machines across the US.
But it was not always so. Gram said he lived with his mother in Rochester, New York where earned $17 working as a manager.
Source: UGC
How it started
He said his aim was to save enough money to buy a rental property that could generate passive income.
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But one day, he had a brainwave - a new side business idea when his friend saw a woman taking cash out of a vending machine, he told CNBC.
He thought about the profitability of the business with little investment.
In 2018, he moved to another city and bought two new vending machines.
He made $5,000 that first year but he persevered and now owns 21 vending machines throughout Baltimore Philadelphia, Detroit and Washington and is on track to make about $500,000 in sales by the end of 2022.
Gram outlines his lessons along the journey.
$5,000 startup capital
According to Gram, he saved about $10,000 from his 9-5 job but his new business venture cost was about $4,000 which he used to pay for a snack machine, a beverage machine, credit card readers and drink products and delivery fees.
Because of inflation, things are a bit expensive so, the 31-year-old recommends saving between $4,500 and N5,000. He says machines can be anywhere from $1,000 to $1,000 depending on their form.
Gram says card readers are not compulsory but they can increase sales by about 25 per cent.
Machine vendors with good reputations
He named some reliable vendors with good products from manufacturers. He says to look at the Facebook marketplace for good machines.
Find a location first
The entrepreneur says that location is very important. He says prospective investors must first have a good location that could boost sales.
He recommends busy areas like shopping malls, places with good foot traffic, student hostels and campuses, and areas with plenty of warehouses and a lot of employees.
Branding and customer service are essential
He said there is a lot of branding and customer service involved in operating vending machine business. He said he spends most of his time shopping online for food and beverages to restock.
Gram says:
“What sets me apart from my competitors is my quick response time. I do my best to accommodate customers — both the venues that house my machines and the people buying items from them.
He advised intending entrepreneurs to invest in branding, saying he invested $30 on polo shirt and business card. He also paid for a website and said that people should have a business proposal handy for any opportunity.
Study customer needs.
He said some of his best-selling products are Coca-Cola, Red Bull, Peanut and other snacks which clients easily snap up.
Man who abandoned medical school to rent shortlets says he makes N267 million monthly
Recall that Legit.ng reported that Chris Choi said he was about to go to a dental school when he visited South Korea and saw what his friends were doing.
He wanted to build a passive income stream while going to school.
During his visit to South Korea to his friends, he stayed at an Airbnb and was shocked to find out that the host was not just he age but owned multiple Airbnbs.
Source: Legit.ng
