157. The Power of Passive Income: How He Built a $75K/Month Vending Empire

Mike Hoffmann is a vending machine entrepreneur generating over $75,000 a month in passive income. Mike breaks down how he transitioned from real estate to vending machines, shares key strategies for finding high-traffic locations, pricing products for profit, and scaling the business. 

He also covers why new machines are better than used, how to systemize for true passive income, and tips for streamlining operations by hiring staff. If you're interested in turning vending machines into a serious income stream, this episode is for you.

Resources:

• Take our vending course (free for 30 days): https://bit.ly/3Nm6VSg
• Connect with Michael: https://www.instagram.com/mikedhoffmann_/

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Connect with UpFlip:

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• @UpFlipOfficial on Twitter

For more insights to start, build, or grow a business, check out the resources on UpFlip.com or head to the UpFlip YouTube channel to see more interviews with business owners and experts.

Thanks for listening!

Chapters

• 1:03 Background
• 3:11 Down payment on First Machine
• 6:32 Foot Traffic
• 7:51 Creating Proposals
• 8:52 Up Front Costs
• 10:28 Does the Location Get a Cut?
• 12:57 Start a Vending Business for Free with UpFlip Academy
• 15:03 Deciding What Products to Use
• 18:12 Cold Calling Customers
• 20:59 Hiring Employees
• 21:21 Systematizing for Passive Income
• 23:33 Costs to Run Your Business
• 24:38 Where to Buy Machines
• 26:46 AI Machines
• 28:54 Marketing
• 32:40 Side Hustle Idea
• 34:22 Fan Blitz Questions
• 37:29 Ryan's Takeaways