I co-own a vending machine business with my 10-year-old. He's learning tough lessons.
Courtesy of Christina Nicolson
- Christina Nicolson is the mother of 11-year-old Landon Nicholson. They live in Wellington, Florida.
- Landon approached her about starting a vending machine business over a year ago.
- Christina, a business owner herself, shares what it's been like so far.
This as-told-to essay is based on a conversation with Christina Nicholson, the mother of Landon Nicholson. It has been edited for length and clarity.
My son, Landon, and I own a vending machine together. We started when he was 10, over a year ago. Landon got the idea for his vending machine business at one of his sister's basketball games. He was helping at the concession stand during a Wellington Wolves tournament and started noticing just how many people wanted snacks and drinks.
That was the moment the lightbulb went off. First, he wanted to have a candy store, and I said, "Let's start smaller."
I'm a business owner, so I was game to do it
Landon has always wanted to make his own money. Maybe it's because he's seen me do it; I started my own media company right after he was born. He's always seen me be my own boss and seen the flexibility that comes with that. To start, we got a book and watched some YouTube videos to learn about it.
First, we had to find a spot for it. He was taking acting lessons at our community center during the summer, and he went to the front desk and asked if they had a vending machine. They said that they used to, but didn't anymore. He said, "Do you want one? That's my business."
They gave him the contact person, and we set up a meeting with the village of Wellington. We put together a proposal that included what we'd put in there and how much we would sell it for, and they okayed it. They had a contract. The agreement was that 26% of the commission would go to them, and Landon and I would split the profits 50/50.
In September of 2024, we bought a vending machine for $1,500 and had it shipped for $843. We also purchased a credit card reader for $385, bought $265 worth of items from Costco, and put $17 in change in the machine to start.
We're still in the hole, but have learned some important lessons
The community center is not very busy. We're not splitting profits yet, but I still think it's been worthwhile.
A big lesson for him was that just because you make money, it doesn't mean it's your money. For example, the first time we went to the vending machine to get money, he was so excited to have all the dollar bills. But I told him that we had to pay the machine off, that 26% goes to the village of Wellington for letting us put our machine in there, and so on. He quickly learned the difference between revenue and profit.
He was also very excited at the beginning of this to go and check on it once a week. He liked to see what needed filling up, what people were liking, and so on. Now, he's not as excited to go. He still enjoys doing it, but that initial excitement has worn off.
I'm being patient with him
Sometimes, you just have to be patient. We're almost there. I encourage him to review the numbers every month; I'll print out the P&L for him to see. He's very impatient, but I remind him that to make a business work, you have to work.
He's learning different business models, how much time they take, and how busy you are going to be. This has been good because of his age; he goes to the community center and checks on it once a week for 15 minutes. He also likes to see what's working. He still asks me every once in a while if he's making money yet.
I wasn't expecting his confidence. It really impressed me. He walked right up to the community center's front desk, asked if they wanted a vending machine, and came home with a business card. I love that he's not afraid. I think this experience will help him with the confidence to start more businesses.
from Business Insider https://ift.tt/kAKgoTR
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