How to Make an App: The Ultimate Guide (2024)  - UpFlip (2024)

You’ve looked into the steps of starting a vending machine business, but you haven’t developed business plans. We’ll help you create a vending machine business plan.

Adam Hill has owned and operated Hill Vending since 2014, when he bought a $120 vending route. Now he’s making over $600K in annual sales. He’ll share vending machine tips so you know how to estimate vending machine profits and other costs.

[su_note note_color="#dbeafc"]

We’ll explain everything you need to know to communicate your business plan. These vending machine business links will send you directly to the section of the blog you want to read:

• What Is a Vending Machine Business Plan?
  
• Why You Need a Vending Business Plan
  
• How to Buy Vending Machines
  
• Vending Machine Business Plan Template
  
• What Should I Include in a Vending Machine Startup Business Plan?
  
  • Executive Summary
    
  • Company Analysis
    
  • Vending Machine Industry Analysis
    
  • Customer Analysis
    
  • Competitive Analysis
    
  • Marketing Plan
    
  • Operations Plan
    
  • Management Team
    
  • Financial Plan
    
    • Income Statement
      
    • Balance Sheets
      
    • Cash Flow Statement
      
  • Appendix
    
• Vending Machine Business FAQs
  
  • How Much Are Vending Machines?
    
  • How to Start a Vending Machine Business
    
  • How Much Does a Vending Machine Make?
    
  • What Do I Need to Start a Vending Machine Business?
    
• Write Your Vending Machine Business Plan[/su_note]

What Is a Vending Machine Business Plan?

A vending machine business plan provides a snapshot of where your business is, where it’s going, and how you will achieve the business goals over the next three to 10 years.

Vending business plans will include market research on the vending machine industry, local vending machine associations, a marketing plan, an operations plan, and a financial plan to provide a clear path of how you expect your vending machine company to make money and grow.

Why You Need a Vending Business Plan

Your chances of starting a successful vending machine business double by writing and following a vending machine business plan. Plus, companies that follow their business plans grow nearly 30% faster and get more funding than those without a business plan.

Make sure to update your vending machine business plan annually as your company grows and achieves its goals.

How to Buy Vending Machines

The main ways to buy a vending machine business are personal savings, credit cards, private loans from the current business owner, bank loans, and angel investors.

Private Loans

One of the top ways to get into the vending machine industry is to buy an existing vending machine business. Business owners will often agree to owner financing, where you pay 0-20% down and then pay off the remainder over one to five years.

Bank Loans

Banks will want to review your vending machine business plan and decide whether they believe you can accomplish the goals you’ve included. More specifically, a loan officer will want to see a professional vending machine business plan to verify that your financial assumptions are reasonable.

Angel Investors

Another way to fund a vending machine business is by taking a loan or equity deal from angel investors. An angel investor is just a wealthy individual who helps people start businesses in exchange for a share of the profits.

Learn more about buying a vending machine.

Vending Machine Business Plan Template

You’ll want a business plan template for your vending machine business. Download our free vending machine business plan template below.

You’ll also get our How to Start a Vending Machine Business PDF.

Check out our other business plan templates for more resources or watch our interview with a business owner who started one of the fastest growing franchises in North America to learn how he writes a business plan.

[su_youtube url="https://www.youtube.com/watch?v=Seac5PbUZXk"]

What Should I Include in a Vending Machine Startup Business Plan?

A business plan for a vending machine company should include:

1. Executive Summary
2. Company Analysis
3. Vending Machine Industry Analysis
4. Customer Analysis
5. Competitor Analysis
6. Vending Machine Marketing Plan
7. Vending Machine Operations Plan
8. Management Team
9. Vending Machine Financial Plan
10. Appendix

Keep reading to learn what vending machine operators should include in their business plans. We’ll also provide examples of what key parts of a vending machine business plan might look like.

Executive Summary

Vending machine operators should start their business plan with an executive summary. All an executive summary does is summarize what the rest of the document is about.

The executive summary should be under a page long and should include a sentence or two about each section so that people can get the main points quickly.

Company Analysis

This section of your vending machine business plan should include:

1. An introduction to your company
2. Your company’s mission and values
3. Your goals
4. The vending machine services you’ll offer
5. Your competitive advantage

Vending Machine Industry Analysis

In your industry analysis, you need to provide an overview of the vending machine business. Your research will help you understand the market, improve your strategy to utilize market trends, and prove to readers you know what you’re talking about.

Your vending machine business plan should answer the following questions about the vending industry:

1. How much do vending machines make a month? (Both as an industry and per machine)
2. How much of the industry revenue is in the local market? Use the industry revenue multiplied by your location divided by the U.S. population.
3. Is the market growing or shrinking?
4. Who are the market leaders in the industry?
5. Who are the primary vending machine manufacturers and suppliers of products?
6. What vending machine business trends will impact the industry?
7. What is the vending industry’s 5-10 year growth forecast?

I suggest using the IBIS World report we linked to earlier because it includes all the information about the U.S. vending machine market. You may need to purchase a local plan as well.

Industry Analysis Example

The vending machine industry makes $10 billion per year across 17,739 vending operators in the U.S. That means they make an average of $563,729 per year.

The average monthly revenue of a vending machine is approximately $2,000, which means a company needs 24 machines to earn the average across the industry.

The Las Vegas vending machine business market is approximately $69,343,972.03, and there are 99 vending machine operators, which means each vending machine operator is making approximately $140K per year more than the national average.

The market is expected to slightly decline in revenue, but companies that capitalize on existing trends like Apple Pay, Google Pay, and specialized vending machines are able to see growth by creating new markets in high-traffic areas.

According to ThomasNet, the major vending machine equipment manufacturers and suppliers are:

Adam suggested two manufacturers of vending machines he prefers to use.

[su_quote]AMS and Vendo are by far the best machines I’ve used.[/su_quote]

In addition, snack foods and drinks are available from stores like:

• Walmart
• Sam’s Club
• Amazon
• co*ke distributors
• Pepsi distributors
• Other distributors

Customer Analysis

Your vending machine business plan should describe the target market you will be providing vending.

Your target market will impact the pricing and product options you carry. Make sure to understand the demographics of the customers in each type of facility you serve. You won’t want to offer the same vending machine products in a gas station as you would a cardiac wing in a hospital.

Analyze customer demographics. You’ll want to discuss the age, gender, location, and income levels of decision-makers, their customers, and where you want to place your vending machines.

You’ll also want to include psychographic profiles, meaning the details of your customers’ wants and needs. You wouldn’t want to offer all candy and soda in a yoga studio vending machine because the students will probably want water and healthier snack choices.

Competitive Analysis

Your vending machine business plan should include a competitive analysis that shows your understanding of the direct and indirect competitors you will be competing with for your target customers.

Direct competitors are limited to vending machine operators in the local area, while indirect competitors are any type of business where your target customers can get the same products.

A vending machine business will have indirect competitors, including grocery stores, convenience stores, delivery apps, pharmacies, and fast food restaurants.

Not mentioning these vending machine competitors may show lenders that you don’t realize there are other places where someone can buy the same products even when in a rush.

You want to describe in greater detail the other vending machine businesses you’ll compete with. Your direct competitors will be other vending machine locations within a mile of your machine.

Create an analysis of each local vending machine company that answers the following:

• What locations does each business serve?
• What items do they sell in the vending machines?
• How do they price each item?
• What are the machine owners’ competitive advantages?
• What opportunities do they leave open?

After you’ve done this, you should be able to answer questions like:

• How can I provide superior products?
• What products can I offer that competitors do not?
• How can I create an excellent customer service culture?
• Can I beat their pricing?

Finding ways to provide better customer service at a similar or lower cost will provide a competitive advantage. Just make sure the pricing is correct for your vending machine business to be successful.

Marketing Plan

Have you ever heard of the 4Ps of marketing?

They are:

1. Product
2. Price
3. Place
4. Promotion

Every vending machine business should include them in its marketing plan.

Product

This section of your vending machine business plan should remind the reader what type of vending machine business you are. Make sure to be specific about the products you’ll be offering in your vending machines. You’ll want to keep the product list consistent across vending machines.

Price

You should have already analyzed how other vending machine businesses sell their products. Now it’s time to create your pricing guide. Adam suggests pricing the products at twice what you pay for them.

If you buy a 12-pack of soda from Sam’s Club for $12.99, then your vending machine company should be selling each can for $2.25 if the market will allow it. At the very least, factor in 50 cents profit per item.

Place

Where will you be placing your vending machines? Document every location, the types of vending machines at the location, and how often you’ll need to check it.

You should also explain why each location is a good spot for a vending machine in your vending machine business plan. Learn more about vending machine placement.

Promotion

The promotion section of a vending machine marketing plan documents how you will help people find your vending machine company and the locations where you have placed a vending machine.

Some promotional methods you might use for a vending machine company include:

• A vending machine website
• Adding your branding to your vehicle
• Creating brochures for business owners
• Focusing on vending machine experience and user experience (UX)
• Keeping your vending machines clean and branding them to help people recognize your brand
• Placing vending machines in strategic locations
• Providing maps that show where your vending machine business is located
• Sharing cool features of your vending machines on social media

You could also create a course to help other people learn how to start a vending machine business. That’s one of the ways that Adam has built upon his vending machine business. Check out our free vending machine training.

Operations Plan

An operations plan is part of your vending machine business plan that explains your daily operations. Your operations plan should include two sections:

1. Long-term goals
2. Processes for operational excellence

Long-Term Goals

What milestones do you want to achieve in your vending machine company?

Your long-term goals might include the number of machines you want by a certain date, when you want to hire employees, and how much revenue you want within five years.

Make sure to add these details to your vending machine business plan.

Processes for Your Vending Machine Business

Your processes are the steps you will take during the day to keep your vending machine business running smoothly. Your main tasks will include:

• Buy vending machine products
• Store vending machine products
• Deliver machines
• Restock vending machines
• Clean vending machines
• Buy new vending machines
• Secure contracts for vending machine placement
• Buy vending machine routes
• Provide customer service

Management Team

You should also include your management team and business structure in your vending machine business plan. Planning for a team shows that you have thought through starting a vending machine business and realize that you can’t do everything.

While vending machine businesses are typically able to be run by a single person, that doesn’t mean you won’t need help from other professionals including:

• Attorney
• Accountant
• Vending Machine Repair Person
• Sales and Marketing

Hiring people to manage portions of the company you don’t understand will make starting a vending machine business much easier. Emphasize how your leadership team is going to make you more successful by touting their past experience.

Direct experience in the vending machine business is best, but if your team has experience in other areas that are related, it works well, too. An advisory board familiar with vending machines is also an option.

Financial Plan

When you own vending machine business assets, you need a financial plan. Your financial plan should cover one to five years from your vending machine business starting.

Three financial statements should be included with your business plan:

1. Income statement
2. Balance sheet
3. Cash flow statement

Income Statement

A Profit and Loss statement, P&L, or income statement shows your revenues and expenses to show how much money you made or lost.

You’ll have to make some assumptions when you create an income statement. Vending machine owners will need to make and document assumptions that answer the following:

• How many products will you serve?
• What will inflation be?
• How much will revenue grow each year? How?

Example Vending Machines Income Statement

Let’s assume the following:

• We bought 10 vending machines for $20,000 with $0 down and one year to pay $25K.
• Revenue is $2K/month per machine.
• Gross margins are 50%.
• Taxes are 20%.
• Marketing costs $1,000 annually.

Note: EBITDA = Earnings before interest, tax, depreciation, and amortization

Balance Sheets

Balance sheets are used to compare your assets and liabilities. Your balance sheet will show five sections:

1. Current Assets: Cash and items that can be turned into cash within a year, including accounts receivable, inventory, prepaid expenses, and marketable securities.
2. Long-Term Assets: Items that cannot be sold fast, like land, patents, brands, trademarks, goodwill, and vending machine equipment.
3. Current Liabilities: Any debt due within a year, including accounts payable, debt financing, payroll, rent, utilities, and other accrued expenses.
4. Long-Term Liabilities: Any debts that last longer than a year, including bonds payable, deferred taxes, leases, loans, and pensions
5. Shareholder Equity: Shares, reserves, and retained earnings are all parts of owners’ equity

Effectively, you are aiming to balance the equation:

Current Assets + Long Term Assets = Current Liabilities + Long-Term Liabilities + Shareholder Equity

Learn more about balance sheets.

Cash Flow Statement

Your cash flow statement shows how much money you need in your business bank account to cover startup costs and operating expenses until you are fully self-sustaining.

Your cash flow statement adjusts the net income to add:

• Depreciation
• Decreases in accounts payable
• Increases in taxes payable
• Increases in accounts receivable

Then you’ll want to subtract the cost of any inventory to get the cash from operations. You’ll also want line items for any investment or financing you need for the following items:

• Cost of equipment like vending machines, refrigerated delivery trucks, etc.
• Cost of maintaining an adequate amount of inventory
• Payroll or salaries paid to staff
• Business insurance
• Taxes and permits
• Legal expenses

Appendix

The final part of your vending machine business plan should be an appendix that includes all the supporting documentation for your business plan. You’ll want to include tables, links, and citations so that anyone reviewing your vending machine business plan can verify your facts.

For the sake of brevity, in this Example Appendix, I am only including the formula I used for the Las Vegas Vending Machine Industry calculation.

Vending Machine Business FAQs

How Much Are Vending Machines?

Buying a vending machine will cost anywhere from $100 for a small candy vending machine to a few thousand dollars for new and used drink or snack machines. The custom vending machine cost can reach $20,000.

How to Start a Vending Machine Business

Starting a vending machine business requires:

1. Establishing if the vending machine business will be profitable
2. Creating financial projections
3. Writing a vending machine business plan
4. Forming your vending machine business
5. Buying a vending machine
6. Getting products to fill your vending machine
7. Finding a location for your vending machine
8. Storing vending machine products
9. Maintaining vending machines
10. Restocking and collecting money from your vending machine investment

How Much Does a Vending Machine Make?

According to Adam, most vending machines make around $2,000 per month if they are in good locations.

Market research may show that other vending machines can have even better results, but use $2,000 a month per machine in financial projections for your business plan unless you can document that your machines will have better returns.

Of the $2,000, approximately 30% should be profits or wages.

What Do I Need to Start a Vending Machine Business?

The vending machine business model normally requires a:

1. Vending machine
2. Business license and LLC
3. Car
4. Location for the vending machine
5. Products
6. Way to handle refunds

Write Your Vending Machine Business Plan

Whether you decide to offer ice cream vending machines, coffee vending machines, or bulk vending machines, a vending machines business plan will help you make the most out of your new venture.

If you haven’t already, don’t forget to download your free business plan.

What will be your vending machines business model?

Business ideas

Most people's first exposure to a business is typically the business name and logo. A brand name is a basis around which brand identity is built, but far too often people take cop-outs and choose names like Brandon's Blogs. We're going to show you a better approach for how to come up with a business name.Mike Andes, founder of Augusta Lawn Care, and Lee Smith, owner of Urbanity, gave us some tips on how to choose a business name, and we're going to share them with you along with some other tips from our experience starting businesses.We'll start by explaining the return on investment (ROI) of a name, what makes a good and bad business, and how to pick a name for your business name. Then, we'll discuss trademarking to protect your brand.Get ready to find the perfect business name for your new business.

Step 1. Understand the ROI of a name

Most great brands have a company name and logo that are identifiable immediately, but most small businesses either spend too much time thinking about names or create a business name like Mike's Mangos. Neither of those strategies is the best idea when wondering how to name your business.Good business names, logos, and reputations can be worth billions. To give you an idea of how important it is, Amazon consistently reports goodwill (an accounting term for the value of the stock above fair market value) at over $14 billion over three years. That is around 7% of their total assets.Granted most of us aren't going to build a brand like Amazon overnight, but we should still consider how to name a business and how this adds value to the company through:

• Domain value
• Other branding elements
• Setting the tone of the business

Let's discuss domains and how they impact names for a small business.

Budget for a domain name

A domain name is what you type in when you want to go to a specific website, such as UpFlip.com. The domain name is used to make it easier for us to remember the web address of a company because using an IP address like 192.178.135.245 would make it impossible for us to find a company name.Most domain names are fairly inexpensive (as little as $1 per year), but you still need to check when you decide, "I need a company name." If the domain name is owned by someone else, they can charge a much higher price though. Cars.com was sold for $84 million at one point. Most people can't afford names for small businesses that cost $84 million, so you need to check with a provider.

Domain providers

Common providers of domain names include:

• GoDaddy
• NameCheap
• DreamHost

Most charge an annual fee and can be purchased for up to ten years. Unstoppable Domains allows you to buy domains in the form of an NFT, but this is only something that should be done if you have blockchain experience.Keep reading for other information that impacts the success of business names.

Understand secondary branding elements

In addition to a catchy business name, there are other key elements that create a value proposition, create a great brand reputation, and lower the cost of customer acquisition.Mike suggested:[su_quote]When you are working on creating your brand identity, draw inspiration from companies that you aspire to be like. If you look at what the major players in your field do, it will give you an idea of how to create the perfect brand.[/su_quote]Other aspects that go into the company brand image include:

1. Logo
2. Font of text
3. Colors used in logo and text
4. Slogan

Keep reading for more information on how these impact how potential customers view a company.

Logo

Every business should have a logo. You'll see many small businesses with more artsy ones, but it is obvious that simple logos tend to do really well for branding. When you think of some of the most iconic brand logos, you'll probably think of these:As you can see a company logo can be simple, yet elegant and create phenomenal results.Mike warned us:[su_quote]Get started rather than try to make it perfect. It's going to evolve with the brand anyway. You can do a simple one completely free, then when you have some money hire a freelancer. Then once you have really grown, maybe a branding team. It's important to have a logo, but it's more important for new entrepreneurs to get started.[/su_quote]There are plenty of free logo makers. Here are some of my favorite:

• Adobe Spark logo creator
• Printful Logo Maker
• Free Logo Design

EPCGroup did a review of Fortune 500 company logos that I strongly suggest you read before creating your own or hiring a freelancer.

Font

According to the EPC review, 75% of Fortune 500 companies use San Serif font styles, followed by Serif at 19%. That's not to say that a small business has to use that font, but they are used because of their minimalism, modernism, and ease of reading. MyFonts makes it really easy to view types of fonts by the font style.If you want to use other font styles, be careful about how readable they are. It can make it harder for people to remember the name of your business if the font is hard to read. No matter how unique a value proposition you offer, if customers can't read the company names, they can't search for the website URL.Keep reading to learn more about using color in your brand naming ideas.

Color

Color is used to evoke emotions. The psychology of colors has been studied since the early Egyptians, and possibly earlier. Depending on what type of emotion you want to communicate, you'll want your brand logos to be certain colors. The following explains the correlations between color and emotion:Mike told us:[su_quote]I was trying to inspire people to associate the company with the Augusta National golf tournament, so one of the things I did was use the same white jumpsuits with the name on the back that they do. It's a horrible idea in lawn care because they stain so easily.[/su_quote]Here's a picture of what they looked like:

Slogan

A slogan is a saying associated with your brand. For instance, Nike’s is "Just do it!" A slogan can help encourage people to think about the brand more and help create brand loyalty. You can file a trademark to protect your slogan as intellectual property.

Customer Service

Mike also pointed out that customer service and how your employees represent the business are also main components in the brand reputation. He mentioned:[su_quote]Facebook has gotten a bad reputation for some of its data handling and business strategies, which I think contributed to it changing its name to Meta. If there is a horrible public relationship nightmare, changing names can sometimes help disassociate the two.[/su_quote]To learn more about starting a business, read the intro to starting a business then dig into the sections you want to learn more about.

Step 2. Create a brand name tone

The name of your business will influence how people perceive it. Make sure to make it positive. If it has a negative connotation, it will likely hinder the company.Mike told us:[su_quote]I wouldn't want anything referring to dirt in a lawn care business name. It's just not what I would want my customers to be thinking about.[/su_quote]Now that you understand some of the elements tied to a business name, let's look at how to pick a business name.

What makes a good business name?

When considering how to come up with a company name, you want to make sure it meets four primary objectives:

• Check if the business name idea is available.

• Make the brand name unique.

• Create a catchy business name.

• Make your business name easy to say and spell.

• Name using good Search Engine Optimization (SEO) practices

Let's look at how each of these impacts the naming process.

Are the business names you want available?

You'll want to consider whether your business name ideas are available. There are three basic places you'll want to check:

1. Domain availability, which we discussed previously.
2. Trademark availability, which can be done on a national or global level:
   1. National: USPTO
   2. Global: World IP Portal
3. Your local office for registering business names. Just search "where do I get my DBA in (Insert Location)".

If your business name meets all three of these qualifications, you can add it to the list of potential business names.

Step 3. Make your brand name unique

Unique business names tend to stand out more than using a name like John's Plumbing. Mike suggested using a name that already has meaning to your target market. He told us:[su_quote]I chose Augusta when coming up with business name ideas for several reasons: Augusta is based on Augustus Caesar. August is a busy lawn care month. Most people know how beautiful the Augusta National Golf Course is. I want it to bring up those kinds of thoughts when they think of my company.[/su_quote]We also asked Lee about the great business name Urbanity and he told us it means:[su_quote]An Urban state of being[/su_quote]Hear more from Lee about brand names and running a boutique in our interview below.[su_youtube url="https://www.youtube.com/watch?v=_wUc28d8KkE&t=171s"]Keep reading to learn how to name a company with a catchy business name.

Create a catchy business name

There are a ton of ways to come up with a catchy business name when wondering “what should I name my business?” Some of the best ways of generating an original business name are:

• Find names that create cool acronyms, like Men's Apparel Guild in California. They hold the MAGIC Trade Shows for the apparel industry.
• Combine two words like Lee did Urban and City.
• Include words that relate to something that is a long-standing pop culture reference. For instance, a car dealership called Hot Wheels might be associated with toy cars (or stolen goods). It makes a good example, but a bad name.

Those are some of the easiest ways to come up with catchy business names.

Make your business name easy to say and spell

Avoid words that are hard to spell because your target audience might not find your domain extensions if they type your name wrong in the search bar. If you have concerns about whether one of the business names you are considering is hard to spell, just ask family members and friends how to spell it and avoid company names they can't spell.

Use good SEO practices when naming your business

Search Engine Optimization is focused on increasing where you rank in results on popular search engines. There are some principles that are consistent across all businesses, and some that vary based on the type of business.

SEO best practices for all businesses:

• Use evergreen names: Terms that don’t go out of fashion, e.g. furniture, clothing.
• Use commonly searched terms: Include top searches for your industry. Use Google Trends to find them. For instance, “lawn care” is a commonly searched term for people who need yard work done.
• 32 Character Maximum: Keep your name under 32 characters so it will fit in the tab at the top of Google Chrome. Safari is slightly more at 35 visible characters.

SEO best practices that might apply to your business:

• Location: If you only serve the local community, it makes sense to name a business something like Las Vegas Plumbing, but if you are eCommerce it doesn’t.
• Trending Topics: Most businesses should avoid these, but Spirit Halloween is an example of a business with which it makes sense to include the trending topic “Halloween” because it's a popup store for Halloween.

Step 4. How to come up with a good business name

Choosing a good business name has never been easier. You can brainstorm or use UpFlip's name generator. Let's look at each.

Brainstorm a lot of names

Coming up with a business name can be easy if you already have great ideas for your brand name, but if you don't you can get name suggestions from a naming team consisting of friends, family, business partners, or customers from existing businesses if you are a serial entrepreneur.Part of how to find a business name is in discussion with other people. The more people involved, the better odds of finding a killer name. If you want an easier way of generating name ideas for your own business, keep reading for our value proposition.

Try UpFlip's name generator

We created abusiness name generator to help current and new business owners find a great business name idea for their new venture. All you have to do is type in some of the words, and our brand name generator will create hundreds of ideas based on the words you write.I'm not involved with the development of it, but when I tested it while writing this, it gave me 150 different ideas. Try it out and see if you find one you like. It takes out the guesswork in how to create a business name.

Why is our business name generator the best?

Our business name generator is the best available for a couple of reasons:

• It provides more names than other name generators. (We strive to be the only place you go to research any aspect of starting or running a business.)
• It shows you a variety of fonts, colors, and sizes to cover all the aspects of brand identity.
• You can customize the color, size, and text directly in the browser once you find the ones you like.
• It's free. You've got to love that.
• It connects you directly to NameCheap to buy your domain.
• We partnered with Trademark Factory to help our users get trademarked properly and make sure your intellectual property is protected.

Keep reading to learn about trademarking your business.

Step 5. Trademark your business name

When you are ready to apply for a trademark for your business name, the process can be complicated and time-consuming. If it is your first time applying for a trademark for the name of a business, you are likely to make some mistakes. The process I am about to describe is overly simplified; it can take up to 40 man-hours to successfully complete the first time you try. The steps include:

1. Filling out an application with:
   1. Your business information
   2. What you want to trademark
   3. Which industry codes (the industry codes are the trickiest part) the trademark should apply to. The site to apply is my.USPTO.gov.
2. Paying a fee based on the number of trademarks you are applying for.
3. They will verify that your request is eligible for a trademark.
4. If the name is not already being used in a commercial application, you'll have to wait until it is on a product that is capable of being sold. I used screenshots of a website to prove it when I applied.
5. Multiple conversations to make sure you provide the right information to the USPTO.
6. Proving you are using the trademark for commercial purposes. This can be just a screenshot of the product being sold.
7. Trademark will be approved or denied.

We made it easy for you though. Trademark Factory handles all this for you for a flat fee. All you have to do is give a call, pay their fee, and the lawyers handle the whole filing process. 99.3% of their cases have successfully gotten their trademarks. The 1% that didn't, got a full refund.

Now You Have a Business Name

Now you know how to choose a business name. Once you’ve chosen a name, continue to start your business by reading 17 ways to fund a business or our other HUB articles.We love hearing how our readers choose their business names. What name did you choose and why?

Business ideas

If you’ve ever thought “I need a mentor” this is the blog for you. We’ll provide guidance to help you find a mentor that will help you master your industry.We interviewed Nic Reed and his mentor Mike Andes, and they shared their knowledge on starting a business and mentoring with us. Nic was employed by Mike at Augusta Lawn Care before becoming his first 3F franchisee. They have some great advice.We’ll be discussing the aspects of finding a mentor including what a mentor is, the different types of mentors, what to look for in a mentor, how to find different types of mentors, and how to maintain mentoring relationships.

What is a Mentor?

A mentor is someone who is more experienced and that takes another person, commonly called a mentee, under their wing to help them grow. The mentor-mentee relationship will commonly involve seven dynamics to help the mentee grow:

1. Teacher: Good mentors help the other person develop the skills to be successful in their career.
2. Sponsor: A mentor helps the younger person find their way in the social environment.
3. Advisor: Great mentors will act as a sounding board to help young people look at different perspectives and offer advice.
4. Agent: Success is often about the number of people who buy into your narrative. A mentor will have already acquired more people in their professional network and will advocate for a mentee, assuming the idea or role is a good fit.
5. Role Model: A mentor should be someone you aspire to be like.
6. Coach: Mentors should help motivate and inspire you to be the best you can be. Sometimes we all need a good motivational speech or dose of harsh reality. It should help with your professional growth and build the relationship stronger.
7. Confidante: A great mentor will be someone who knows when to let you vent and when to offer a few tips. The pressures of building a career path, your own company, and your personal life can be a challenge at times. They’ll be there when they can, but they are busy too.

I reached out to Mike to follow up on our interview and he told me:[su_quote]Nic was not our first franchise fee but he was our first 3F (Franchise Fee Forgiveness) franchisee. He worked at one of our shops for two years and we forgave the franchise fee. That's where we really developed a mentoring relationship.[/su_quote][su_youtube url="https://www.youtube.com/watch?v=9HwEN2uQlxM"]Keep reading to learn about different types of mentoring.

There are Different Potential Mentor Relationship Types

Depending on what stage you are in life, you may need a different type of mentor. You’ll probably read a lot of differing opinions because there doesn’t seem to be a consensus on how to define the roles a good mentor plays, but we’re going to define them as follows:

• Career Mentor
• Life Mentor
• Professional Mentor
• Business Mentor

We’ll discuss each of these in more detail below so you’ll know what kind of potential mentor to look for when you decide to pursue a mentor.

Career Mentor (Typically Early in Career)

A career mentor is typically encountered early in your career and helps you learn the ropes. They might be a family friend or your first boss out of college. This mentor-mentee relationship is typically going to be one that may stay with you the rest of your life especially if they are in the same industry.

Life Mentor (Personal Mentor)

A personal mentor will be someone who helps you navigate your personal life more effectively. I hope most people have had a few of these.Some of the people from my own situation that have played this role are:

1. My parents, for teaching me I can truly accomplish anything if I put my mind to it.
2. My grandpa, for teaching me I can say anything as long as I say it with a smile.
3. My high school chemistry teacher (the only person I knew believed in me when I was struggling as a teenager).
4. Dennis Rodman, (from afar) shows how you don’t have to fit a particular mold to create an amazing career path.
5. My manager at Pizza Hut, for showing me that leadership skills are not dictated by position but based on a combination of professional skills and your ability to find mutually beneficial solutions.

These types of mentors can come from anywhere and are what help each of us develop our own varying perspectives. Make sure to communicate to them how much they mean to you. Many of mine died before I truly manifested the lessons they taught me.

Professional Mentor (Paid to Advise)

There are people who act as professional mentors either in person or through online platforms. They are paid extremely well but can give amazing advice. Many of the people we interview offer consulting to help others rise above their challenges.This might not be the best place to start because the costs can add up quickly, but if you get good feedback and absorb their knowledge it can pay off quickly as you gain from their expertise.

Business Mentor (Often Called a Business Coach or Consultant)

If you just need someone to direct you on the path forward, a business mentor, business coach, or consultant can help you. When you look for a potential mentor that fits into this category make sure to check their references.A good mentor might be from the same industry as you or they might be specialized. For instance, you might need a mentor for technology resources, accounting, or human resources. Even a specialized mentor should have experience performing their tasks in your field to be considered a potential mentor.These mentors differ from professional mentors in that they may not have a mentorship concept currently on their agenda, but if you connect with them, a mentor-mentee relationship may form.Keep reading for information on what to look for in a mentorship relationship.

What to Look for in a Mentor

Experienced mentors are all over the place, but they are busy and their time is valuable. Some of the answers to the question, “What does a mentor do?” include:

• They are in a good spot in their career.
• They give constructive criticism in a way that you find palatable.
• You have common ground upon which you can connect.
• They have an existing network that is larger than yours. This may be a personal network, in a specific industry, or across a variety of industries depending on what you are hoping to learn.
• They have the time, desire, and energy to teach you new skills.
• You enjoy having a casual conversation with them.
• They need a personal assistant, employee, or intern.

When we asked Mike what makes him qualified to be a mentor, he told us:[su_quote]I’m not sure I’m qualified (in a self-deprecating manner), but the things I accomplished so far including mowing lawns to pay my way through college, getting my MBA, and Augusta Lawn Care has 34 (now 77 and growing) franchises[/su_quote]Check out this portion of our interview with Nic and Mike below.[su_youtube url="https://www.youtube.com/watch?v=kODF5YdiGQo&t=808s"]

How to Find a Prospective Mentor

Most blogs will tell you the process of finding mentors looks something like the one below:

1. Identify your goals.
2. Reach out to potential mentors via email, letter, social media, or phone call (if you know them).
3. Ask for an initial conversation to help you get to know the potential mentors.
4. Schedule an in-person meeting or virtual coffee.
5. Discuss the industry, things you have in common, and goals.
6. Ask the more experienced person to provide a mentorship once you’re sure they are the right mentor.
7. Interact with them to ask for advice, keep them up to date with your career growth, and get feedback.

This approach might work best with family friends or when you are paying them. If you haven’t already built a relationship, they’ll probably ignore you though. So let’s set all of that aside and reimagine how to build a relationship with the right mentor.Mike told us:[su_quote]The first thing you have to do is ask and I don’t think that’s right. Absorb as much about them as possible from afar, then give first, ask later.[/su_quote]If we start with that, the process of finding mentors will look a little more like this:

1. Identify your goals and who inspires you.
2. Seek all the information you can about them.
   1. Google them.
   2. Follow them on social media.
   3. Buy, and more importantly, read their book(s).
   4. Interact with their posts by asking relevant questions.

This process may take a while, but you’ll be getting advice and guidance before ever meeting. If they are famous, you’ll probably want to accept that any guidance will be based on the knowledge they share with the world, but it never hurts to try to connect and build a deeper relationship.Mike also told us:[su_quote]The goal should be to figure out how to add value to the subject you want to be mentored by. They are typically extremely busy and are expensive to pay for their time. Just find a way to be close to them and you’ll learn from them.[/su_quote]When looking for a mentor, the next steps would be:

1. Look for a job or industry meetup that would likely connect you with the person or persons of interest.
   1. For a job, look for one that would include directly reporting to the mentor you seek. Apply for it, and be prepared for the meeting. You have lots of knowledge. Use it. Be ready to show how you are a good candidate for the job.
   2. Industry meetups tend to have keynote speakers and they announce who they are in advance. Most keynote speakers share their expertise, make it a point to connect with the crowd afterward and share their email addresses.
2. Follow up. Thank them for their time. Ask them questions you didn’t get to ask them in the meeting. Hopefully, they give you some guidance and request another meeting.

At this point, you haven’t truly asked for any of their time. If they are the right person to provide your mentorship, they’ll be aware you are actually interested in developing a working relationship. If they do not seem interested, don’t press it. You’ll have other places to look at as well.They might give you some feedback or constructive criticism. If they offer either, don’t take it personally. It’s just a different perspective and an opportunity to learn. Use that feedback to help you find a mentor.If you get the job or receive a favorable response, that’s your time to shine. You’ll want to:

1. Work on building the skills and achieving success using their advice.
2. Reach out again when you achieve a goal using the advice you got from them.
3. Thank them for the advice they gave you and share the impact it had.
   1. If you worked with them, it probably impacted both your careers and they might already be aware they are developing a mentorship.
   2. Either way, ask them if you can meet for lunch as a way to thank your mentor for their help

That’s the truth about how to get a mentor. It’s not just about asking for the privilege; it’s about adding value for both careers. We followed up with Nic in part 3 of the interviews and he offered some great information on Mike’s mentorship of him.[su_quote]I actually met my goal back in August. I also hired my first employee. I’ve actually been investing more than I planned into growing the business to help it grow more.[/su_quote][su_youtube url="https://www.youtube.com/watch?v=5BGA336bBIY&t=1362s"]Nic also told us that the mentorship continued with 30-minute coaching calls. He also said:[su_quote]I also talk with a lot of the other franchisees to learn from each person’s perspective.[/su_quote]In regards to mentorship, Mika also told us:[su_quote]I think franchising is kinda like a mentorship because the franchisor teaches you how to run the business their way. It is much stricter than a mentorship because you have to use their name, their colors, and their process, whereas a mentorship doesn’t control what you do.[/su_quote]Now that you understand the process to find a business mentor, let's look at some of the resources available to find a good mentor both in person and virtually.

How to Find a Mentor for Adults

Adults will need to look for a potential mentor via some of the following resources:

• Online
  • Facebook Business Groups
  • LinkedIn Groups
  • Twitter
  • Business Mentoring Sites and Apps
• Work
• Career Development Centers
• Charity Work
• Local Business Gatherings
• Co-working Office Places
• Think Tanks and Incubators

How to Find a Mentor Near Me

If you are looking for mentors near you, try the following options:

• Limit Online Searches to Your Location
• Work
• Career Development Centers
• Charity Work
• Local Business Gatherings
• Co-working Office Places
• Think Tanks and Incubators

How to Find a Business Mentor

A business mentor can be found by looking in the following locations:

• Online
  • Facebook Business Groups
  • LinkedIn Groups
  • Twitter
  • Business Mentoring Sites and Apps
• Work
• Career Development Centers
• Charity Work
• Local Business Gatherings
• Co-working Office Places
• Think Tanks and Incubators

How to Find a Real Estate Mentor

Some ways to find a mentor in the real estate industry include:

• Go to continuous education courses.
• Identify successful brokers in your town, and offer them a good deal to work under them and learn their ways.
• Go to networking events and open houses to meet other real estate professionals.

How to Find a Mentor on LinkedIn

LinkedIn is a social network. Be social and join groups in your industry. Follow business leaders that interest you. Ask questions on their posts. Join the groups they are in and allow for meaningful connections. Develop a relationship and build it into a mentoring relationship naturally.

Use a “Find a Mentor App” or “Find a Mentor Website”

There are a ton of mentoring apps and websites listed on TrustPilot. Most tend to be industry-specific though.

Where Can I Find a Mentor for Free?

There’s no such thing as free. Everything costs time or money, but your best bet is family friends because they tend to already look at you favorably. Some call it nepotism, but it’s mostly people who like helping people they see as similar to themselves. You can try online, but that takes time.

How to Find a Mentor on Reddit

Reddit is a social network. You interact with people about subjects that interest you. Everyone in the group shares a common interest so you’ll eventually find people that you find insightful and can help advise you.Some tips for using Reddit include:

1. Follow members that seem knowledgeable.
2. Ask questions.
3. Develop relationships and watch them grow into mentorships organically.

How to Find a Mentor for a Teenager

If you are a teenager and you have made it this far, kudos to you for wanting to learn how to find a mentor! There are some unique advantages that teenagers have over the rest of us. You are still in school and typically have larger social networks.Some of the unique opportunities for teenagers to find mentors are:

• Teachers, professors, and other educators
• Boys and Girls Club
• Guest presenters at colleges
• Coaches
• Youth activity leaders

Developing the Mentorship

Now that you know where to find a mentor, try this approach to develop the relationship:

1. Identify your goals and who inspires you.
2. Seek all the information you can about them.
3. Find a way to meet when they are a keynote speaker or apply for a job that reports to them.
4. Follow up, thank them for their time, and ask questions.
5. When you achieve a goal using the advice you got from them, reach out again.
6. Thank them for the advice they gave you and share the impact it had.
7. Offer to assist them or take them to lunch.

Mentoring Relationships Have Several Benefits for the Mentor Too!

Now that you know how to find a mentor for business, I should point out that finding a mentor can benefit the person who is guiding you as well as yourself. Some of the reasons someone might want to be a mentor include:

• Helping others that are struggling
• Building a legacy
• Filling time in retirement
• Building a team to help achieve more than they can achieve on their own

Go Forth and Become Titans of Industry

A relationship where someone helps you navigate the challenges of the world can be an immensely rewarding relationship. When you find it, make sure to cherish your mentors for all that they do.We are working on creating a section of the site to help people share their ideas, and seek mentors or mentees. Make sure to subscribe to our mailing list to get updates on the services offered.Hopefully, these insights will help you to achieve your career goals. I want to try to do something different below. Let’s make this comment section a way to honor those who have touched our lives. Who have been the most positive influences for you?

Business ideas