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.

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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:

Company	Location	Year Founded	No. of Employees
Wurth Industry North America	Brooklyn Park, MN	1945	1000+
Haggard & Stocking Associates, Inc.	Indianapolis, IN	1972	50-99
Atlantic Paper & Supply	Pawtucket, RI	1948	10-49
Grune Technica	Gresham, OR	1997	1-9
Elite Restaurant Equipment	Newark, NJ	2001	10-49
Moses Enterprise LLC	Baton Rouge, LA	2015	1-9
Westerfield Sales and Service	Cleveland, OH	1946	1-9
Rockleigh Industries, Inc.	Rockleigh, NJ	1998	10-49
IVM, Inc.	Indianapolis, IN	1991	10-49
Lynde-Ordway Co.	Huntington Beach, CA	1925	1-9

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
• Coke 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.

Revenue	$240,000
Cost of Goods Sold (COGS)	$120,000
Gross Margin	$120,000
Marketing	$1,000
Loan Expenses	$25,000
EBITDA	$94,000
Depreciation	$2,000
Earnings Before Income Tax	$92,000
Income Tax	$19,320
Net Income	$72,680

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?

Are you struggling to find your employer identification number (EIN)? There are 12 ways to perform an EIN lookup, and we’ll share them with you. An EIN isn’t a subject often discussed in interviews, but I’ve applied for an EIN for several businesses. In addition, I once had an employer put the wrong EIN on my Form W-2. That was my introduction to the federal employer identification number, so I learned about EIN lookups years before starting my first business.  We’ll discuss:

1. EINs and Other Tax Identification Numbers
2. Why Your Business Needs an EIN
3. How to Lookup Your EIN
4. Ways to Lookup the EIN for Another Business
5. Frequently Asked Questions About an EIN (with Answers)

Let’s start by explaining an EIN.

What Is an  Employer Identification Number (EIN)?

An employer identification number is a free tax identification number issued to a business by the Internal Revenue Service (IRS). According to the IRS, you need an EIN ”If you’re required to report employment taxes or give tax statements to employees or annuitants.” If you want a walkthrough of how to apply for an EIN, we provide it in the blog How to Register a Business. The EIN will be on all business tax documents. An EIN is a nine-digit number that follows the pattern 00-0000000, which makes an employer identification number easily distinguishable from a social security number (000-00-0000) and other tax identification numbers. We’ll cover some other uses of the EIN after discussing other federal tax identification numbers.

What is an FEIN number?

An FEIN is a federal employer identification number and is typically used interchangeably with an EIN. It is the 9-digit identifier used for business communications with the IRS. You’ll also need a state EIN in states with personal income tax. That’s why you’ll see people use an FEIN. If you live in the following states, you don’t need a state EIN.

1. Alaska
2. Florida
3. Nevada 
4. South Dakota
5. Texas
6. Washington
7. Wyoming
8. New Hampshire
9. Tennessee

Is there a difference between an EIN and an FEIN?

Yes. An EIN could refer to a federal or state employer identification number, while an FEIN specifically refers to the number the Internal Revenue Service uses to identify a business entity.

What is a Federal Tax Identification number?

A federal tax identification number (TIN or FTIN) refers to the tax ID you use on all tax documents involving the IRS. There are five primary TINs according to the IRS:

• Social Security number "SSN"
• Employer Identification Number "EIN"
• Individual Taxpayer Identification Number "ITIN"
• Taxpayer Identification Number for Pending U.S. Adoptions "ATIN"
• Preparer Taxpayer Identification Number "PTIN"

The EIN is the only one that uses the format 00-0000000. The PTIN uses the format P87654321, while the rest use 867-53-0911.

What is my tax ID number?

A Tax ID number is what the IRS uses to identify your personal or business account. Common times to apply for an EIN are:

• When a baby is born
• Upon entry to a new country (needed to work)
• When you start a business

Is there a difference between an EIN and a TIN?

Yes. An EIN will always be a TIN, but a TIN can also be an SSN, ITIN, ATIN, or PTIN. Each TIN is given to people based on different sets of circumstances. In addition, sharing your personal social security number will open you up to identity theft, but an EIN will not. Other TINs won’t work for a small business with employees. You specifically need an EIN nine-digit number issued for hiring.

When Do I Need an EIN Number?

You should get a business’s EIN when starting a small business. You can go without a business EIN if you are a sole proprietor or single-member LLC without employees. You need an EIN if you fall into the following categories:

• The business hires employees.
• You are running a partnership or corporation.
• The small business files employment taxes, excise taxes, or alcohol, tobacco, and firearms tax returns.
• Your business employs a nonresident alien and pays taxes on non-wage income paid.
• A Keogh plan is used for your retirement account.
• You want to build business credit.
• Any of the following structures apply to the small business:
  • Trust
  • Non-profit organization
  • Estate
  • Real estate mortgage investment
  • Farmers cooperative
  • Plan administration

When does a Sole Proprietorship need an EIN number?

A sole proprietor will need an EIN if: [su_note note_color="#dbeafc"]

• They hire employees.
• The business needs independent business credit.
• They are concerned about identity theft impacting their business.
• They want to have a business bank account, business credit card, or business loans.

[/su_note]

Do I need an EIN if I’m self-employed?

No. There are some exceptions including:

• Hiring employees
• Building business credit
• Protecting against identity theft
• Your bank requires them

How to Find My EIN Number

These are in the exact order that I would conduct a FEIN search if I didn’t know exactly where to find mine.

Location 1: How to lookup my EIN number

When considering how to lookup your EIN number, the best place to check is the EIN confirmation letter sent from the IRS. This document is sent to you after the EIN application is completed. There is no IRS EIN lookup for the general population. It’s essential to keep the unique identifier somewhere safe after you apply for an EIN. Check out the picture below to see where to find your tax id number. We’ll explore how to find your EIN in other places next.

Location 2. Business licenses and tax permits

Checking my business licenses and tax permits to see if my EIN tax ID is on there would be easy because you should know exactly where to find your documents. Hopefully, your business keeps them on the wall or somewhere equally convenient because most states require visible proof to the public that you are a licensed business.

Location 3. Tax returns and other IRS documents

If you own an existing business that has filed a tax return, you’ll be able to find it in:

• Box D of a 1040 or 1040-SR
• The top row of a Form 941 or Form 944
• W-2 Block B
• W-3 Block Box E
• 1099 Second box from top on the left 
• 1096 Box 1 Source
• Form 940 Top box
• Form 945 Top right box

Location 4. Internal Revenue Service phone number

In addition to the tax forms, you can do an EIN lookup through the IRS business and specialty tax line at 800-829-4933 between 7 am and 7 pm local time. Make sure the person who calls is the business owner or authorized agent. Authorized agents include a: 

• Corporate officer
• Sole proprietor
• Trustee of a trust
• Partner in a partnership
• Executor of an estate

Otherwise, the IRS will not provide that information.

Location 5. Bank

You can get your EIN from a bank because most banks require you to provide an EIN to open a business bank account. The business EIN will help you comply with government regulations and make it easier for lending institutions to establish your creditworthiness. Just talk to a banker in the location or call your bank.

Location 6. Loan applications

Lenders will have your business EIN number if you apply for a loan. You can ask them, but they will then have it in their CRM. I would personally avoid this if possible. Next, we’ll look at how to do an EIN lookup online.

How Do I Find My EIN Number Online?

You can find your EIN online through most of the ways mentioned above except for those requiring a phone. Plus, you can check websites and credit reporting agencies.

Location 7. Websites

Many eCommerce sites will ask you to input your EIN. You can check your business profile to see if you included it. Shopify and Printful have it where you can view them, but Shopify is difficult to find. See the screenshot below to find where to download the tax information on Printful.

Location 8. Credit reporting agencies

When you order a business credit report, it will provide all the information the company can gather about your business including:

• The responsible party
• Any bankruptcy proceeding over the past three years
• Entity type
• Business tax ID number
• Revenue 
• Profit
• Number of employees
• How it performs compared to the rest of the industry
• All the business trade lines

You can buy them or prove you own the company to view the current standing. There are three main business credit reporting agencies:

1. Dun & Bradstreet (D&B): At over 200 years old, this is one of the oldest business credit bureaus in the world. It’s the main one that people suggest using for your EIN lookup. It runs about $15 to $40 per month for a subscription. 
2. Experian Business: You can order your credit report from Experian, too. They offer one time purchases for about $40 to $50, or you can choose monthly business credit reporting for under $200 per year.

Next, let's look at how to do an employer identification number lookup for other companies.

How to Lookup EIN Number: Other Companies

The ways you can do a federal EIN lookup for other businesses will depend on: [su_note note_color="#dbeafc"]

• Size: Larger companies are more likely to be found with a quick Google Search.
• Publicly traded: It’s easier to find the EIN for public companies than it is for a sole proprietorship because corporations send reports to the Security and Exchange Commission (SEC).
• Relationship to company: If you are an employee, there are different routes to get an EIN lookup free than if you have no relationship with the company.

[/su_note] I would perform a federal ID number lookup in the following order:

1. Use a Google search (all companies).
2. Check SEC Reports (corporations only).
3. Check the IRS database (nonprofits only).
4. Contact the company’s accountant or a business owner.
5. Buy a business credit report.

We’ll look at the different ways to conduct an EIN search for other companies next.

Location 9. Google search

I first learned about an FEIN number lookup because TurboTax was rejecting my W-2. I had to do an FEIN lookup to find the correct number. During my research, I realized the company excluded the first number of the EIN because it was a zero. So I tried using a search that included “company name EIN.”  My EIN number lookup didn’t yield the results I had hoped for so I looked at the pattern of the EIN and guessed that there was an issue with the software and the number. I added a zero to the front of it and did a reverse EIN lookup. A reverse lookup means that you search EIN number(s) you have and see what business name it belongs to.  Given search engines have access to information that normal companies don’t, I was able to establish the new EIN was correct and file my taxes.

Location 10. Securities and Exchange Commission (SEC) EIN lookup

In the section about tax returns, I listed a lot of documents that use an EIN for tax purposes. If a company is a privately held corporation, they have to submit the following documents to the SEC:

• Quarterly reports (Form 10-Q)
• Annual reports (Form 10-K)
• Current reports (Form 8-K)
• Visit the SEC Statutes, Rules, and Forms page for a full list of filing documents.

You can do an IRS EIN Number lookup by searching the company’s name in EDGAR.

Location 11. IRS database for nonprofits

If you need an EIN number finder for a non-profit organization (NPO), you’re in luck! You can search for tax-exempt organizations on the IRS website. People use charitable donations as a tax write-off, but the NPO only has to provide documentation under certain scenarios. If you are trying to claim the donation on tax returns, the company needs to be a 501( c )( 3 ). Make sure you check before you donate money and again when you file taxes.

Location 12. Federal tax id number lookup company

In addition to credit agencies, there are paid tax ID lookup services. They apply for the TIN matching program with the IRS. If approved, they can look up an EIN with the complete company or person’s name, TIN, or both. An EIN operation like EINsearch.com provides an API for financial institutions and accountants to verify EINs.

Did You Verify EIN Number Sources?

We covered a few ways to find an EIN Number. Let us know if you’ve found other ways to find an EIN number. We try to provide the most extensive lists possible. If you want to save this for later, download a copy of the free, printable how-to-find EIN number pdf below. Did we successfully answer how to look up a company’s EIN number?

Have you ever wanted to be so good at sales techniques that you can actually sell a pen to anyone? Susan Frair started Shed Gal in 2017 after a horrible experience trying to build, then buy a shed. She expects to make nearly $1 million in 2022 and keep growing from there. She told us: [su_quote] When I became a shed dealer, I didn't know anything about the construction industry or how I was gonna find a customer. We put together processes that work, and we're gonna show you how you can do it too. About five years ago, my husband built us a shed. Didn't turn out so well. Spent thousands of dollars. Decided to buy a shed and have it delivered. We had a really horrific experience trying to buy a shed and decided that we would start selling them ourselves and we would do it differently. [/su_quote] Susan shared with us the sales techniques she uses, how to build a good sales team, what she looks for when hiring a new sales rep, and other sales efforts that have led to her becoming the largest seller of Graceland Portable Buildings in the country. Let’s start by looking at what she considers a great salesperson.

1. How to be a good salesman

Being a good salesperson comes down to using effective selling strategies. Consider the following sales tips to be successful: [su_note note_color="#dbeafc"]

1. Be compassionate. Listen to customer stories.
2. Use consultative selling, which is the art of asking intelligent questions to solve pain points.
3. Create a meaningful process.
4. Practice sales methods, but never make it sound like a sales pitch.
5. Avoid pushy sales tactics like cold calling and the stereotype of the used car salesman.
6. Ask for help from a more experienced sales representative if you don’t know the answer.
7. Don’t surprise the customer with new costs right before they sign.
8. Give updates if there is a lag between when you close the deal and when the customer receives the product.
9. Follow up with existing customers to make sure they are satisfied.

[/su_note] Susan started Shed Gal because of a negative experience while buying a shed. We asked about that experience and she told us: [su_quote] There were no questions asked about what I really wanted or needed. And we all know the slimy sales experience that we don't wanna have. From day one, we decided that was never gonna be how we operated. [/su_quote]

2. What makes a great sales cycle?

Every business has the same goal: make money and create more value for the customer. However, the buyer’s attention should be focused on their goals, not whether you are meeting your sales quota. Shed Gal uses the following sales process: [su_note note_color="#dbeafc"]

1. Attract attention to their products through social media.
2. Focus sale efforts on pain points and features desired.
   1. What style are they interested in?
   2. What size?
   3. What roof style?
   4. Do they have a color in mind?
   5. Do they need ramps for better access?
   6. Are there any constraints that will complicate placing the shed in the desired location?
3. Document the interaction.
4. Let the prospect know relevant information about the purchasing decision (e.g., delivery time).
5. Close the deal or thank the prospect for their time.
6. Update if there are delays in manufacturing.
7. Follow up regarding the delivery.
8. Check to be sure they are satisfied after the delivery.

[/su_note] All of these sound really simple. It’s basically all the elements that go into a good story, but you are flipping the sales representative’s role so they teach the customer how to tell the story. This helps keep the buyer’s mind on their goals and helps the business find the best solution for that client.

3. How to manage your sales process

Susan uses a really simple process to manage her sales process. She tries to take the customer into consideration when deciding what sales techniques to use. She uses four main tools for her sales process: [su_note note_color="#dbeafc"]

1. Social Media to generate awareness 
2. Graceland’s calling list for qualified leads who have requested a quote
3. Customer Information Sheets (CIS) to keep track of sales leads
4. Excel document to keep all the CIS information together

[/su_note] Some people prefer to do what Susan does with the CIS and an Excel spreadsheet by using customer relationship management software like Monday.com, which allows more detail and cooperative use. We’ll discuss social media in much more detail, but let’s look at the rest of Susan’s sales funnel first.

4. Phone calls to leads

Many companies focus on the techniques for a sales call or selling online, but Susan’s sales style is more about customer service. She told us:  [su_quote] People will call Graceland Portable Buildings directly, or they'll go on their website and we get what's called a hot lead. We turn a lot of those calls into sales. But we don't believe in cold calling. [/su_quote] She explained that prospects from hot leads are more likely to become buyers. She also explained why they make better sales calls than cold calling. [su_quote] I don't know about you, but I don't want you calling me at dinner time to see if you wanna buy a shed. So we have a high retention rate. We have a high closing rate of people coming in, but there's no pressure. It's a process that we go through in helping people make their decision. [/su_quote] Her logic makes sense. There are no better leads than when a customer has requested assistance from the manufacturer. You are guaranteed to have the buyers’ attention when they have requested a call. If you have manufacturers that offer this service, make sure to get on their sales list so you can help close the deal. Doing so will help your company close more deals.

5. Customer Information Sheets (CIS)

Susan created a customer information sheet to help gather all the information about the customer so they can give an accurate quote. She told us: [su_quote] It's just an outline of a conversation, but it's so critical to use. It works fantastic and we use it 100% of the time. [/su_quote] These are the questions they ask during each interaction to create powerful sales results: [su_note note_color="#dbeafc"]

• What will you be using the building for?
• What size(s) are you interested in?
• Tell me about where we would be placing it.
• Do you prefer a barn style roof with lofts or a 4/12 pitch regular house style roof? 
• Would you be purchasing it outright or with our no credit check rent-to-own plan?
• Would you like any windows? If so, 24x36 or 36x36? How many?
• Do you want a barn style wood door, house door, or roll-up door? 
  • IF barn style… 
    • Ask, “Do you need ramps?” 
    • Explain options.
    • Offer extended height walls.
• Would you like me to include the extended height walls in your quote?
• “Let me tell you about our buildings and what sets us apart”:
  • Model: 
• Do you have a color preference for the siding?
  • Trim color:
  • Roof color:
• We highly recommend our radiant heat barrier. I will include it with your quote and remove it if you decide you do not want it (NOT available with shingle roofing).

[/su_note] You can even download the CIS as inspiration for your own information sheet. These questions will vary according to the products you sell.

6. Track the sales process

You’ll also need to track how the sales cycle is progressing. Susan uses an old-school sales method for keeping track of sales presentations and where customers are in the purchasing decision. She told us: [su_quote] So we have an Excel spreadsheet, nothing special. We have spreadsheets for everything. So when a customer comes in, we're putting down the date, what we talk to them about. Their name, their phone number, and their email. And we usually call two or three days later, send an email just to follow up, and see what questions they have. [/su_quote] [su_quote] We can track when it was ordered, the process when it was delivered, and follow up with them. [/su_quote] While this works, it is a highly manual process and she leaves a lot of effective sales techniques unused. I’d personally suggest using Monday.com for your customer relationship management. It saves teams time and money in a tremendous way. Here’s what one operations manager had to say about Monday’s services.  

7. How to find new customers and increase sales

One of the main sales techniques used by Shed Gal is Facebook Marketing. Susan told us: [su_quote] We use a lot of Facebook marketing. We use the free Facebook marketplace. We host multiple times a week. We're in tons of different groups. And that has really made a huge difference. That is where the majority of our customers come from. And I don't see a lot of dealers doing that, which is interesting. [/su_quote] Susan uses the following for the acquisition phase of the sales funnel: [su_note note_color="#dbeafc"]

1. Facebook Live
2. Facebook Groups
3. Facebook Ads
4. Giveaways on social media
5. Instagram
6. TikTok

[/su_note] She loves giveaways! She told us: [su_quote] We have a little red mini out here and we're giving it away. [/su_quote] She also pointed out a great sales technique for TikTok: [su_quote] I have an Instagram channel and just recently started with TikTok. It kind of blows me away. I searched TikTok. There's no shed dealers on there. We're kinda cutting edge. We're going there. [/su_quote] She identified a Blue Ocean Strategy and went for it. Every business should attempt to get more sales by tapping new markets. That’s one of the reasons I go on my tech tangents sometimes. Look for an advantage in an increasingly competitive landscape and master it. It works! Susan told us: [su_quote] There could be ways that work just as well, if not better, but it works for us and we're killing it. [/su_quote]

8. How to increase online sales with giveaways

Everybody loves a deal. Almost every business gives away something for free. Whether it’s a monthly newsletter, the first month of a subscription, or a car it helps build awareness. It needs to be meaningful and stand out, though.  Susan told us: [su_quote] We like to give back and we like to help people. For this contest in particular, we're giving that car to someone who really needs it. [/su_quote] When we asked whether it actually brings more customers and helps her business goals, she told us: [su_quote] We have a good name. People follow us. They feel like they know us because we're out there on social media constantly. It certainly drives up our numbers on Facebook and our contacts and our sales ultimately. [/su_quote]

9. Implement solution selling

Sales techniques are also about helping your prospect’s mind to envision why life would be better with your product. That means selling not only features but also solution selling. When we asked about one of the shed she sells, she told us: [su_quote] Some of the things that set us apart in this industry (are)… All of our buildings have a roof ridge vent that helps with airflow. All of our buildings have a patented soffit system proven to keep the building cooler. [/su_quote] Notice how she talks about the feature, and more importantly, she is selling how it will change the customer’s status quo.

10. Training a sales team on sales techniques

Susan explained her training process as: [su_note note_color="#dbeafc"]

1. Teach them how the product works
2. The features
3. Why do the features matter?
4. How to treat people
5. How not to treat people

[/su_note] She explained: [su_quote] Nobody cares (about a roof ridge vent), but they sure care that it helps airflow. It's teaching people, our team members, how to educate without being pushy. [/su_quote] One of the business goals for Shed Gal is for the company to be different from the status quo. She focuses on teaching her salespeople how to be different. She’ll have them call and observe other companies’ sales techniques. Then discuss what they liked and disliked.  That helps make a more effective salesperson because then they are in the customer's shoes. Susan told us: [su_quote] We actually put together a 52-page Shed Gal training manual that's available (to anyone). [/su_quote] It focuses on sales techniques like this to help someone make a better purchase decision. She also holds a routine sales meeting to help develop sales skills and keep her salespeople focused on how they sell as opposed to just trying to get the most sales. She went on to explain how she approaches hiring.

11. Hiring the right sales reps

We learned from Susan: [su_quote] (It) may be cliche, but I think service (is important). Wanting to serve the customer. Caring, friendly personality. We've got staff that have never sold anything in their life and they are killing it. Mostly because of their personalities and they wanna serve the customers. [/su_quote] If someone rubs you wrong during an interview because of how they interact, there’s a good chance they’ll do the same to prospects and buyers. Make sure your salespeople are personable and willing to learn. If you do that, you can teach them successful sales techniques.

12. Selling techniques for a pen

If you’ve ever had a sales job you’ve probably been asked to sell a manager a pen. Our host, Paul, asked Susan to show him how to sell a pen. Here’s the conversation. [su_youtube url="https://youtu.be/mOOyIem0RCY?t=966"] The conversation includes: [su_note note_color="#dbeafc"]

1. Establish why they want a product
2. Establish important features
3. Establish the quantity and timeline
4. Close the sale
5. Deliver the product or service

[/su_note] Her business and sales career has obviously been successful because she focuses on selling techniques that focus on meeting the buyers’ needs. She’s not concerned about her revenue, but about what makes sense to help the customer.

13. How to be a better salesman

When Susan was in the insurance industry, she learned:  [su_quote] (This) agent is really good and that one is really bad; do everything they (the good agent) do and don't do anything they (the bad agent do(es). [/su_quote] It stuck with her. It taught her to observe others' sales techniques and establish which she liked and which she didn’t. She also emphasized the importance of asking for help and selling products that you believe in. If you don’t believe in the company, why would buyers? Next, we’ll discuss how Susan and her salespeople interact with prospects and buyers.

Customer Interactions

Customer interactions are an integral part of the sales staples for Shed Gal. Susan talked about:

• Respecting people’s differences
• Following up after buyers receive the product
• Referrals
• Helping an unhappy customer

14. Respecting people’s differences

Sheds aren’t something everyone needs, but even prospects looking for sheds take different approaches. Susan told us: [su_quote] I had a gal come in one time. She's like, "I want that one and that one." Okay, that was the extent of it. [/su_quote] What do you think would have happened if the company tried to go through their entire sales approach with her? They probably wouldn’t have got her signature on the dotted line and would have lost the sale just because the buyer lost interest. On the other hand, Susan also told us: [su_quote] I've had people that literally, I talked to three, four years ago, call me and now they're ready. So, it's not discounting someone just because they don't buy today. [/su_quote] If the company had pushed this buyer, they might not have closed the deal either. Sure, you want prospects to buy immediately to increase revenue, but you have to respect buyers’ personalities. This tells me that one of the new skills many business owners and salespeople should learn is the value of treating people right. Yes, your company exists to close deals, but the buyers have a life. They have 100 other things going on in their life and they’ll remember the company that has the best sales style. It doesn’t matter what type of sales you are in, make sure to respect people’s differences. If you have a hard time reading people, go out and watch people. You’ll learn to read prospects' moods and personalities better by observing. Over time, doing so will help improve your selling skills by understanding what sales styles work best for different people.

15. How to approach customer satisfaction after the sale

Susan discussed what she considers to be the best selling practices after the sale too. She explained that she wants to know if the buyer was satisfied with the whole process. After the deal, she’ll follow up at different times including: [su_note note_color="#dbeafc"]

1. If there’s a delay in production
2. When the delivery is made
3. After the buyer has used the product for a while.

[/su_note] She told us: [su_quote] We do follow-up calls, we do follow-up visits. We try to follow up with customers frequently. We're able to meet up and go out and see the shed after it's been delivered and ask the customer how their experience was from start to finish. [/su_quote] She especially loves it when a buyer sends pictures after the deal.

16. Customer loyalty and referrals

Susan also talked briefly about getting additional prospects because a buyer was super happy with their deal. She told us that some prospects won’t become buyers just because they were referred. Here are some of the best sales strategies to encourage referring a potential buyer: [su_note note_color="#dbeafc"]

• Ask for referrals: Sometimes business owners are afraid to ask a buyer for a referral, but you shouldn’t be. Check out Campaign Monitor’s other tips.
• Provide referral links and incentives: Here are 10 of the top referral software tools.
• Provide great service: Being a positive deviation from the status quo is one of the sales best practices every company should use.

[/su_note]

17. How to handle an unhappy customer

Even the best sale tactics will lead to an unhappy buyer occasionally. Make sure to be compassionate in all situations. If you actually made a mistake, Susan told us: [su_quote] Just own up to it, take care of it. [/su_quote] She also emphasized the importance of working with other people and companies that have the same mentality.

How to Increase Sales with Other Selling Strategies 

There were a lot of strategies for selling that Susan didn’t talk about, so we’re going to look at some of those quickly. We’ll cover: [su_note note_color="#dbeafc"]

• Building an email list
• Sandler Sales Method 
• Target Account Selling
• Increasing sales on Amazon

[/su_note] First, let’s look at how to build a mailing list.

18. Building an email list

Despite Susan’s love of giveaways as one of the most common ways to create a mailing list, she doesn’t actually use email marketing. She told us: [su_quote] I get so many marketing emails every single day. And most of them I just delete. I just don't feel like adding to a customer's pile. [/su_quote] For those who wish to maximize email marketing, MailChimp and Constant Contact are two commonly used email marketing campaigns. HighLevel is suggested by the owner of Queen Bee Cleaning for automation as well. Check out his input on how to get clients for more great sales tips.

19. Sandler Sales Method 

While Susan doesn’t actually mention the Sandler Sale Method, she effectively uses it in sales. Selling is broken down into seven distinct sections:

1. Bond with the right leads.
2. Establish how the contract needs to operate. 
3. Establish pain points and how to solve them.
4. Create an estimate.
5. Sign the contract.
6. Fulfill the contract.
7. Support the client.

Based on reviews, it seems like most people who take the training course from Sandler.com really love it. It seems to increase selling power across a lot of industries and improve people’s personal lives, too.

20. Target Account Selling (TAS)

If you are looking to take on big clients with high win rates, you might want to combine the strategies in the Sandler method with targeting specific companies. TAS is also referred to as account-based marketing (ABM). These types of selling are focused on generating an ideal customer profile for each individual company. It’s basically conducting a whole marketing campaign to book a single client.  This can be time-consuming and costly. It’s not quick selling and will need payoff that is far higher than you would expect for most products. But if you are a software company that wants to book a government contract it would make sense.  Check out our blog on market research to learn more about building a customer profile.

21. How to increase sales on Amazon

We’ve interviewed a few businesses that kill it on Amazon. Most of them attribute increasing sales to a few things: [su_note note_color="#dbeafc"]

1. Build a unique product. It’s hard to stand out if you maintain the status quo.
2. Use Amazon FBA.
3. Master SEO or hire someone to do it for you.
4. Invest in ads.
5. Get on Shark Tank.
6. Encourage but don’t pay for reviews.

[/su_note] Check out our interview with Shed Defender. [su_youtube url="https://youtu.be/XTiks_VFTMo?t=103"]

Close the Deal

Finding the right type of salesman for each business can be challenging, but once you get the recipe right, you can create a fine tuned machine. We hope you’ve found some new sales techniques to help you build an in-depth plan for success.  What sales techniques have you found that work best for delighting your customers?