iKrave Vending
About the Company
iKrave Vending is a business founded by Lakinya Francis, focusing on vending machines and consulting services. The company assists aspiring entrepreneurs in starting their vending machine ventures by offering educational resources and training. iKrave Vending specializes in vending machines placed in high-traffic areas, such as entertainment districts, schools, and malls. The business is built on a model of generating passive income through strategic location placement and product selection.
iKrave Vending has also expanded into creating educational content, offering multiple consulting packages aimed at helping others break into the vending industry. Lakinya has used her expertise to teach others how to succeed in this industry while continuing to operate her own machines.
Idea Behind Company
Lakinya conceived the idea of starting a vending machine business as a side hustle while working full-time. Her goal was to earn extra income without compromising her day job. She observed the potential of vending machines in places where people gathered and noticed consistent usage, which validated her belief that vending machines could be profitable.
Her initial research led her to understand that vending is a relatively affordable business to start, requiring low upfront costs and offering opportunities for passive income. She bought her first set of machines, learning through trial and error while understanding the importance of location in the business. This eventually led to the idea of expanding into consulting services after realizing there was a lack of specialized help in the industry.
Creating the Company
The creation of iKrave Vending started with the purchase of five used vending machines placed in high-traffic areas such as a tile manufacturing company and a mechanic shop. Lakinya sold these machines for a profit and later reinvested in new locations, including a large entertainment district in her city, where she partnered with a family member to manage eight machines.
Her experience led her to document her business process and create educational resources. She initially launched an ebook to help others get started in the vending machine business, which evolved into online courses. She developed her website, offering step-by-step guides on how to start, grow, and maintain a vending business. Lakinya designed packages that catered to varying levels of business readiness, offering additional support through consultations and mentorship.
Launching the Business
iKrave Vending officially launched through Lakinya’s efforts to educate others about vending machine entrepreneurship via social media, particularly Instagram. She built her customer base by offering practical advice and participating in podcasts to promote her expertise. The business also grew through word-of-mouth and a strong online presence.
Lakinya stresses the importance of finding the right location for vending machines as the most challenging but crucial part of the business. With investments ranging from $2,000 for refurbished machines to $5,000 for brand new, fully-equipped machines, she guides potential entrepreneurs on how to calculate their investments effectively. Her courses teach how to secure locations and choose products that suit each location, which helps her students overcome the biggest hurdle in the vending industry.
Earnings
Today, iKrave Vending generates approximately $10,000 per month from vending machine revenue and consulting services. The business has helped hundreds of people launch their own vending ventures. Lakinya’s passive income comes from her own vending machines as well as the courses she offers. The vending machines she manages generate an average of $7,000 to $10,000 per month, and her online courses provide an additional revenue stream.
Lakinya continues to explore new vending opportunities, such as live bait vending machines, and aims to expand her business to new specialty areas. With a focus on creativity, mentorship, and business growth, iKrave Vending remains a thriving business model for passive income and entrepreneurial success.
