Entrepreneur builds 8-figure business by spotting trends, from gumball machines to AI stores

Serial entrepreneur Mike Burnett has consistently built successful businesses by identifying and capitalizing on emerging trends, a strategy he continues with his latest venture, SmartMarket Solutions. Burnett, who has been in business for 27 years, began his entrepreneurial journey in 1999 with a side hustle placing tabletop games in restaurants. He and his business partner, Jeff Marsh, quickly scaled this venture, selling $20,000 worth of equipment in their first month, which grew to $40,000 by the third month.

Over the years, Burnett's business expanded its offerings to include gumball and bulk-candy machines, as well as snack and soda vending. Around 2007, he pivoted towards healthier vending options with HealthyYOU, which eventually grew into an eight-figure revenue business. This shift was driven by consumer demand for healthier choices, which Burnett recognized as a lasting trend rather than a fleeting fad.

His current focus is on SmartMarket Solutions, which offers AI-powered micro-stores called SmartMarts. These stores allow customers to unlock a cooler, select items, and be automatically charged, improving upon the traditional vending experience by enabling customers to inspect products more closely. Burnett emphasizes the importance of distinguishing between fads and trends, advising entrepreneurs to listen to customers and front-line staff for insights into changing demand. He advocates for testing new concepts, like healthy vending and AI-managed stores, before fully committing to them to mitigate risk and act with confidence.