In this episode of the Bite Size Business podcast, host Brent Parker interviews Justin Simonsen, a franchisee for Back Nine, a golf simulator franchise, and an Amazon store owner. Justin shares his journey into entrepreneurship, starting with his Amazon business that was born out of a personal need. He discusses the challenges of setting up an Amazon store and managing inventory flow. Justin also talks about his experience as a franchisee and the process of opening his first location. He highlights the financing options available for franchises, including the support of the Small Business Administration (SBA). The episode concludes with Justin's advice for aspiring entrepreneurs.
Takeaways:
Starting small businesses can lead to financial independence without needing a million-dollar idea.
Franchising can be a less risky option for entrepreneurs, and the SBA can provide financing for franchise startups.
Opening an Amazon store requires navigating a complex process, including interviews, documentation, and inventory management.
Franchise disclosure documents outline the capital requirements and other details of becoming a franchisee.
Committing to entrepreneurship often requires taking risks, such as investing in inventory and securing loans.
