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Take It From California Tortilla: Without Lots of Capital, You'll Fold |
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I can't get enough of the fast-food business, so I recently phoned Bob Phillips, president of California Tortilla Group, one of the fastest-growing chains in the Washington region. |
I asked Bob what he would tell a budding fast-food entrepreneur.
"I would certainly tell them to make sure they have sufficient capital," he said. "That seems to be the biggest reason restaurants fail. They don't give them enough time to succeed. Some locations take off immediately, some locations you have to nurture for a while. What you don't want to do is be undercapitalized."
Bob had more advice, which reminds me of what my wife and I say to each other when we visit a restaurant or fast-food joint where the service is great and the food is pretty good. "Owner on premises!"
"You don't want to be an absentee owner. You don't want to make an investment in a fast-food business and then rely on a hired management team to run it for you," he said. "It's best when you are actively involved. Nobody will care like the owner. . . . Your employees need to see it and understand it. The restaurant business is a thousand details."
External Source - For the complete article click here
Source - Washington Post
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