Haven't seen a success story about food or restaurant business, so I hope this can be a good addition to the collection:
Todd Graves, 32, founder and CEO, Raising Cane's Chicken Fingers
Description: A quick-service restaurant specializing in chicken fingers with a signature sauce and sides
Startup Costs: The startup cost for Graves' original chicken finger restaurant was $140,000 ($90,000 in cash and a $50,000 SBA loan).
2004 Sales Projections: $33 million
The Last Laugh: Graves says the biggest startup obstacle is financing. "After writing my business plan, buying a cheap suit and borrowing a briefcase, I went to see every bank in town to fund my first chicken finger restaurant," Graves says. They laughed him out the door, telling him that people in southern Louisiana would never support a restaurant serving just chicken fingers. Private investors told him the same thing, but the resistance only made him more passionate about making his dream come true.
He realized he would have to earn the money himself. "I worked four months in refineries in Los Angeles doing turnaround work-seven days a week, 12 hours a day," says Graves. "Then I spent four months in Alaska, commercial fishing for sockeye salmon." His drive paid off, literally. "When I returned home to Baton Rouge, I had my own money and convinced investors to put more into the project. They felt I was truly committed." He was able to secure a small SBA loan and opened his first Raising Cane's.
Focus: The best advice Graves received was, "Concentrate on progress rather than perfection."
The Passion: "Make sure you love the restaurant business. This business is hard work, and you have to love it to be successful," Graves says. "Also, you have to have passion for your organization and a great culture. Anyone can copy another restaurant concept. It happens all the time, but your passion and culture are what set you apart for your crew and customers."
Update: Todd Graves recently opened three more company-owned stores in Louisiana to go along with the previous 15. In the next 12 months, he plans to open 10 more company-owned stores in Louisiana, Mississippi and Texas, as well as his first five franchise stores around the country.
Todd Graves, 32, founder and CEO, Raising Cane's Chicken Fingers
Description: A quick-service restaurant specializing in chicken fingers with a signature sauce and sides
Startup Costs: The startup cost for Graves' original chicken finger restaurant was $140,000 ($90,000 in cash and a $50,000 SBA loan).
2004 Sales Projections: $33 million
The Last Laugh: Graves says the biggest startup obstacle is financing. "After writing my business plan, buying a cheap suit and borrowing a briefcase, I went to see every bank in town to fund my first chicken finger restaurant," Graves says. They laughed him out the door, telling him that people in southern Louisiana would never support a restaurant serving just chicken fingers. Private investors told him the same thing, but the resistance only made him more passionate about making his dream come true.
He realized he would have to earn the money himself. "I worked four months in refineries in Los Angeles doing turnaround work-seven days a week, 12 hours a day," says Graves. "Then I spent four months in Alaska, commercial fishing for sockeye salmon." His drive paid off, literally. "When I returned home to Baton Rouge, I had my own money and convinced investors to put more into the project. They felt I was truly committed." He was able to secure a small SBA loan and opened his first Raising Cane's.
Focus: The best advice Graves received was, "Concentrate on progress rather than perfection."
The Passion: "Make sure you love the restaurant business. This business is hard work, and you have to love it to be successful," Graves says. "Also, you have to have passion for your organization and a great culture. Anyone can copy another restaurant concept. It happens all the time, but your passion and culture are what set you apart for your crew and customers."
Update: Todd Graves recently opened three more company-owned stores in Louisiana to go along with the previous 15. In the next 12 months, he plans to open 10 more company-owned stores in Louisiana, Mississippi and Texas, as well as his first five franchise stores around the country.
Dislike ads? Remove them and support the forum:
Subscribe to Fastlane Insiders.
