Chicken kiosks are taking wing

Chicken Stop, the new kid on the block in the fast food market, is offering franchise opportunities after being launched in South Africa in January. MD Salim Shermohammed is a global fast food, franchise and business fundi. He speaks to Asha Speckman about money, food and that Rolex watch

Are you a spender or saver?

You can't be exclusive to one. Both are required in order to be successful.

How so?

You have to spend money to make money and then save what you have made. In order to make money, you have to spend it. You can't save your way out of poverty.

What did your childhood teach you about money?

How to stretch your resources.

What has been your most extravagant purchase?

A Rolex watch.

Was it a good buy in the end?

I still have it after eight years. It's value is appreciating.

Can you say the same for your investment in the competitive fast food chicken market?

Absolutely. It should appreciate and it will appreciate.

How many chip kiosks and chicken kiosks have you opened this year - bearing in mind your target of 30?

In seven months we opened four food outlets. We will reach that target by the end of 2015.

Where do you draw business inspiration from?

My ideal company to look at is McDonald's. Even though they are successful and a leader in the industry, they are constantly thinking and innovating and working hard. They offer value for all stakeholders ... the franchisees are extremely well taken care of.

What extravagant item do you plan on buying this Christmas and in the next 12 months?

Until late 2016 I don't plan to purchase any extravagant item.

However, because my son's wedding is approaching, I want to do something special for our future daughter-in-law.

What was your most memorable money-making experience?

When I created a solution for tractor dealers across North America. It's still being used successfully even after 10 years. The reason for the success is there is continuous value for all stakeholders.

How do you prefer to shop - online or in person?

Online. It's easy and safe. It saves you time.

Do you prefer to invest in property or shares, and why?

Property. I am in charge.

How many sources of income do you have?

One.

Your best money advice ?

Don't buy anything that you don't need today.

Have you learnt any difficult lessons about money?

Yes. Respect. If you disrespect it, it will not respect you. You always have to respect money. You can't be frivolous with it.

How would you invest R1-million?

Buy a Chicken Stop franchise.