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Magazine Dedicated to show you the best independent businesses aka. “Hole in the Walls�

Volume 1 - Issue

Starting Your Very First Restaurant Best Spots In Your Area 10 Steps To Starting a Business


Opening an Independent Restaurant Monica Parpal

Profitability. Independent restaurants do not

Independent restaurants are privately held companies and are commonly organized as sole proprietorships, partnerships or even Limited Liability Corporations (LLCs). Though independent restaurants can have several locations, each location is still owned by the single person or group of people. If you have a great idea for a new restaurant concept and enjoy the challenge of turning that idea into a successful reality, opening an independent restaurant sometimes is the way to go.

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have to share royalties with a franchise owner. This means all the profits your restaurant brings in are yours to keep (or split between your partners). For this reason, some independent restaurants can become more profitable than a competing chain. Exclusivity. Independent restaurants offer unique concepts that can be original and exciting to diners. When you walk into a McDonald’s, you know what kind of food and service to expect. With independent restaurants, the experience is new and unique.

HOLES Magazine - Volume 1 - Issue 1


Familiarity. Many independent restaurants are

Funding difficulty. Most banks will consider a new

family owned and have been handed down through

independent restaurant a risky venture, because the

several generations. For regular diners, this creates

failure rate for independents is higher than chain

feelings of comfort, like being at home.

stores. However, an excellent credit rating and personal assets will help secure any loans you need

Adaptability. If the eating habits of the client

to take out.

base suddenly change, to favor local or organic ingredients for example, independent restaurants can

Independents can have Multiple

quickly change to meet these demands, because there

Locations

is no bureaucratic red tape to go through.

Independent restaurant owners can open more than one location, and it is a great way to earn more profit

Drawbacks to

and spread your successful concept to new areas.

Opening an Independent

However, you will want to make sure your first

Restaurant

location is able to run on its own, because you will

Here are some of the main drawbacks to being an

be spending most of your time getting the new store

independent restaurant:

locations up and running. If you have to micromanage

High failure rate for startups. Independent restaurants that are just starting out have a higher failure rate than

multiple locations, you will burn yourself out, and both stores will suffer.

franchises. This is because their brand may be new

Start with a Business Lawyer

and unfamiliar to the public, so they have to work

Starting a new restaurant can be an overwhelming task.

hard to win them over.

Though you have a great idea in mind, sometimes the

Trial and error marketing. New restaurants that are

logistics can trip you up. Before getting too far into

not a part of a chain do not have a proven marketing

the planning stages, you will want to hire a business

strategy. Though you can try and copy from the

lawyer that is familiar with a restaurant’s legal

franchises, many of your marketing initiatives will

obligations, so you cover all your bases.

fail, because you have to learn what works for your specific concept and target market.

HOLES Magazine - Volume 1 - Issue 1

2


Opening an Independent Restaurant Monica Parpal

Profitability. Independent restaurants do not

Independent restaurants are privately held companies and are commonly organized as sole proprietorships, partnerships or even Limited Liability Corporations (LLCs). Though independent restaurants can have several locations, each location is still owned by the single person or group of people. If you have a great idea for a new restaurant concept and enjoy the challenge of turning that idea into a successful reality, opening an independent restaurant sometimes is the way to go.

3

have to share royalties with a franchise owner. This means all the profits your restaurant brings in are yours to keep (or split between your partners). For this reason, some independent restaurants can become more profitable than a competing chain. Exclusivity. Independent restaurants offer unique concepts that can be original and exciting to diners. When you walk into a McDonald’s, you know what kind of food and service to expect. With independent restaurants, the experience is new and unique.

HOLES Magazine - Volume 1 - Issue 1


Familiarity. Many independent restaurants are

Funding difficulty. Most banks will consider a new

family owned and have been handed down through

independent restaurant a risky venture, because the

several generations. For regular diners, this creates

failure rate for independents is higher than chain

feelings of comfort, like being at home.

stores. However, an excellent credit rating and personal assets will help secure any loans you need

Adaptability. If the eating habits of the client

to take out.

base suddenly change, to favor local or organic ingredients for example, independent restaurants can

Independents can have Multiple

quickly change to meet these demands, because there

Locations

is no bureaucratic red tape to go through.

Independent restaurant owners can open more than one location, and it is a great way to earn more profit

Drawbacks to

and spread your successful concept to new areas.

Opening an Independent

However, you will want to make sure your first

Restaurant

location is able to run on its own, because you will

Here are some of the main drawbacks to being an

be spending most of your time getting the new store

independent restaurant:

locations up and running. If you have to micromanage

High failure rate for startups. Independent restaurants that are just starting out have a higher failure rate than

multiple locations, you will burn yourself out, and both stores will suffer.

franchises. This is because their brand may be new

Start with a Business Lawyer

and unfamiliar to the public, so they have to work

Starting a new restaurant can be an overwhelming task.

hard to win them over.

Though you have a great idea in mind, sometimes the

Trial and error marketing. New restaurants that are

logistics can trip you up. Before getting too far into

not a part of a chain do not have a proven marketing

the planning stages, you will want to hire a business

strategy. Though you can try and copy from the

lawyer that is familiar with a restaurant’s legal

franchises, many of your marketing initiatives will

obligations, so you cover all your bases.

fail, because you have to learn what works for your specific concept and target market.

HOLES Magazine - Volume 1 - Issue 1

4


Opening an Independent Restaurant

restaurant concept and enjoy the

restaurants offer unique concepts

challenge of turning that idea

that can be original and exciting

into a successful reality, opening

to diners. When you walk

an independent restaurant

into a McDonald’s, you know

Monica Parpal

sometimes is the way to go.

what kind of food and service

Independent restaurants are

Profitability. Independent

privately held companies and

restaurants do not have to share

are commonly organized as sole

royalties with a franchise owner.

proprietorships, partnerships

This means all the profits your

or even Limited Liability

restaurant brings in are yours

Corporations (LLCs). Though

to keep (or split between your

independent restaurants can have

partners). For this reason, some

several locations, each location

independent restaurants can

is still owned by the single

become more profitable than a

person or group of people. If

competing chain.

you have a great idea for a new

Exclusivity. Independent

5

to expect. With independent restaurants, the experience is new and unique.

Familiarity. Many independent restaurants are family owned and have been handed down through several generations. For regular diners, this creates feelings of comfort, like being at home. (Contunued on pg. 7)

HOLES Magazine - Volume 1 - Issue 1


Step 1: Write a Business Plan

Step 6: Register a Business Name (“Doing Business As”)

Use these tools and resources to create a business plan. This written guide will help you map out how Register your business name with you will start and run your business your state government. successfully.

Step 2: Get Business Assistance and Training

Take advantage of free training and counseling services, from preparing a business plan and securing financing, to expanding or relocating a business.

Step 3: Choose a Business Location Chester Jameson, the owner and CEO of Hotdog on a Stick

10 Steps to Starting a Business Starting a business involves planning, making key financial decisions and completing a series of legal activities. These 10 easy steps can help you plan, prepare and manage your business.

Step 7: Get a Tax Identification Number

Learn which tax identif ication number you’ll need to obtain from the IRS and your state revenue agency.

Step 8: Register for State and Local Taxes

Get advice on how to select a customer-friendly location and comply with zoning laws.

Register with your state to obtain a tax identification number, workers’ compensation, unemployment and disability insurance.

Step 4: Finance Your Business

Step 9: Obtain Business Licenses and Permits

Find government backed loans, venture capital and research grants to help you get started.

Step 5: Determine the Legal Structure of Your Business

Decide which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative.

Get a list of federal, state and local licenses and permits required for your business.

Step 10: Understand Employer Responsibilities Learn the legal steps you need to take to hire employees.

HOLES Magazine - Volume 1 - Issue 1

6


(Contunued from pg. 7)

of a chain do not have a proven

be spending most of your time

Adaptability. If the

marketing strategy. Though

getting the new store locations

eating habits of the client base

you can try and copy from

up and running. If you have to

suddenly change, to favor

the franchises, many of your

micromanage multiple locations,

local or organic ingredients for

marketing initiatives will fail,

you will burn yourself out, and

example, independent restaurants

because you have to learn what

both stores will suffer.

can quickly change to meet

works for your specific concept

these demands, because there is

and target market.

no bureaucratic red tape to go

Funding difficulty. Most banks

through.

will consider a new independent restaurant a risky venture,

Drawbacks to

because the failure rate for

Opening an

independents is higher than chain

Independent

stores. However, an excellent

Restaurant

credit rating and

Here are some of the main

personal assets will help secure

drawbacks to being an

any loans you need to take out.

independent restaurant: High failure rate for startups. Independent restaurants that are just starting out have a higher failure rate than franchises. This is because their brand may be new and unfamiliar to the public, so they have to work hard to win them over. Trial and error marketing. New restaurants that are not a part

7

Independents

Start with a Business Lawyer Starting a new restaurant can be an overwhelming task. Though you have a great idea in mind, sometimes the logistics can trip you up. Before getting too far into the planning stages, you will want to hire a business lawyer that is familiar with a restaurant’s legal obligations, so you cover all your bases.

can have Multiple Locations Independent restaurant owners can open more than one location, and it is a great way to earn more profit and spread your successful concept to new areas. However, you will want to make sure your first location is able to run on its own, because you will

HOLES Magazine - Volume 1 - Issue 1


Bartender of the Year Roger Gross Vesper Bar In The Cosmopolitan, 3708 Las Vegas Blvd. S. cosmopolitanlasvegas.com What makes a great bartender? It helps if he’s quick with a joke or to light up your smoke, maybe the cheerful sense there’s no place he’d rather be. How about an award-winning mixologist at the Strip’s hottest bar with a killer Christopher Walken impression? Yeah, that ought to do it. But those are only some of the reasons Vesper Bar’s Roger Gross is the drink slinger you should be seeking out. You’ll find Gross plying his skills for locals and tourists alike at The Cosmopolitan’s fanciful take on the standard hotel lobby bar. Whether you’re ordering on- or off-menu, he’s bound to find something meeting your tastes — just provide him some general parameters and let him run with it. Tell him your liquor of choice and taste preferences — spicy? sweet? fruity? frozen? — and you’re on your way. You may end up with a cocktail with habañero syrup, cherry bark bitters or an absinthe ice sphere — whatever it is, rest assured it’ll be memorable. (Just don’t ask him to make you an RBV — Red Bull and vodka. That’s like asking Picasso to do paint-by-numbers.) Do come with an open mind, some time to kill and realize that not only is he your favorite bartender, he’s also everyone else’s. You’re bound to find a new favorite cocktail — and maybe be treated to a ridiculously good Walken. — Jim Begley

HOLES Magazine - Volume 1 - Issue 1

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