Post on 06-Mar-2016
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MagazineDedicated to show you the best independent businesses aka. “Hole in the Walls”
Starting Your Very First RestaurantBest Spots In Your Area
10 Steps To Starting a Business
Volume 1 - Issue
Monica Parpal
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.
Profitability. Independent restaurants do not
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
Opening an Independent Restaurant
1
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.
Adaptability. If the eating habits of the client
base suddenly change, to favor local or organic
ingredients for example, independent restaurants can
quickly change to meet these demands, because there
is no bureaucratic red tape to go through.
Drawbacks to
Opening an Independent
Restaurant
Here are some of the main drawbacks to being an
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 of a chain do not have a proven marketing
strategy. Though you can try and copy from the
franchises, many of your marketing initiatives will
fail, because you have to learn what works for your
specific concept and target market.
Funding difficulty. Most banks will consider a new
independent restaurant a risky venture, because the
failure rate for independents is higher than chain
stores. However, an excellent credit rating and
personal assets will help secure any loans you need
to take out.
Independents 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
be spending most of your time getting the new store
locations up and running. If you have to micromanage
multiple locations, you will burn yourself out, and
both stores will suffer.
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.
HOLES Magazine - Volume 1 - Issue 1 2
Monica Parpal
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.
Profitability. Independent restaurants do not
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
Opening an Independent Restaurant
3
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.
Adaptability. If the eating habits of the client
base suddenly change, to favor local or organic
ingredients for example, independent restaurants can
quickly change to meet these demands, because there
is no bureaucratic red tape to go through.
Drawbacks to
Opening an Independent
Restaurant
Here are some of the main drawbacks to being an
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 of a chain do not have a proven marketing
strategy. Though you can try and copy from the
franchises, many of your marketing initiatives will
fail, because you have to learn what works for your
specific concept and target market.
Funding difficulty. Most banks will consider a new
independent restaurant a risky venture, because the
failure rate for independents is higher than chain
stores. However, an excellent credit rating and
personal assets will help secure any loans you need
to take out.
Independents 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
be spending most of your time getting the new store
locations up and running. If you have to micromanage
multiple locations, you will burn yourself out, and
both stores will suffer.
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.
HOLES Magazine - Volume 1 - Issue 1 4
HOLES Magazine - Volume 1 - Issue 1
Opening an Independent Restaurant
Monica Parpal
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.
Profitability. Independent
restaurants do not 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.
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)
5
10 Steps to Starting a BusinessStarting 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 1: Write a Business PlanUse these tools and resources to create a business plan. This written guide will help you map out how you will start and run your business successfully.
Step 2: Get Business Assistance and TrainingTake 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 LocationGet advice on how to select a customer-friendly location and comply with zoning laws.
Step 4: Finance Your BusinessFind government backed loans, venture capital and research grants to help you get started. Step 5: Determine the Legal Structure of Your BusinessDecide which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative.
Step 6: Register a Business Name (“Doing Business As”)Register your business name with your state government.
Step 7: Get a Tax Identification NumberLearn which tax identification number you’ll need to obtain from the IRS and your state revenue agency.
Step 8: Register for State and Local TaxesRegister with your state to obtain a tax identification number, workers’ compensation, unemployment and disability insurance.
Step 9: Obtain Business Licenses and PermitsGet a list of federal, state and local licenses and permits required for your business.
Step 10: Understand Employer ResponsibilitiesLearn the legal steps you need to take to hire employees.
HOLES Magazine - Volume 1 - Issue 1
Chester Jameson, the owner and CEO of
Hotdog on a Stick
6
HOLES Magazine - Volume 1 - Issue 1
(Contunued from pg. 7)
Adaptability. If the
eating habits of the client base
suddenly change, to favor
local or organic ingredients for
example, independent restaurants
can quickly change to meet
these demands, because there is
no bureaucratic red tape to go
through.
Drawbacks to
Opening an
Independent
Restaurant
Here are some of the main
drawbacks to being an
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
of a chain do not have a proven
marketing strategy. Though
you can try and copy from
the franchises, many of your
marketing initiatives will fail,
because you have to learn what
works for your specific concept
and target market.
Funding difficulty. Most banks
will consider a new independent
restaurant a risky venture,
because the failure rate for
independents is higher than chain
stores. However, an excellent
credit rating and
personal assets will help secure
any loans you need to take out.
Independents
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
be spending most of your time
getting the new store locations
up and running. If you have to
micromanage multiple locations,
you will burn yourself out, and
both stores will suffer.
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.
7
HOLES Magazine - Volume 1 - Issue 1
Bartender of the YearRoger GrossVesper Bar In The Cosmopolitan,3708 Las Vegas Blvd. S. cosmopolitanl-asvegas.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 Cosmo-politan’s fanciful take on the standard hotel lobby bar. Whether you’re order-ing 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 bartend-er, 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
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