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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