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.
1
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
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(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
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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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