Hello, TopDog16!
Welcome to the Apple Support Communities, and congratulations on getting a new iPhone 7! From what I'm seeing in your post, you have some questions about the stereo speakers in your new iPhone. I would be happy to help with that!
Your iPhone does indeed have holes on both the right and left sides, on the bottom edge (on either side of the Lightning connector). The holes on the right are the only speaker on that edge of the phone, though. The other speaker in the pair is in the top of the phone, where the small slit is, right above the screen. Check there to see if sound is coming out.
This page has a great diagram of the iPhone 7's speakers (in the section called "External Buttons and Connectors"): iPhone 7 - Technical Specifications
Have a great rest of your week!