Moving Day for Your Retail Store

Moving Day for Your Retail Store

by | Nov 26, 2018 | Retail Stores

Moving Day for Your Retail Store

Denver is often cited as the best city in which to live and work, making your decision to relocate your retail store there an easy one. The hard part is the actual move. There are numerous challenges that you will encounter, namely cost and down time. With a solid plan, you can significantly reduce the potential negative impact on your business. Useful resources, like the Denver Metro Small Business Development Center, provide tips and services for new and small businesses. A small business attorney will further see your business through from setup to success. This post will discuss four important steps to relocating your retail store to Denver.

  1. Taking Care of Inventory
  2. Minimizing Down-Time
  3. Setting up in Denver
  4. Preparing Your New Store

Taking Care of Inventory

This may be the biggest part of your move. Your inventory represents future income, but it also adds to your moving expenses. The more product you can sell before you move, the less you will have to transport. If you are not moving very far, perhaps you can use a “relocating sale” event to move inventory and promote your new location at the same time. This is also a good time to identify inventory and office supplies that are no longer used or needed. It is crucial to keep an accurate record of what you are taking and what you are tossing, especially if you are moving client files and other important documents.

Minimizing Down Time

During a business relocation, one of your primary goals will likely be to lose the least amount of sales. If your store is reliant upon electronics or other tools, be sure to pack those items just before the day of the move so that you are still operational. Target your move date for the weeks that your records indicate are the least busy. Decide what equipment, fixtures, records, and other items you actually need to move, and consider disposing of nonessential supplies in a fire-sale.

Setting up in Denver

With nearly 100 percent of employers in Colorado classified as small businesses, you are in great company. Denver is well known for its distinctive retail districts and eclectic consumer palate. There are a number of steps you must take in order to operate legally in the state, and your small business attorney will help keep you compliant. Some of the steps include creating your legal entity and establishing the Employer Identification Number (EIN) you will use. You can create your legal entity online with the Colorado Secretary of State, and you can obtain your nine-digit EIN online with the Internal Revenue Service (IRS).

Preparing Your New Store

After all of the careful research and planning on your target market and location that have brought you to Denver, you are ready to move into your new store. If your leases for the previous and new spaces overlap, you will be able to create an almost seamless transition in your business operations. Once in your new space, you may start by setting up your displays and counters so everything is ready for the arrival of your inventory and equipment. The design and layout of your store should be appealing both inside and outside. Your products should be organized and accessible, and your marketing plan should be in place before you even open your doors. This plan will incorporate promotional, branding, and advertising ideas and determine where your marketing budget should be spent.

If you need help relocating your retail store, contact me, Elizabeth Lewis, at the Law Office of E.C. Lewis, P.C., home of your Denver Small Business Attorney. Phone: 720-258-6647. Email: elizabeth.lewis@eclewis.com

Contact Us Today

Law Office of E.C. Lewis, P.C.
Your Denver Business Attorney

LICENSED IN COLORADO AND NORTH CAROLINA

Mailing Address:

501 S. Cherry Street, Suite 1100
Denver, CO 80246
720-258-6647
Elizabeth.Lewis@eclewis.com

Online at:

Real Estate Services for Business Owners

Elizabeth Lewis provides the following real estate law services to small and medium sized business owners in Denver and throughout Colorado:

  • Commercial real estate purchases
  • Legal review of commercial real estate leases
  • Protecting your assets

How to Start and Stay in the Retail Market

How to Start and Stay in the Retail Market

by | Nov 21, 2017 | Retail Stores

How to Start and Stay in the Retail Market

Starting your own retail store takes a lot of initial planning. There is so much more to it than simply choosing a place, setting up your goods, and opening your doors. After the early planning stages, it is hard work to stay at the top of the retail market. Denver has one of the most vibrant retail scenes in the nation with its lively downtown shopping district, strong regional anchors, and eclectic neighborhood businesses. So, where do you fit in and how do you stay in? A small business attorney will help you with every phase – from planning and daily operations to maintaining and expanding to helping you sell when the time is right – throughout the life of your retail business.

Start on Solid Ground

As a small business owner, you will hear again and again how crucial it is to choose the right legal structure for your retail store. Your business entity affects everything from the taxes you are required to pay to the permits and zoning laws that govern your business. Determining the right products and services as well as location are also business planning essentials. You may have a passion for your product, but you have to figure out how and where to sell it in order for it to be profitable and make sure you have the right market for the product you love. For instance, you may love meat and be the best butcher around, but a meat market in a highly vegetarian area is a recipe for disaster. Before you commit to a lease, consider if the ideal location for your product is ideal for your budget. Sometimes, second best is better. A great space that costs too much and causes you to close is a lot worse than a pretty good space that allows you to thrive. A business attorney can guide you through state and city laws as well as review and create contracts and agreements.

Establish Good Vendor/Wholesale Relationships

Once you have settled on the right product(s), it is time to find the right vendors. In order for your retail store to offer products at a price and time that suits your customers, you have to partner with vendors who understand your needs and vision. Communicate your goals and expectations at the start of the relationship. If your vendor knows that timing, cost, and consistency are important to your business, then they are likely to focus on those areas. Other areas to keep in mind when selecting a vendor include returns, defective items, credit, and payment terms among others.

Recruit the Best Employees

Hiring the best sales staff is just as essential to the success of your retail store as having the right product. With the influx of millennials who have migrated to Colorado in recent years, it may be more important to hire someone who fits the culture rather than someone with the highest qualifications. Cultural fit covers a variety of characteristics, including alignment of values, work-life balance, company mission, and customer relations. You may think a college degree is necessary, but someone who lives and breaths your products may put someone who doesn’t love your products but has a degree to shame. Once you have found the ideal staff, be sure to train them beyond their daily roles. You can avoid many costly mistakes and lost customers by ensuring your employees are well versed in your store’s policies and procedures. The better equipped they are to handle the unexpected or uncommon situation (and feel empowered to do so), the better customer service they will deliver. You may let them know that for repeat customers, they can offer an occasional small discount. Not only does this make your employee feel that you trust them, it allows your customers to feel your business appreciates them. Whether you need help hiring employees, drawing up their contracts, or [if things take a negative turn] letting them go, your small business attorney will be there.

Fine-Tune Your Marketing

Your marketing plan should be in place before you open your retail store. This should incorporate promotional, branding, and advertising ideas. Determining not only how your customers shop, but also where they dwell (e.g. social media), will point to where your marketing budget should be spent. Since retail has become an omnichannel business model, you would be remiss not to consider each way your potential customers like to do business – brick and mortar shops, mobile applications, catalogues, FAQ webpages, social media, live web chats, telephone communication, and more. Expanding your channels with a consistent brand and message will expand your reach.

If you need help starting a retail store, contact me, Elizabeth Lewis, at the Law Office of E.C. Lewis, P.C., home of your Colorado Business Attorney. Phone: 720-258-6647. Email: elizabeth.lewis@eclewis.com

Contact Us Today

Law Office of E.C. Lewis, P.C.
Your Denver Business Attorney

LICENSED IN COLORADO AND NORTH CAROLINA

Mailing Address:

501 S. Cherry Street, Suite 1100
Denver, CO 80246
720-258-6647
Elizabeth.Lewis@eclewis.com

Online at:

Real Estate Services for Business Owners

Elizabeth Lewis provides the following real estate law services to small and medium sized business owners in Denver and throughout Colorado:

  • Commercial real estate purchases
  • Legal review of commercial real estate leases
  • Protecting your assets

How to Startup, Popup, and Get a Leg Up in Retail

How to Startup, Popup, and Get a Leg Up in Retail

by | Oct 17, 2017 | Retail Stores

How to Startup, Popup, and Get a Leg Up in Retail

Despite the closings and bankruptcies of long-established stores and corporations over the past few years, Denver continues to attract national and international retailers. Big names like IKEA, Uniqlo, H&M, Whole Foods, Trader Joe’s, and Alamo Drafthouse Cinema have moved in, creating an even tighter real estate market for new or expanding businesses hoping to enter the city’s thriving retail market.

While you may not be looking for a huge warehouse to set up your small retail store, you would certainly benefit from being a part of the larger scene. If you are not already an established brand, then a startup business may be a great option for you. If you want to expand, then a popup shop may be a great alternative to a traditional storefront. Just as online consumerism has changed the landscape of commerce, startups and popups are transforming traditional retail.

Small Business Attorney E.C. Lewis, P.C. can help with every aspect of starting or expanding your retail store, from contract review and creation to daily business operations. This post will explore these types of stores and what they can do for your retail store.

What Constitutes a Startup?

One definition of a startup company is a fast-growing small business that aims to meet a marketplace need by developing a viable business model around an innovative product, service, process, or platform. Startups typically enter the market quickly by finding new or less costly ways of operating, e.g. food trucks, booth rentals, and popup shops. This model creates experiences that draw customers to a social scene, which is very appealing to Denver’s growing millennial population.

While e-commerce continues to push retail to evolve, there is a trend in today’s retail concept, going from online only to actual establishments. This movement from click to brick can be seen with Fabletics, Omaha Steaks, and Amazon whose newest offering is grocery delivery. With an increasingly innovative retail atmosphere, Denver’s hottest districts – Larimer Square, Union Station, Dairy Block, Denver Central Market, and more – are responding with more unique and versatile spaces.

No longer exclusively associated with techie communal space working, tennis table playing employees, startup businesses have many determinants. Years in business, annual revenue, and number of employees are just some of the ways people measure whether a small business is a startup or not. So, what if you have successfully started a startup and want to expand? A Forbes article points out that the key attribute of a startup is its ability to grow and scale very quickly. And, one way to do this is by opening a popup location.

What are the Benefits of a Popup Shop?

Popup shops are a great way for a fledgling or expanding business to enter the market. These types of stores require less capital investment to introduce or test a new product or service, and they provide instant customer feedback. A Shopify article describes a popup shop as a short-term retail event that creates a frenzy with its “get it before it’s gone” message. The temporary nature of this type of store enables you to plan around an occasion or a holiday that may suit what you are selling perfectly. You can also go to your customers by choosing the district, kiosk, or gallery space where your product or service matches the personality of the neighborhood.

After you have vacated the popup location, the idea is that customers will remember your product or service and follow you. This is a fantastic segue to having an omnichannel presence – you entice your prospective customers with an in-store experience, then lead them to your other location(s), website, and social media accounts where they can find you and become loyal customers.

Like setting up an actual, more permanent retail store, you must consider many factors when planning for your popup location. Rent, utilities, insurance, Internet, point of sale (POS), furniture, repairs, inventory, displays, marketing, duration are some of these considerations. A small business attorney can help you with choosing the right location and entity, reviewing and drafting contracts, keeping compliant with taxes and licensing, and expanding your retail store.

If you need help with your retail store, contact me, Elizabeth Lewis, at the Law Office of E.C. Lewis, P.C., home of your Denver Small Business Attorney. Phone: 720-258-6647. Email: elizabeth.lewis@eclewis.com

Contact Us Today

Law Office of E.C. Lewis, P.C.
Your Denver Business Attorney

LICENSED IN COLORADO AND NORTH CAROLINA

Mailing Address:

501 S. Cherry Street, Suite 1100
Denver, CO 80246
720-258-6647
Elizabeth.Lewis@eclewis.com

Online at:

Real Estate Services for Business Owners

Elizabeth Lewis provides the following real estate law services to small and medium sized business owners in Denver and throughout Colorado:

  • Commercial real estate purchases
  • Legal review of commercial real estate leases
  • Protecting your assets

Niche Retail in Denver – The Key to Your Small Retail Store Success?

Niche Retail in Denver – The Key to Your Small Retail Store Success?

by | Aug 29, 2017 | Business News, Retail Stores

Niche Retail in Denver – The Key to Your Small Retail Store Success?

You have decided to relocate or open a niche retail store in Denver. There is an established market for your product. Financial and business plans are in place. You are honing in on your desired location, then you learn more about Colorado’s business environment. A recent 7 News Denver story (May 31, 2017) reports that retailers with a significant Colorado presence could be closing stores, citing overbuilding and a shift in consumer spending habits. Consumers have been spending more money online while moving away from traditional brick and mortar businesses. What was once considered a niche market on a product has become over-saturated. Despite this, you know Denver is the place for your retail store. A small business attorney in conjunction with a tenant-focused leasing agent can help you find the right location for your product as well as guide you toward the right channels for doing business. This post will cover some key information on location, product, and delivery.

  1. Deciding on Denver for your niche retail business
  2. Finding your niche market in Colorado
  3. Going omnichannel to expand your niche retail reach

1. Deciding On Denver For Your Niche Retail Business

With its distinctive retail districts, community-centric shopping centers, and a vibrant downtown, Denver caters to an eclectic consumer palate. Young families, artists, entrepreneurs, and active seniors alike call this pulsating metropolis home. Denver has long been ranked as one of America’s best cities and is rapidly becoming one of the hottest retail destinations. U.S. News and World Report recently ranked it #2 out of 100 best cities to live in, based on being a desirable place to live and having a strong job market and high quality of life. This all translates into confidence that you have picked the right place for your retail store. As you narrow your neighborhood search, it is important to know the zoning laws associated with any prospective location, even if you plan to operate, in any part, from a home-based business. It is also essential to know your business neighbors and protect your business from potential ones that can harm your business. A small business attorney will safeguard you and your business by helping you decipher zoning and other mandatory licensing laws as well as reviewing any contracts, such as a lease, before you sign.

2. Finding Your Niche Market In Colorado

A niche market is defined as the subset of the market on which a specific product is focused. It is a targetable portion of a particular market that other businesses may have neglected or overlooked altogether. There may be several shops in the area selling artisanal foods and craft beers – a good example of what was once niche market becoming more mainstream – but, you can further establish your niche by using only locally sourced ingredients or offering additional means of obtaining your products/services, like delivery or a “product of the month” club. You could even focus on a subset of potential customers, like catering to seniors. One local brewery got very clever with their customer base and decide to cater to cyclist who love beer by opening a craft brewery where you can have your bike repaired!

Having established that your product is unique, desirable, and available, your focus will turn to marketing. Location, business structure, and ability to reach your target customers will further determine the success of your niche market business. A small business attorney will see you through each phase of opening and operating your retail store.

3. Going Omnichannel To Expand Your Niche Retail Reach

An omnichannel approach can keep you at the top of your niche market. Broadly defined as a multichannel business approach to maximizing customer experience, omnichannel marketing merges at-home, in-store, and mobile shopping into one seamless experience. It is not enough to grab the attention of potential customers or clients; you must hold onto it. How do you do this in a way that is not a deterrent and that is effective and natural to their everyday lives? According to a Forbes article, you need to track consumer behavior, deliver relevant messages, and manage your customer relationships in real time. A true omnichannel customer experience integrates all of the various channels completely. As a small retail business owner, you may not be able to broaden your presence through all of the same methods as a large corporation, but there are options, including social media advertising, in-bound marketing, Google Exchange Network advertising, and online as well as brick and mortar storefronts to name a few. A small business attorney will be there for you as you navigate the various contracts you may be presented with once you decide to expand into advertising and/or marketing your products online.

If you need help finding the key to your small retail store success, contact me, Elizabeth Lewis, at the Law Office of E.C. Lewis, P.C., home of your Denver Small Business Attorney. Phone: 720-258-6647. Email: elizabeth.lewis@eclewis.com

Contact Us Today

Law Office of E.C. Lewis, P.C.
Your Denver Business Attorney

LICENSED IN COLORADO AND NORTH CAROLINA

Mailing Address:

501 S. Cherry Street, Suite 1100
Denver, CO 80246
720-258-6647
Elizabeth.Lewis@eclewis.com

Online at:

Real Estate Services for Business Owners

Elizabeth Lewis provides the following real estate law services to small and medium sized business owners in Denver and throughout Colorado:

  • Commercial real estate purchases
  • Legal review of commercial real estate leases
  • Protecting your assets

Millennials, E-Commerce, and Denver Real Estate

Millennials, E-Commerce, and Denver Real Estate

by | Aug 24, 2017 | Business News, Online/Social Media Law, Real Estate Law, Retail Stores

Millennials, E-Commerce, and Denver Real Estate

Headlines and ratings have Colorado at the top. Denver has been consistently ranked as one of the best cities to live in by U.S. News and World Report. Denver was also first in 2015 and 2016 for best places for business according to Forbes. These accolades are in addition to the state’s impressive roster of colleges and universities, not to mention its luscious landscape and booming retail scene. This all translates into a desirable place to live, which affects your business decisions. A small business attorney will help you with all of your commercial real estate needs from setup to leasing or buying to protecting your assets.

The Millennials Are Coming To Colorado

Colorado has steadily become a migration destination in recent years, and according to a Denver Post article, there is an influx of millennials. Like many groups, millennials like to live in areas where there are other millennials, and this group uses social media to share their day to day experiences. This, in turn, contributes to a momentum of migration, which has a major impact on the real estate market. A Biz Journals article reports that Denver’s retail real estate market is expected to be the “world’s hottest” over the next few years, second only to San Francisco, and that the retail market will outperform all other global retail markets. With all of the positive reports and growth comes competition for space and rising rental rates. If you are renting commercial space for your small business, you may not be able to afford hikes in rent. As a landlord, tenants may be harder to keep or come by. Because the millennials are coming to Colorado in droves, there is a tight real estate market. A tight real estate market means there is more at stake, leading to more potential legal disputes. Careful review of your lease is critical in these times, and a small business attorney can help you with all of your contracts and agreements.

E-Commerce Is Everywhere, Even If Your Business Is Only In Denver

Defined as a transaction of buying or selling online, e-commerce has expanded rapidly over the years and is accelerating. Boundaries between electronic and conventional commerce have become blurred as more and more businesses move at least portions of their operations onto the internet. All businesses employ some form of electronic applications whether through email, online catalogs, e-newsletters, digital coupons, social media marketing, or countless other transactions. Amazon, an e-commerce revolutionary, just opened its first fulfillment center in Aurora, Colorado and is reportedly looking for a downtown Denver office location. While a 452,000 square foot industrial location is not exactly small retail real estate, having big e-commerce and tech companies opening offices in Denver affects all sectors of commercial real estate, employment, and retail. So whether you have a brick and mortar storefront or work from home, a small business attorney can advise you about operating in an increasingly virtual market in conjunction with an increasingly competitive real estate scene.

Owning Or Leasing Retail Space In Colorado

You know Denver is the place for your small retail business. You confidently cater to tech savvy and discerning tastes. You have a solid online presence. So, what do you do if your retail space no longer meets your business needs? What if you cannot afford increasing rent costs? It may be time to find another option or location. If you are unsure of the future of your business and its size, you may be better off continuing to lease or sublease. However, if you want to stay in a particular district or neighborhood and have no plans to expand, then you may want to buy rather than rent. A small business attorney will help you decide whether to rent or buy and guide you through locations and spaces as well as the accompanying leases and contracts.

If you need help with your e-commerce and Denver real estate options, contact me, Elizabeth Lewis, at the Law Office of E.C. Lewis, P.C., home of your Denver Small Business Lawyer. Phone: 720-258-6647. Email: elizabeth.lewis@eclewis.com

Contact Us Today

Law Office of E.C. Lewis, P.C.
Your Denver Business Attorney

LICENSED IN COLORADO AND NORTH CAROLINA

Mailing Address:

501 S. Cherry Street, Suite 1100
Denver, CO 80246
720-258-6647
Elizabeth.Lewis@eclewis.com

Online at:

Real Estate Services for Business Owners

Elizabeth Lewis provides the following real estate law services to small and medium sized business owners in Denver and throughout Colorado:

  • Commercial real estate purchases
  • Legal review of commercial real estate leases
  • Protecting your assets

5 Crucial Areas of Commercial Real Estate Law for Colorado Businesses

by | Jun 21, 2017 | Business Formation, Business News, Contract Law, Real Estate Law, Retail Stores

5 Crucial Areas of Commercial Real Estate Law for Colorado Businesses

Real estate law is a broad and complicated legal area. Colorado is no exception with a tangled mass of statutes on everything from discloser and zoning laws to insurance and contract laws. Whether you lease or own your business location, you will likely encounter a property law issue at some point. Attorney Elizabeth Lewis, MS, JD can help guide you through real estate law at every level before it affects your business. The following post will discuss five crucial areas of commercial real estate law for Colorado businesses.

  • Landlord/Tenant Laws
  • Disclosure Laws
  • Zoning and Land Use Laws
  • Contract Law
  • Insurance Laws

Landlord/Tenant Laws

Whether you own or rent your business space, landlord/tenant laws are designed to protect the rights of both sides who have entered into a rental or leasing agreement. There are numerous areas within these laws, including taxation, right of privacy, payment of rental fees, disclosures, duration of agreements, and right to terminate agreements. As a Colorado business owner, it is essential to comply with state laws in order to prevent violations. It’s a good idea to hire a Colorado-based attorney to advise you on all of your real estate and leasing issues from initial set up to lease/contract review to protecting your assets.

Disclosure Laws

Before you buy or rent a business space, you want to know everything you are getting into. Are there any toxic substances, like asbestos or lead paint? Does the building have energy use restrictions or accessibility inspections? You may have found the perfect location, nestled in the bustling heart of downtown Denver, but it is important to know what you may not readily see. Like other real estate laws, discloser laws vary from state to state and deal with the location, condition, and restrictions of the property. Furthermore, a commercial lease and residential lease differ greatly and are subject to different laws. A small business attorney will review and advise you on existing or potential factors before you are ready to lease or buy a retail space.

Zoning and Land Use Laws

Your real estate choice, whether you operate out of a home office or huge warehouse, will affect your business. Commercial real estate can be divided into several categories, including office buildings, industrial, retail, restaurant, multifamily, undeveloped land, and more. Each of these properties are subject to Colorado state zoning and land use regulations.

Besides determining taxation, these laws define and enforce how a property is used. As a business owner, you already have a checklist a mile long when it comes to choosing your location – rent or buy, physical space, length of lease, affordability, renovations, maintenance, competitors, specifications for signs, accessibility, and much more. Learning that you must apply for rezoning to the local board is not something you want to add your list, and it does not guarantee that your application will be accepted. With the expert advice of an attorney, you can navigate through these real estate laws in order to select the perfect location.

Contract Law

After you have decided whether to buy or rent, reviewed the terms of disclosure, and confirmed zoning, you will enter into a contractual agreement. Specifically worded and structured, these legally binding documents are meant to stand up to any challenges by a landlord, tenant, or outside entity. Many savvy business owners have agreed to the terms of a contract only to fall victim to some unforeseen loophole or unintentional breach that leads to litigation. In this event, an attorney will represent you and help protect your business.

Insurance Laws

Based on the space you occupy and the business you operate, you are required to have certain insurance. This is to protect your investment and cover any property loss or liability issues. The type(s) of insurance you purchase depends on your status as lessor or lessee, the number of employees you have, as well as any building ordinance or state laws. In the unfortunate event of an accident, burglary, fire, or other disaster, additional insurance can help to cover the aftermath of damage to your business. A small business attorney can help you decide what coverage is right for you.

If you are a landlord or a tenant who needs help with Colorado commercial real estate, contact me, Elizabeth Lewis, at the Law Office of E.C. Lewis, P.C., home of your Denver Small Business Lawyer. Phone: 720-258-6647. Email: elizabeth.lewis@eclewis.com

Contact Us Today

Law Office of E.C. Lewis, P.C.
Your Denver Business Attorney

LICENSED IN COLORADO AND NORTH CAROLINA

Mailing Address:

501 S. Cherry Street, Suite 1100
Denver, CO 80246
720-258-6647
Elizabeth.Lewis@eclewis.com

Online at:

Real Estate Services for Business Owners

Elizabeth Lewis provides the following real estate law services to small and medium sized business owners in Denver and throughout Colorado:

  • Commercial real estate purchases
  • Legal review of commercial real estate leases
  • Protecting your assets