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

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
3773 Cherry Creek North Drive, Suite 575
Denver, CO 80209
720-258-6647
Elizabeth.Lewis@eclewis.com

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Millennials, E-Commerce, and Denver Real Estate

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
3773 Cherry Creek North Drive, Suite 575
Denver, CO 80209
720-258-6647
Elizabeth.Lewis@eclewis.com

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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/Tennant Laws
  • Disclosure Laws
  • Zoning and Land Use Laws
  • Contract Law
  • Insurance Laws

Landlord/Tennant 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
3773 Cherry Creek North Drive, Suite 575
Denver, CO 80209
720-258-6647
Elizabeth.Lewis@eclewis.com

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4 Important Things To Do Before Opening a Retail Store

Dreaming of opening your very own boutique, an artisans shop, or even a small franchise? There are a multitude of important considerations before you jump into the vibrant mix of Denver retailers. And, just when you think you have done your due diligence, you may encounter unforeseen obstacles. Whether it is an issue with a contract or agreement, choosing the right business entity, dealing with wholesalers, managing staff, or marketing your product, a small business attorney will help keep you on track. This post will cover four major parts to starting your own small retail business.

  • Product
  • Plan
  • Location
  • Finances

Product

You likely already know what you want to sell before you explore many other important factors. A working knowledge and passion for your intended product are great, but they do not guarantee success. Conducting research in order to gauge the demand for your product and keeping current on sales trends are essential to your potential for profit. The U.S. Census Bureau publishes retail trade reports every five years. These can help you measure the demand for your products.

Also, establishing relationships with product suppliers or wholesalers requires agreements and contracts, which a small business attorney will help you navigate.

Plan

Your product determined, it is time to create a comprehensive business plan. This will include a detailed description of your inventory, target customers, how to meet the needs of target customers, competition, and advantages you have over the competition. You will need to provide details about the organizational structure of your store and design a marketing strategy. Deciding on a business structure (i.e. sole proprietorship, partnership, corporation, limited liability company, etc.) will determine which tax forms you are required to file. An attorney provides tax advice and representation in the event of any audits, penalties, or other tax issues, so you should establish a relationship with a Colorado small business attorney before you file any forms with Colorado or the federal government.

Even with the best laid plans, one bad customer experience shared via social media can close your newly opened doors. A good small business attorney will work with you to develop a solid online marketing strategy as well.

Location

As with your product and plan, you will need to research potential locations for your business. Whether it is best suited for Denver’s creative Art District on Sante Fe, eclectic Union Station, or historic Larimer Square, you will want to select a property that meets your needs and budget. Your research may entail searching public records to see how a location was previously used, analyzing the foot traffic and demographics of the neighborhood, and finding a location that is visible to your customers and consistent with the image you want to project. Your attorney will assist in every aspect of your business formation from finding the ideal location, entering into lease agreements, hiring employees, drafting company documents, and filing the required state and federal paperwork.

Finances

Determining all of the expenses your business may incur when starting out will help you to spend more wisely and begin earning sooner. Plan for rent and operation expenses, such as security deposit, utilities, and staffing. Figure out if you will need to make property improvements and customizations, which are associated with a multitude of costs, including construction, furniture, fixtures, equipment, and office supplies. There are also expenses related to technology and communications (computers, phones, internet, point of sale (POS) terminals, card readers, scanners and printers), inventory, and marketing/advertising. Other required fees come with licenses, permits, taxes, and registration. Beyond borrowing money or obtaining a commercial loan, there are numerous options for small business loans. The Small Business Administration (SBA) offers several of these loan programs for entrepreneurs. Regardless of the type of financing, a small business attorney will review the written agreements and interpret the terms in order to avoid misunderstandings or defaults.

If you are starting a retail store and need an attorney, 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
3773 Cherry Creek North Drive, Suite 575
Denver, CO 80209
720-258-6647
Elizabeth.Lewis@eclewis.com

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