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.
- Taking Care of Inventory
- Minimizing Down-Time
- Setting up in Denver
- 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: email@example.com
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Law Office of E.C. Lewis, P.C.
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501 S. Cherry St., Suite 1100
Denver, CO 80264
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