Many students, tourists and homeowners in Oxford, love the fact that their town is small and quaint. Clothing stores, businesses and restaurants are within a short driving distance. Though this can be a positive for many, often some of the local businesses can actually lose money because of its lack of space.
At the intersection of South Lamar Boulevard and University Avenue, one of the more congested areas in Oxford, Checkers is under construction. Checkers opens soon and its location is visible for most to see. So, just how important is location? And what are the odds a place like Checkers has success over time in a small town like Oxford?
Martha Fondren, head of sales and marketing for the Grant & Co. in Memphis believes it’s the most precious decision when attempting to start a new business.
“I would say location is the most important consideration when planning a new business or expanding the one you already have,” Fondren said. “As in real estate, it’s all about location, location, location.”
The Entrepreneur magazine agrees saying that the single most important objective a restaurant can achieve is having good location for a successful business.
What exactly consist of a good location?
Fondren names accessibility, visibility, convenience, and safety as her four most important aspects of a good location.
Checkers location is visible to most everyone passing through downtown Oxford and just south of the Square is considered a very safe part of town. But with the overflow of traffic, many can argue that the restaurant won’t be easily accessibly or convenient.
The U.S Small Business Administration reminds of its readers the importance of people being able to get around in a certain area. Are the areas crowded or does traffic flow?
Taking everything in account, Fondren believes Checkers has a lot of positives, but also a lot of negatives. Her biggest concern is the overall traffic and lack of parking that will come with the newly established restaurant.
“A great example is Walgreens,” Fondren said. “They’ve seriously challenged the big box stores like Wal-Mart and Target because they are located on every corner and their parking lot is small enough that you can park right at the door. Considering many people are always lacking time or just lazy, they’ll pay more for that convenience.”
The Democrat reporter Theron Fly has covered town councils and local business meetings in Senatobia over the past summer. Fly feels parking is important, but at times can be overbearing.
“People must remember parking is not an inexpensive endeavor,” Fly said. “In most meetings I’ve covered, a big concern deals with financials. Business owners don’t want to overpay for something they don’t need.”
Like Fly, Fondren believes within a good location, everything must be affordable.
“As many things in business planning, it’s a balancing act,” Fondren said. “The location must justify the rent. Strategic and wise planning on the front end will always save tons of money by avoiding costly mistakes.”
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