Melbourne’s business environment takes pride in housing numerous multinational companies but it also beams with a vast number of small businesses. Many of which continue to flourish in this awesome city. After all, the place isn’t lacking in people with purchasing power. Owners of small businesses are aware, however, that this isn’t enough to score success. You need a concrete business plan to start with and constant effort to keep the business afloat.

When setting up a small business in this bustling city, here are three things that should be in your priority list.

1. A marketable service or product. It’s enticing to sell something that has little or no competition, but perhaps competition is scarce simply because the market sees no need for such product or service. Keep in mind that a great business idea is futile without people who will buy it. If you’re planning to create a market for a new product, know that it’s going to be more challenging than getting a share from an existing one.

2. Steady cash flow. Know how much you need to start and stay operational until your business starts to make money. A good tip is to overestimate expenses so you’ll be prepared when they reach more than what was originally planned.

It’s best to consult with an accountant or bookkeeper Melbourne regarding this to make sure you are getting a good estimate as well as help prepare your financial portfolio. The latter is especially important when wooing investors or securing a loan. Truth is, even if you decide to take funds from your own savings or ask customers to pay in advance, having a bookkeeper Melbourne or a reliable finance expert in your team is necessary in setting up your business.

3. Leads, sales and repeat sales. Don’t get too caught up in building your brand. This is a top mistake among start-ups; they spend too much time and money on getting their brand recognizable. Focus on generating leads instead, convert these into sales and aim for repeat sales. Sales will keep your cash flow strong and you might be surprised to see everything else follow in this success, including getting your brand right.