Market Research Report

Accounting Firm opportunities in Akron, OH
$40,567 Potential Yearly Earnings What's this number?
$138,137 Net Present Value What's this number?

  Financial Projections

Based on the parameters below, we project this business would break even in 1.9 years with a net present value of $138,137.

Net Cash Flow over 5 years

Year 0 Year 1 Year 2 Year 3 Year 4 Year 5
Net Revenues $202,835 $304,252 $405,669 $418,364 $431,456
Net Costs $182,551 $273,827 $365,102 $376,528 $388,311
Net Operating Profits $20,283 $30,425 $40,567 $41,836 $43,146
Capital
      Startup Cost -$38,904
      Terminal Value $129,437
Net Cash Flow -$38,904 $20,283 $30,425 $40,567 $41,836 $172,583

Startup costs are estimated as the larger of PYE and median income multiplied by the cost of living in the city. The positive cash flows in years 1 to 5 are estimated from the PYE. The first year is discounted by 50%, the second year is discounted by 75%, the fourth through tenth years are inflated according to a growth rate estimated from the GDP growth rate of the state. The profit margin is defaulted 10%. In year 5 a “terminal value” equal to the year 5 net operating income times three is added. The hurdle rate is defaulted to 15%. All values are net of taxes.

Financial Parameters

Change these parameters to customize your financial model

  Statistical Analysis
How is this opportunity calculated?

The following ten market factors are the most important determinants used to calculate the need for businesses of this type in Akron.

  1. median income
  2. July temperature
  3. August temperature
  4. gross rent
  5. population density
  6. business activity
  7. land area
  8. house price
  9. nearby population
  10. white

  Competitors

Accounting firms or individuals that provide accounting, tax filing, or related financial services to clients.

H&R Block National Competitor
754 W Market St Akron, OH 44303

Lux & Associates Local Competitor
867 Moe Dr Akron, OH 44310

Schlabig & Associates Ltd Local Competitor
525 Wolf Ledges Pkwy Akron, OH 44311

F Lee's Tax & Accounting Services Local Competitor
875 E Market St Akron, OH 44305

Stone Financial Network Local Competitor
1655 W Market St Akron, OH 44313

TIP: Your market is dominated by independant companies. Consider entering with a national or regional franchise.

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  About Akron and its Consumers

Akron is the fifth largest city in the U.S. state of Ohio and is the county seat of Summit County. It is located in the Great Lakes region approximately 39 miles (63 km) south of Lake Erie along the Little Cuyahoga River. As of the 2010 census, the city had a population of 199,110.The Akron Metropolitan Statistical Area covers Summit and Portage counties, and in 2010 had a population of 703,200.Akron is also part of the larger Cleveland-Akron-Elyria Combined Statistical Area, which in 2010 had a population of 2,780,440. With a population increase of 201.8% during the 1910s, it became the nation's fastest growing city due to industries such as the stoneware, sanitary sewer, fishing tackle, farming equipment, match, toy, and rubber. The companies General Tire, Goodrich, Firestone, and Goodyear built headquarters, Airships, blimps, dirigibles, and zeppelins have been manufactured at the Goodyear Airdock since World War II. The Goodyear Polymer and National Polymer Innovation Centers are on the University of Akron campus which anchors the Polymer Valley and is home to the Archives of the History of American Psychology. Akron also headquartered the National Marble Tournament, Professional Bowlers Association, and Women's Professional Mud Wrestling.

Akron is the fifth largest city in the U.S. state of Ohio and is the county seat of Summit County. It is located in the Great Lakes region approximately 39 miles (63 km) south of Lake Erie along the Little Cuyahoga River. As of the 2010 census, the city had a population of 199,110.The Akron Metropolitan Statistical Area covers Summit and Portage counties, and in 2010 had a population of...

description source
  • Population
    Population (2012) 198,549
    Population Density 3,200 ppl/sq mi
    Population Growth Rate -0.3%
    Median Income $31,392
    Median Age 35.7
    Unemployment 7.7%
    Family Household Percent 56.2%
    Avg. Household Size 2.3
    Avg. House Price $83,600
    Foreign Born 4.2%
    Married 44.7%
    Cost of Living 50.3%
  • Average Temperature
    January 28.4°F -2.0°C
    February 30.9°F -0.6°C
    March 39.4°F 4.1°C
    April 51.0°F 10.6°C
    May 60.7°F 15.9°C
    June 70.2°F 21.2°C
    July 73.9°F 23.3°C
    August 72.6°F 22.6°C
    September 65.0°F 18.3°C
    October 53.6°F 12.0°C
    November 43.5°F 6.4°C
    December 32.3°F 0.2°C
  • Demographics
    White 61.2%
    Hispanic / Latino 2.1%
    Black / African American 31.2%
    Asian 2.1%
    Native American 0.2%

  Market & Regulatory Conditions For Ohio

Third parties rate Ohio's business and regulatory conditions according to their own methods. We report them here for informational purposes.

  • Small-Business Friendliness
    Overall small business friendliness D+
    Ease of starting a small business D+
    Cost of hiring a new employee C+
    Overall regulatory friendliness C
    Friendliness of health and safety regulations C-
    Friendliness of employment, labor, and hiring regulations C
    Friendliness of tax code C-
    Friendliness of licensing regulations C
    Friendliness of environmental regulations C+
    Friendliness of zoning regulations B-
    Publicity of training programs D+
    Publicity of networking programs D
    Current economic health of small business 41th/50
    Change in revenue over past 12 months 24th/50
    Forecast of small business's future economic health 40th/50
    Source: Thumbtack.com (2012)
  • Business Friendliness
    Overall Business Friendliness 18th/50
    Cost of Doing Business 15th/50
    Economy 15th/50
    Infrastructure 6th/50
    Workforce 46th/50
    Quality of life 43th/50
    Technology and innovation 17th/50
    Business friendliness 33th/50
    Education 15th/50
    Cost of living 15th/50
    Access to capital 29th/50
    Source: CNBC (2014)
  • Tax Friendliness
    Ohio Corporate Tax Rate 5.8%
    Avg Local Corporate Tax Rate in Ohio 1.4%
    Avg Combined Corporate Tax Rate 7.1%
    Overall tax friendliness 44th/50
    Corporate tax rank 26th/50
    Individual income tax rank 47th/50
    Sales tax rank 32th/50
    Unemployment insurance tax rank 5th/50
    Property tax rank 20th/50
    Source: Tax Foundation (2015)

  Suggested Cities & Businesses

The following cities have the highest PYE for Accounting Firm within 500 miles of Akron based on a number of market characteristics. See More Results

The following businesse types have the highest PYE in Akron. See More Results