Market Research Report

Accounting Firm opportunities in Norfolk, VA
$52,748 Potential Yearly Earnings What's this number?
$181,559 Net Present Value What's this number?

  Financial Projections

Based on the parameters below, we project this business would break even in 2.0 years with a net present value of $181,559.

Net Cash Flow over 5 years

Year 0 Year 1 Year 2 Year 3 Year 4 Year 5
Net Revenues $263,741 $395,611 $527,482 $551,374 $576,348
Net Costs $237,367 $356,050 $474,734 $496,236 $518,713
Net Operating Profits $26,374 $39,561 $52,748 $55,137 $57,635
Capital
      Startup Cost -$52,115
      Terminal Value $172,904
Net Cash Flow -$52,115 $26,374 $39,561 $52,748 $55,137 $230,539

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 Norfolk.

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

  Competitors

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

H&R Block National Competitor
7525 Tidewater Dr Ste 33 Norfolk, VA 23505

H&R Block National Competitor
3676 Sewells Point Rd Ste A Norfolk, VA 23513

H&R Block National Competitor
5802 E Virginia Beach Blvd Norfolk, VA 23502

H&R Block National Competitor
2000 Colonial Ave Ste 10 Norfolk, VA 23517

H&R Block National Competitor
7501 Granby St Norfolk, VA 23505

TIP: Your market is dominated by national chains. Consider entering the market with an independant business or a regional franchise.

  Suppliers & Service Providers Contact List

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  About Norfolk and its Consumers

79 79

Norfolk is an independent city in the Commonwealth of Virginia, United States of America. At the 2010 census, the population was 242,803; in 2013, the population was estimated to be 246,392 making it the second-most populous city in Virginia, behind neighboring Virginia Beach. Norfolk is located at the core of the Hampton Roads metropolitan area, named for the large natural harbor of the same name located at the mouth of Chesapeake Bay. It is one of nine cities and seven counties that constitute the Hampton Roads metro area, officially known as the Virginia Beach-Norfolk-Newport News, VA-NC MSA. The city is bordered to the west by the Elizabeth River and to the north by the Chesapeake Bay. It also shares land borders with the independent cities of Chesapeake to its south and Virginia Beach to its east. One of the oldest of the cities in Hampton Roads, Norfolk is considered to be the historic, urban, financial, and cultural center of the region.

Norfolk is an independent city in the Commonwealth of Virginia, United States of America. At the 2010 census, the population was 242,803; in 2013, the population was estimated to be 246,392 making it the second-most populous city in Virginia, behind neighboring Virginia Beach. Norfolk is located at the core of the Hampton Roads metropolitan area, named for the large natural harbor of the...

description source
  • Population
    Population (2012) 245,782
    Population Density 4,541 ppl/sq mi
    Population Growth Rate 1.2%
    Median Income $43,108
    Median Age 29.6
    Unemployment 7.5%
    Family Household Percent 58.7%
    Avg. Household Size 2.4
    Avg. House Price $195,300
    Foreign Born 6.2%
    Married 42.3%
    Cost of Living 51.8%
  • Average Temperature
    January 40.8°F 4.9°C
    February 43.3°F 6.3°C
    March 50.2°F 10.1°C
    April 59.4°F 15.2°C
    May 67.9°F 19.9°C
    June 76.0°F 24.4°C
    July 80.1°F 26.7°C
    August 78.0°F 25.6°C
    September 72.1°F 22.3°C
    October 62.0°F 16.7°C
    November 52.6°F 11.4°C
    December 43.7°F 6.5°C
  • Demographics
    White 44.4%
    Hispanic / Latino 6.9%
    Black / African American 41.1%
    Asian 3.4%
    Native American 0.2%

  Market & Regulatory Conditions For Virginia

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

  • Small-Business Friendliness
    Overall small business friendliness A
    Ease of starting a small business A-
    Cost of hiring a new employee A
    Overall regulatory friendliness B+
    Friendliness of health and safety regulations A-
    Friendliness of employment, labor, and hiring regulations A-
    Friendliness of tax code A-
    Friendliness of licensing regulations A
    Friendliness of environmental regulations A-
    Friendliness of zoning regulations B
    Publicity of training programs A-
    Publicity of networking programs A-
    Current economic health of small business 39th/50
    Change in revenue over past 12 months 26th/50
    Forecast of small business's future economic health 12th/50
    Source: Thumbtack.com (2012)
  • Business Friendliness
    Overall Business Friendliness 8th/50
    Cost of Doing Business 30th/50
    Economy 29th/50
    Infrastructure 19th/50
    Workforce 10th/50
    Quality of life 22th/50
    Technology and innovation 10th/50
    Business friendliness 5th/50
    Education 9th/50
    Cost of living 32th/50
    Access to capital 19th/50
    Source: CNBC (2014)
  • Tax Friendliness
    Virginia Corporate Tax Rate 5.3%
    Avg Local Corporate Tax Rate in Virginia 0.3%
    Avg Combined Corporate Tax Rate 5.6%
    Overall tax friendliness 27th/50
    Corporate tax rank 6th/50
    Individual income tax rank 39th/50
    Sales tax rank 6th/50
    Unemployment insurance tax rank 37th/50
    Property tax rank 26th/50
    Source: Tax Foundation (2015)

  Suggested Cities & Businesses

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

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