Market Research Report

Accounting Firm opportunities in Syracuse, NY
$18,792 Potential Yearly Earnings What's this number?
$52,763 Net Present Value What's this number?

  Financial Projections

Based on the parameters below, we project this business would break even in 3.2 years with a net present value of $52,763.

Net Cash Flow over 5 years

Year 0 Year 1 Year 2 Year 3 Year 4 Year 5
Net Revenues $93,959 $140,938 $187,917 $195,522 $203,435
Net Costs $84,563 $126,844 $169,125 $175,970 $183,092
Net Operating Profits $9,396 $14,094 $18,792 $19,552 $20,344
Capital
      Startup Cost -$30,056
      Terminal Value $61,031
Net Cash Flow -$30,056 $9,396 $14,094 $18,792 $19,552 $81,374

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 Syracuse.

  1. median income
  2. July temperature
  3. August temperature
  4. gross rent
  5. population density
  6. business activity
  7. house price
  8. land area
  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
4729 Onondaga Blvd Syracuse, NY 13219

H&R Block National Competitor
2140 W Genesee St Syracuse, NY 13219

H&R Block National Competitor
4200 S Salina St Syracuse, NY 13205

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

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  About Syracuse and its Consumers

Syracuse is a city in, and the county seat of, Onondaga County, New York, United States. It is the largest U.S. city with the name "Syracuse", and is the fifth most populous city in the state of New York. At the 2010 census, the city's population was 145,170 (making it the 175th largest city in the country), and the metropolitan area had a population of 662,577. It is the economic and educational hub of Central New York, a region with over a million inhabitants. Syracuse is well provided with convention sites, with a downtown convention complex and, directly west, the Empire Expo Center, which hosts the annual Great New York State Fair. The city derives its name from Siracusa on the eastern coast of the Italian island of Sicily. The city has been a major crossroads over the last two centuries, first between the Erie Canal and its branch canals, then on therailway network. Syracuse is at the intersection of Interstates 81 and 90, and its airport is the largest in the region.

Syracuse is a city in, and the county seat of, Onondaga County, New York, United States. It is the largest U.S. city with the name "Syracuse", and is the fifth most populous city in the state of New York. At the 2010 census, the city's population was 145,170 (making it the 175th largest city in the country), and the metropolitan area had a population of 662,577. It is the economic and...

description source
  • Population
    Population (2012) 144,170
    Population Density 5,756 ppl/sq mi
    Population Growth Rate -0.7%
    Median Income $28,817
    Median Age 29.4
    Unemployment 8.9%
    Family Household Percent 49.6%
    Avg. Household Size 2.3
    Avg. House Price $86,700
    Foreign Born 8.7%
    Married 51.9%
    Cost of Living 54.7%
  • Average Temperature
    January 23.6°F -4.7°C
    February 25.9°F -3.4°C
    March 34.2°F 1.2°C
    April 46.9°F 8.3°C
    May 57.6°F 14.2°C
    June 66.7°F 19.3°C
    July 71.3°F 21.8°C
    August 69.8°F 21.0°C
    September 62.0°F 16.7°C
    October 50.6°F 10.3°C
    November 40.6°F 4.8°C
    December 29.4°F -1.4°C
  • Demographics
    White 53.8%
    Hispanic / Latino 7.0%
    Black / African American 27.3%
    Asian 6.0%
    Native American 1.1%

  Market & Regulatory Conditions For New York

Third parties rate New York'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 B-
    Overall regulatory friendliness F
    Friendliness of health and safety regulations D
    Friendliness of employment, labor, and hiring regulations F
    Friendliness of tax code F
    Friendliness of licensing regulations F
    Friendliness of environmental regulations D
    Friendliness of zoning regulations F
    Publicity of training programs B-
    Publicity of networking programs C-
    Current economic health of small business 35th/50
    Change in revenue over past 12 months 37th/50
    Forecast of small business's future economic health 29th/50
    Source: Thumbtack.com (2012)
  • Business Friendliness
    Overall Business Friendliness 40th/50
    Cost of Doing Business 50th/50
    Economy 34th/50
    Infrastructure 38th/50
    Workforce 43th/50
    Quality of life 21th/50
    Technology and innovation 3th/50
    Business friendliness 29th/50
    Education 1th/50
    Cost of living 50th/50
    Access to capital 4th/50
    Source: CNBC (2014)
  • Tax Friendliness
    New York Corporate Tax Rate 4.0%
    Avg Local Corporate Tax Rate in New York 4.5%
    Avg Combined Corporate Tax Rate 8.5%
    Overall tax friendliness 49th/50
    Corporate tax rank 20th/50
    Individual income tax rank 49th/50
    Sales tax rank 40th/50
    Unemployment insurance tax rank 31th/50
    Property tax rank 46th/50
    Source: Tax Foundation (2015)

  Suggested Cities & Businesses

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

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