Market Research Report

Accounting Firm opportunities in Virginia Beach, VA
$95,227 Potential Yearly Earnings What's this number?
$327,580 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 $327,580.

Net Cash Flow over 5 years

Year 0 Year 1 Year 2 Year 3 Year 4 Year 5
Net Revenues $476,134 $714,202 $952,269 $995,401 $1,040,487
Net Costs $428,521 $642,782 $857,042 $895,861 $936,438
Net Operating Profits $47,613 $71,420 $95,227 $99,540 $104,049
Capital
      Startup Cost -$94,275
      Terminal Value $312,146
Net Cash Flow -$94,275 $47,613 $71,420 $95,227 $99,540 $416,195

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 Virginia Beach.

  1. median income
  2. July temperature
  3. August temperature
  4. gross rent
  5. land area
  6. population density
  7. house price
  8. business activity
  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
6651 Indian River Rd Virginia Beach, VA 23464

H&R Block National Competitor
1650 General Booth Blvd Ste105 Virginia Beach, VA 23454

H&R Block National Competitor
701 Lynnhaven Pkwy Ste A04 Virginia Beach, VA 23452

H&R Block National Competitor
1641 Hilltop West Shopping Ctr Virginia Beach, VA 23451

All In One Accounting & Taxes Inc. Local Competitor
913 Virginia Beach Blvd #198 Virginia Beach, VA 23451

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 Virginia Beach and its Consumers

Virginia Beach is an independent city located in the U.S. state of Virginia. As of the 2010 census, the population was 437,994.In 2013, the population was estimated to be 448,479.It is the most populous city in Virginia as well as the 39th most populous in the United States. Located on the Atlantic Ocean at the mouth of the Chesapeake Bay, Virginia Beach is included in the Hampton Roads metropolitan area. This area, known as "America's First Region", also includes the independent cities of Chesapeake, Hampton, Newport News,Norfolk, Portsmouth, and Suffolk, as well as other smaller cities, counties, and towns of Hampton Roads. Virginia Beach is a resort city with miles of beaches and hundreds of hotels, motels, and restaurants along its oceanfront. Every year the city hosts the East Coast Surfing Championships as well as the North American Sand Soccer Championship, a beach soccer tournament. It is also home to several state parks, several long-protected beach areas, three military bases, a number of large corporations, two universities, Edgar Cayce's Association for Research and Enlightenment, and numerous historic sites.

Virginia Beach is an independent city located in the U.S. state of Virginia. As of the 2010 census, the population was 437,994.In 2013, the population was estimated to be 448,479.It is the most populous city in Virginia as well as the 39th most populous in the United States. Located on the Atlantic Ocean at the mouth of the Chesapeake Bay, Virginia Beach is included in the Hampton Roads...

description source
  • Population
    Population (2012) 447,021
    Population Density 1,795 ppl/sq mi
    Population Growth Rate 2.1%
    Median Income $64,614
    Median Age 34.8
    Unemployment 5.5%
    Family Household Percent 69.1%
    Avg. Household Size 2.6
    Avg. House Price $264,300
    Foreign Born 8.6%
    Married 31.8%
    Cost of Living 51.9%
  • Average Temperature
    January 40.8°F 4.9°C
    February 43.0°F 6.1°C
    March 49.2°F 9.6°C
    April 57.7°F 14.3°C
    May 65.9°F 18.8°C
    June 74.6°F 23.7°C
    July 79.0°F 26.1°C
    August 77.4°F 25.2°C
    September 71.8°F 22.1°C
    October 61.7°F 16.5°C
    November 52.7°F 11.5°C
    December 44.3°F 6.8°C
  • Demographics
    White 64.0%
    Hispanic / Latino 7.0%
    Black / African American 19.0%
    Asian 6.3%
    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 Virginia Beach based on a number of market characteristics. See More Results

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