Tax Preparation Business Plan [Sample Template]

Are you about starting a tax preparation business? If YES, here’s a complete sample tax preparation
service business plan template & feasibility report you can use for FREE to raise money.

In case you didn’t know, there are loads of households, small businesses, mom and pop businesses,
amongst a few without the faintest idea of any tax preparation skills. These businesses struggle
with their tax concerns a lot.

Research shows that one of the reasons why many small businesses remain small and sometimes
close shop is not because they don’t have clients or capital to run the business but because they fail
to keep their books and manage their tax properly. If you are an accountant or a tax consultant,
then you can leverage on this read to start your own tax preparation services Business.

You can be sure that your services would always be in demand by those small businesses that can’t
afford to hire a full time accountant or tax consultant. They know that it would save them cost and
one good thing about it is that you can handle up to 20 clients per time depending on how
organized and hardworking you are.

A Sample Tax Preparation Service Business Plan Template

Table of Content

Industry Overview

Executive Summary

Our Product and Services

Our Mission and Vision Statement

Job Roles and Responsibilities

SWOT Analysis

MARKET ANALYSIS

Our Target Market

SALES AND MARKETING STRATEGY

Sales Forecast

Publicity and Advertising Strategy

Financial Projections and Costing

Sustainability and Expansion Strategy

Industry Overview

The financial services industry is indeed a very broad industry and one of the active lines of
businesses in the industry is tax preparation services business. Tax preparation services is all about
helping individuals and small businesses provide income tax compilation services, income tax return
preparation services, and other tax return preparation services; it is part of the process of financial
accounting in business.

In recent times, the Tax Preparation Services industry went through a slight downturn during the
recession due to a decline in national employment and of course a decrease in disposable income.
However, the industry rebounded immediately after the recession phase as the national
unemployment rate fell, and revenue increased as more Americans were required to file tax
returns.

At about same period, the tax preparation services industry landscape begun to change, with
consumer preferences increasingly trending toward establishments that offer online filing services
options.

Despite the fact that the recent improving economic conditions are expected to support the growth
of revenue generated in the industry, some tax preparations’ performance will be stunted, as
online tax preparation service providers pose a big threat traditional brick-and-mortar firms.
The Tax Preparation Services industry is indeed a large industry and pretty much active in countries
such as United States of America, United Kingdom, France, Italy, Holland, Switzerland, Japan, China,
Germany, and Canada et al.

Statistics has it that in the united states of America alone, there are about 118,890 registered and
licensed Tax Preparation Services firm responsible for employing about 292,718 and the industry
rakes in a whooping sum of $10 billion annually. The industry is projected to enjoy 4.5 percent
annual growth. The establishments with the lion share available in this industry in the United States
are H & H Block Inc., Intuit and Jackson Hewitt.

According to a report published by IBISWORLD, it was observed that households in all

socioeconomic groups across the United States use the services of tax preparers. As a result,
industry establishments and revenue are distributed in line with regional population. Many people
use the tax preparation firm nearest to them, out of convenience. Which is why when an area is
underserved, more firms move into that area to stake a claim in the market.

In the same way, tax preparation firms tend to move locations when the competition is too high
and profit margins begin to suffer. Approximately 85.1 percent of operators in this industry are
non-employers that do not have the capacity or market power to provide services beyond their
own neighborhood. While some of these firms are part of a national network, they primarily serve
local consumers.

One thing is certain about starting a tax preparation services business, if you are able to conduct
your market research and feasibility studies, you are more likely not going to struggle to secure
clients because there are always individuals, households, mom and pop shops, start – ups and even
corporate organization who would want to hire your services.

Lastly, with tax preparation services business, you can afford to partner with other smaller firms
that are into financial related services. You can partner with accounting and bookkeeping
consulting firm, you can partner with auditing firms and you can partner with human resources
consulting firms et al. The bottom line is that, if you have a robust network and you are well
positioned, you can indeed maximize your tax preparation services business.

Executive Summary

Henry Murdock Tax Consulting, LLP is a registered and licensed financial consulting firm with strong
bias in tax preparation services and will be based in Saint Paul – Minnesota.

The firm will handle all aspects of tax preparation related services; services such as income tax
compilation services, income tax return preparation services, basic tax preparation services,
standard tax preparation services, full-service tax preparation services, tax-related financial
products and other related tax return preparation services.

We are aware that to run an all – round and standard tax preparation services firm can be
demanding which is why we are well trained, certified and equipped to perform excellently well.
Henry Murdock Tax Consulting, LLP is a client – focused and result driven tax preparation services
firm that provides broad- based services at an affordable fee that won’t in any way put a hole in the
pocket of our clients.

We will offer standard and professional tax preparation services to all to our individual clients, and
corporate clients at local, state, national, and international level. We will ensure that we work hard
to meet and surpass our clients’ expectations whenever they hire our services.

At Henry Murdock Tax Consulting, LLP, our client’s best interest would always come first, and
everything we do is guided by our values and professional ethics. We will ensure that we hire
professionals who are well experienced in the financial consulting services industry with bias in
accounting, bookkeeping and payroll administration.

Henry Murdock Tax Consulting, LLP will at all times demonstrate her commitment to sustainability,
both individually and as a firm, by actively participating in our communities and integrating
sustainable business practices wherever possible.
We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s
needs precisely and completely. We will cultivate a working environment that provides a human,
sustainable approach to earning a living, and living in our world, for our partners, employees and
for our clients.

Our plan is to position the business to become the leading brand in tax preparation services line of
business in the whole of Saint Paul – Minnesota, and also to be amongst the top 20 tax preparation
services businesses in the United States of America within the first 10 years of operations.

This might look too tall a dream but we are optimistic that this will surely be realized because we
have done our research and feasibility studies and we are enthusiastic and confident that Saint Paul
– Minnesota is the right place to launch our tax preparation services business before sourcing for
clients from other cities in The United States of America.

Henry Murdock Tax Consulting, LLP is founded by Henry Murdock and Lucy Kent, his business
partner for many years. The organization will be managed by both of them since they have
adequate working experience to manage such business. Henry Murdock has well over 5 years of
experience working at various capacities within the financial cum tax consulting services industry in
the United States of America.

Mr. Henry Murdock graduated from both University of California – Berkley with a Degree in
Accounting, and University of Harvard (MSc.) and he is a chartered account with background on
taxation. Lucy Kent has ample experience in the area of tax consulting and financial auditing.

Our Product and Services

Henry Murdock Tax Consulting, LLP is going to offer varieties of services within the scope of the tax
preparation services industry in the United States of America. Our intention of starting our tax
preparation services firm is to work with individuals, household, smaller organizations (start – ups
and mom and pop shops) and also well – established corporate organizations who would want to
outsource their tax preparation concerns.
We are well prepared to make profits from the industry and we will do all that is permitted by the
law in the United States to achieve our business goals, aim and ambition. Our business offering are
listed below;

Income tax compilation services

Income tax return preparation services

Basic tax preparation services

Standard tax preparation services

Full-service tax preparation services

Tax-related financial products

Other tax return preparation services

Other financial consulting and advisory related services

Our Mission and Vision Statement

Our vision is to build a tax preparation services brand that will become the number one choice for
individuals, household, smaller businesses and corporate clients in the whole of Saint Paul –
Minnesota.

Our vision reflects our values: integrity, service, excellence and teamwork.

Our mission is to provide professional, reliable and trusted tax preparation services that assist
individuals, household, start – ups, corporate organization and non-profit organizations in
organizing their tax returns related concern.

We will position the business to become the leading brand in the tax preparation services line of
business in the whole of Minnesota, and also to be amongst the top 20 tax preparation services
firms in the United States of America within the first 10 years of operations.

Our Business Structure

Ordinarily we would have settled for two or three staff members, but as part of our plan to build a
standard tax preparation services firm in Saint Paul – Minnesota, we have perfected plans to get it
right from the beginning which is why we are going the extra mile to ensure that we have
competent, honest and hardworking employees to occupy all the available positions in our firm.

The picture of the kind of tax preparation services business we intend building and the business
goals we want to achieve is what informed the amount we are ready to pay for the best hands
available in and around Saint Paul – Minnesota as long as they are willing and ready to work with us
to achieve our business goals and objectives. Below is the business structure that we will build
Henry Murdock Tax Consulting, LLP;

Chief Executive Officer

Tax Preparation Administrator

Admin and HR Manager

Marketing and Sales Executive

Accountant

Customer Care Executive / Front Desk Officer

Job Roles and Responsibilities

Chief Executive Office:

Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching,

counseling, and disciplining managers; communicating values, strategies, and objectives; assigning
accountabilities; planning, monitoring, and appraising job results; developing incentives; developing
a climate for offering information and opinions; providing educational opportunities.

Creating, communicating, and implementing the organization’s vision, mission, and overall direction
– i.e. leading the development and implementation of the overall organization’s strategy.

Responsible for fixing prices and signing business deals

Responsible for providing direction for the business

Creates, communicates, and implements the organization’s vision, mission, and overall direction –
i.e. leading the development and implementation of the overall organization’s strategy.

Responsible for signing checks and documents on behalf of the company

Evaluates the success of the organization

Tax Preparation Consultants

Handle income tax compilation services

Handles income tax return preparation services

Responsible for handling basic tax preparation services

Handles standard tax preparation services

Responsible for handling full-service tax preparation services

In charge of all tax-related financial products

Handles other tax return preparation services

Responsible for other financial consulting and advisory related services

Admin and HR Manager

Responsible for overseeing the smooth running of HR and administrative tasks for the organization

Designs job descriptions with KPI to drive performance management for clients

Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies,
Procedures and Processes

Maintains office supplies by checking stocks; placing and expediting orders; evaluating new
products.
Ensures operation of equipment by completing preventive maintenance requirements; calling for
repairs.

Defines job positions for recruitment and managing interviewing process

Carrying out staff induction for new team members

Responsible for training, evaluation and assessment of employees

Responsible for arranging travel, meetings and appointments

Updates job knowledge by participating in educational opportunities; reading professional

publications; maintaining personal networks; participating in professional organizations.

Oversees the smooth running of the daily office activities.

Marketing and Sales Executive

Identifies, prioritizes, and reaches out to new partners, and business opportunities et al

Identifies development opportunities; follows up on development leads and contacts; participates

in the structuring and financing of projects; assures the completion of relevant projects.

Writes winning proposal documents, negotiate fees and rates in line with company policy

Responsible for handling business research, marker surveys and feasibility studies for clients

Responsible for supervising implementation, advocate for the customer’s needs, and communicate
with clients

Develops, executes and evaluates new plans for expanding increase sales

Documents all customer contact and information

Represents the company in strategic meetings

Helps to increase sales and growth for the company

Accountant
Responsible for preparing financial reports, budgets, and financial statements for the organization

create reports from the information concerning the financial transactions recorded by the
bookkeeper

Prepare the income statement and balance sheet using the trial balance and ledgers prepared by
the bookkeeper.

Provides managements with financial analyses, development budgets, and accounting reports;
analyzes financial feasibility for the most complex proposed projects; conducts market research to
forecast trends and business conditions.

Responsible for financial forecasting and risks analysis.

Performs cash management, general ledger accounting, and financial reporting for one or more
properties.

Responsible for developing and managing financial systems and policies

Responsible for administering payrolls

Ensuring compliance with taxation legislation

Handles all financial transactions for the company

Serves as internal auditor for the company

Client Service Executive / Front Desk Officer

Welcomes guests and clients by greeting them in person or on the telephone; answering or
directing inquiries.

Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with
a personalized customer service experience of the highest level

Through interaction with clients on the phone, uses every opportunity to build client’s interest in
the company’s products and services

Manages administrative duties assigned by the manager in an effective and timely manner
Consistently stays abreast of any new information on the company’s products, promotional
campaigns etc. to ensure accurate and helpful information is supplied to clients

Receives parcels / documents for the company

Distribute mails in the organization

Handles any other duties as assigned my the line manager

SWOT Analysis

Henry Murdock Tax Consulting, LLP engaged the services of a core professional in the area of
business consulting and structuring to assist the firm in building a well – structured tax preparation
services firm that can favorably compete in the highly competitive financial consulting cum tax
preparation services industry.

Part of what the team of business consultant did was to work with the management of our
organization in conducting a SWOT analysis for Henry Murdock Tax Consulting, LLP. Here is a
summary from the result of the SWOT analysis that was conducted on behalf of Henry Murdock Tax
Consulting, LLP;

Strength:

Our core strength lies in the power of our team; our workforce. We have a team that can go all the
way to give our clients value for their money; a team that are trained and equipped to pay
attention to details and to deliver excellent tax preparation jobs. We are well positioned and we
know we will attract loads of clients from the first day we open our doors for business.

Weakness:

As a new tax preparation services firm, it might take some time for our organization to break into
the market and gain acceptance especially from top corporate clients in the already saturated tax
preparation cum financial consulting services industry; that is perhaps our major weakness. So also
we may not have the required cash to give our business the kind of publicity we would have loved
to.
Opportunities:

The opportunities in the tax preparation cum financial consulting services industry is massive
considering the number of individuals, households, mom and pop businesses, start – ups and of
course corporate organizations who can’t afford to do without the services of tax preparation
service providers. As a standard and well – positioned tax preparation service provider, we are
ready to take advantage of any opportunity that comes our way.

Threat:

Some of the threats that we are likely going to face as a tax preparation service firm operating in
the United States are unfavorable government policies, the arrival of a competitor within our
location of operations and global economic downturn which usually affects purchasing / spending
power. There is hardly anything we can do as regards these threats other than to be optimistic that
things will continue to work for our good.

MARKET ANALYSIS

Market Trends

The financial consulting services industry of which tax preparation services is a subset of is indeed a
very large industry and of course it is one industry that works for individuals and businesses across
different industries. If you are conversant with the trend in the financial consulting services
industry,.

You will agree that loads of mom and pops, businesses, and start – up ventures that do not have
the capacity to hire chatter accountants to handle their tax returns concern would naturally hire
the services of tax preparation services providers who would usually charge them service charge.

Relatively, it is cheaper and less stressful to hire the services of tax preparation service providers as
against employing a qualified accountant or tax consultant. In recent times, the Tax Preparation
Services industry went through a slight downturn during the recession due to a decline in national
employment and of course a decrease in disposable income.
However, the industry rebounded immediately after the recession phase as the national
unemployment rate fell, and revenue increased as more Americans were required to file tax
returns. At about same period, the tax preparation services industry landscape begun to change,
with consumer preferences increasingly trending toward establishments that offer online filing
services options.

Another notable trend in the tax preparation cum financial consulting services industry is that in the
last five years, the industry has performed impressively as a large reduction in unemployment
boosted the revenue generated in the industry.

So also, the tax preparation cum financial consulting services industry has benefited from the
advancement of online and computer tax preparation services, with new cloud-based offerings
providing a new revenue stream for operators, and attracting new customers. Going forward,
increasing product penetration and of course an expanding customer base is expected to drive
growth in the industry.

Our Target Market

The demographic and psychographics composition of those who need the services of tax
preparation service providers cuts across individuals and households, small businesses and large
corporations.

Henry Murdock Tax Consulting, LLP will initially serve individuals and households, small to medium
sized business, from new ventures to well established businesses and individual clients, but that
does not in any way stop us from growing to be able to compete with the leading tax preparation
service firms in the United States.

As a standard and licensed tax preparation service firm, Henry Murdock Tax Consulting, LLP offers a
wide range of tax preparation services cum financial consulting services hence we are well trained
and equipped to services a wide range of clientele base.
Our target market cuts across businesses of different sizes and industries. We are coming into the
industry with a business concept that will enable us work with the small businesses and bigger
corporations in and around Saint Paul – Minnesota and other cities in the United States of America.
Below is a list of the businesses and organizations that we have specifically design our products and
services for;

Individuals (corporate executives and business people)

Mom and Pop Businesses

NGOs

Corporate Organizations

Households

Political Parties / Politicians

Hotels and Restaurants

Schools (High Schools, Colleges and Universities)

Sport Organizations

Entrepreneurs and Start – Ups

Our competitive advantage

The level of competitions in the tax preparation cum financial consulting services industry depends
largely on the location of the business and of course the niche of your financial consulting services.
If you can successfully create a unique brand identity for your tax preparation services firm or carve
out a unique market, you are likely going to experience less competition.

For instance if you are one of the few tax preparation services firms in your locations that also offer
bookkeeping and financial auditing services and also online tax preparation services, you are likely
going to have a competitive advantage over your competitors.
Although the competition in the tax preparation services line of business is not just within same
service providers but also other financial consulting related service providers in the tax preparation
cum financial consulting services industry.

We are quite aware that to be highly competitive in the tax preparation services cum financial
consulting services industry means that we should be able to deliver consistent quality service, our
clients should be able to experience remarkable difference cum improvement and we should be
able to meet the expectations of clients.

Henry Murdock Tax Consulting, LLP might be a new entrant into the tax preparation services cum
financial consulting services industry in the United States of America, but the management staffs
and owners of the business are considered gurus. They are people who are core professionals and
licensed and highly qualified tax consultants in the United States. These are part of what will count
as a competitive advantage for us.

Lastly, our employees will be well taken care of, and their welfare package will be among the best
within our category (start – ups tax preparation service providers) in the industry meaning that they
will be more than willing to build the business with us and help deliver our set goals and achieve all
our aims and objectives.

SALES AND MARKETING STRATEGY

We are mindful of the fact that there are stiffer competition amongst tax preparation service
providers and other related financial consulting service providers in the United States of America;
hence we have been able to hire some of the best business developer to handle our sales and
marketing.

Our sales and marketing team will be recruited base on their vast experience in the industry and
they will be trained on a regular basis so as to be well equipped to meet their targets and the
overall goal of the organization.
We will also ensure that our excellent job delivery speaks for us in the market place; we want to
build a standard tax preparation service business that will leverage on word of mouth
advertisement from satisfied clients (both individuals and corporate organizations).

Our goal is to grow our tax preparation services firm to become one of the top 20 tax preparation
services firms in the United States of America which is why we have mapped out strategy that will
help us take advantage of the available market and grow to become a major force to reckon with
not only in the Saint Paul – Minnesota but also in other cities in the United States of America.

Henry Murdock Tax Consulting, LLP is set to make use of the following marketing and sales
strategies to attract clients;

Introduce our business by sending introductory letters alongside our brochure to corporate
organizations, schools, households and key stake holders in Saint Paul and other cities in
Minnesota.

Advertise our tax preparation services business in relevant financial and business related
magazines, newspapers, TV stations, and radio station.

List our tax preparation services business on yellow pages ads (local directories)

Attend relevant international and local finance and business expos, seminars, and business fairs et
al

Create different packages for different category of clients (start – ups and established corporate
organizations) in order to work with their budgets and still deliver quality services to them

Leverage on the internet to promote our tax preparation services business

Engage direct marketing approach

Encourage word of mouth marketing from loyal and satisfied clients.

Sources of Income
Henry Murdock Tax Consulting, LLP is established with the aim of maximizing profits in the tax
preparation services cum financial consulting services industry and we are going to go all the way to
ensure that we do all it takes to attract clients on a regular basis and sign retainer – ship with most
of our clients.

Henry Murdock Tax Consulting, LLP will generate income by offering the following tax preparation
cum tax consulting services for individuals, households, start – ups, NGOs and for corporate
organizations;

Provide income tax compilation services

Provide income tax return preparation services

Provide basic tax preparation services

Provide standard tax preparation services

Provide full-service tax preparation services

Provide tax-related financial products

Provide other tax return preparation services

Other financial consulting and advisory related services

Sales Forecast

One thing is certain, there would always be individuals, households, mom and pop shops, start –
ups, NGOs and corporate organizations who would need the services of professional tax
preparation services providers.

We are well positioned to take on the available market in Saint Paul – Minnesota and other key
cities in the United States of America and we are quite optimistic that we will meet our set target of
generating enough income / profits from the first six month of operations and grow the business
and our clientele base beyond Saint Paul to other cities in Minnesota and other states in the United
States.

We have been able to critically examine the tax preparation services cum financial consulting
market and we have analyzed our chances in the industry and we have been able to come up with
the following sales forecast. The sales projection is based on information gathered on the field and
some assumptions that are peculiar to startups in Saint Paul – Minnesota.

Below is the sales projection for Henry Murdock Tax Consulting, LLP, it is based on the location of
our business and the wide range of tax preparation services that we will be offering;

First Fiscal Year-: $150,000

Second Fiscal Year-: $350,000

Third Fiscal Year-: $750,000

N.B: This projection is done based on what is obtainable in the industry and with the assumption
that there won’t be any major economic meltdown and natural disasters within the period stated
above. There won’t be any major competitor offering same additional services as we do within
same location. Please note that the above projection might be lower and at the same time it might
be higher.

Our Pricing Strategy

Hourly billing for tax preparation services cum financial consulting services is a long – time tradition
in the industry. However, for some types of tax preparation services cum financial consultancy
services, flat fees make more sense because they allow clients to better predict consultancy costs.

As a result of this, Henry Murdock Tax Consulting, LLP will charge our clients a flat fee for many
basic services such as tax preparation services and business advisory services and tax consulting et
al.
At Henry Murdock Tax Consulting, LLP we will keep our fees below the average market rate for all
of our clients by keeping our overhead low and by collecting payment in advance. In addition, we
will also offer special discounted rates to individuals, households, start – ups, nonprofits,
cooperatives, and small social enterprises.

We are aware that there are some clients that would need regular access to tax consultancy and
advisory services and assistance, we will offer flat rate for such services that will be tailored to take
care of such clients’ needs.

Payment Options

At Henry Murdock Tax Consulting, LLP our payment policy will be all inclusive because we are quite
aware that different people prefer different payment options as it suits them. Here are the
payment options that we will make available to our clients;

Payment by via bank transfer

Payment via online bank transfer

Payment via check

Payment via bank draft

Payment with cash

In view of the above, we have chosen banking platforms that will help us achieve our plans with
little or no itches. Our bank account numbers will be made available on our website and
promotional materials to clients who may want to deposit cash or make online transfer for our
service charge.

Publicity and Advertising Strategy

We are aware of the importance of adequately publicizing a start – up business like ours hence we
have been able to work with our brand and publicity consultants to help us map out publicity and
advertising strategies that will help us walk our way into the heart of our target market.

We are set to take the tax preparation services cum financial consulting services industry by storm
which is why we have made provisions for effective publicity and advertisement of our travels and
tours agencies. Below are the platforms we intend to leverage on to promote and advertise Henry
Murdock Tax Consulting, LLP;

Place adverts on both print (community based newspapers and magazines) and electronic media
platforms

Sponsor relevant community based events / programs

Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, YouTube,
Google + et al to promote our brand

Install our Bill Boards on strategic locations all around Saint Paul – Minnesota.

Engage in road show from time to time in target neighborhood in and around Saint Paul –
Minnesota

Distribute our fliers and handbills in target areas in and around Saint Paul – Minnesota

Ensure that all our workers wear our branded shirts and all our vehicles are well branded with our
company’s logo et al.

Financial Projections and Costing

Starting a tax preparation services firm can be cost effective; this is so because on the average, you
are not expected to acquire expensive machines and equipment.

Basically what you should be concerned about is the amount needed to secure a standard office
facility in a good and busy business district, the amount needed to furniture and equip the office,
the amount to purchase the required tax and accounting software applications, the amount needed
to pay bills, promote the business and obtain the appropriate business license and certifications.
This is the financial projection and costing for starting Henry Murdock Tax Consulting, LLP;

The Total Fee for incorporating the Business in the United States of America – $750.

The budget for basic insurance policy covers, permits and business license – $2,500

The total amount needed to acquire a suitable Office facility in a business district 6 months (Re –
Construction of the facility inclusive) – $40,000.

The Cost for equipping the office (computers, software applications, printers, fax machines,
furniture, telephones, filing cabins, safety gadgets and electronics et al) – $5,000

The cost for purchase of the required software applications (CRM software, Tax, Accounting and
Bookkeeping software and Payroll software et al) – $10,500

The Cost of Launching your official Website – $600

The budget for paying at least three employees for 3 months plus utility bills – $10,000

Additional Expenditure (Business cards, Signage, Adverts and Promotions et al) – $2,500

Miscellaneous: $1,000

Going by the report from the market research and feasibility studies conducted, we will need over
one hundred and fifty thousand (150,000) U.S. dollars to successfully set – up a medium scale but
standard tax preparation services firm in the United States of America.

Generating Funding / Startup Capital for Henry Murdock Tax Consulting, LLP

Henry Murdock Tax Consulting, LLP is a business that will be owned and managed by Henry
Murdock and his business partner for many years Lucy Kent. They are the sole financial of the firm,
but may likely welcome partners later which is why they decided to restrict the sourcing of the start
– up capital for the business to just three major sources.
These are the areas we intend generating our start – up capital;

Generate part of the start – up capital from personal savings

Source for soft loans from family members and friends

Apply for loan from my Bank

N.B: We have been able to generate about $50,000 (Personal savings $40,000 and soft loan from
family members $10,000) and we are at the final stages of obtaining a loan facility of $100,000 from
our bank. All the papers and document has been duly signed and submitted, the loan has been
approved and any moment from now our account will be credited.

Sustainability and Expansion Strategy

The future of a business lies in the numbers of loyal customers that they have the capacity and
competence of the employees, their investment strategy and the business structure. If all of these
factors are missing from a business (company), then it won’t be too long before the business close
shop.

One of our major goals of starting Henry Murdock Tax Consulting, LLP is to build a business that will
survive off its own cash flow without the need for injecting finance from external sources once the
business is officially running.

We know that one of the ways of gaining approval and winning customers over is to offer our tax
preparation services cum tax consulting services a little bit cheaper than what is obtainable in the
market and we are well prepared to survive on lower profit margin for a while.

Henry Murdock Tax Consulting, LLP will make sure that the right foundation, structures and
processes are put in place to ensure that our staff welfare are well taken of. Our company’s
corporate culture is designed to drive our business to greater heights and training and re – training
of our workforce is at the top burner of our business strategy.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff
and it will be based on their performance for a period of three years or more as determined by the
board of the organization. We know that if that is put in place, we will be able to successfully hire
and retain the best hands we can get in the industry; they will be more committed to help us build
the business of our dreams.

Check List / Milestone

Business Name Availability Check: Completed

Business Incorporation: Completed

Opening of Corporate Bank Accounts various banks in the United States: Completed

Opening Online Payment Platforms: Completed

Application and Obtaining Tax Payer’s ID: In Progress

Application for business license and permit: Completed

Purchase of All form of Insurance for the Business: Completed

Conducting Feasibility Studies: Completed

Securing a standard office facility (renovation inclusive): Completed

Generating part of the start – up capital from the founder: Completed

Applications for Loan from our Bankers: In Progress

Writing of Business Plan: Completed

Drafting of Employee’s Handbook: Completed

Drafting of Contract Documents:In Progress

Design of The Company’s Logo: Completed

Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed

Recruitment of employees: In Progress

Purchase of the Needed software applications, furniture, office equipment, electronic appliances
and facility facelift: In Progress

Creating Official Website for the Company: In Progress

Creating Awareness for the business (Business PR): In Progress

Health and Safety and Fire Safety Arrangement: In Progress

Establishing business relationship with vendors and key players in the industry: In Progress