Carlos Lamas CPA | Application Preview
Carlos Lamas, a CPA, is applying for government grants to support his new accounting business. The funding will be used for his bi-weekly salary, computer equipment, software expenses, professional memberships, and hiring part-time contractors.
In the first year, Carlos anticipates generating between $75,000 and $100,000 in revenue, focusing on existing clients who are currently waiting for his services. For years two and three, he aims to increase revenue to $200,000 to $300,000 by leveraging referrals from satisfied clients and utilizing online marketing through platforms like LinkedIn, Facebook, and Instagram. He also plans to collaborate with local professional organizations to secure leads and intends to hire one to two employees during this phase. He envisions acquiring the businesses of retiring CPAs as an additional avenue for growth.
By years four and five, Carlos hopes to expand to four to six employees and move into office space, targeting revenues of $400,000 to $500,000.
Carlos believes he should be granted funding for several reasons:
1. The demand for tech-savvy CPAs is increasing in the Chicago area, especially as many professionals in the field are retiring.
2. He plans to focus on assisting small businesses in underserved communities, utilizing his background to relate to their unique challenges in navigating tax laws and securing financing.
3. He offers a unique skill set, with experience serving both large corporations and small businesses, and is fluent in Spanish, which enhances his ability to serve Chicago's entrepreneurial Hispanic community.
His competition consists of other CPA firms that often rely on outdated technology and processes. Carlos believes his competitive edge lies in his commitment to modernize client services, drawing from his extensive experience with larger firms to deliver high-quality service to small and mid-sized clients. His bilingual capability and understanding of both affluent and underserved markets further distinguish his approach.
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General Information
Business Registration Number: 00-000000
Location: tinley park, IL, United States
Length of Operation: 1
Number of Employees:
Annual Gross Income:
Annual Gross Expense:
Open to Loans: YES
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Funding Usage
The funding I am seeking is to pay for the following: - My bi-weekly salary - Computer Equipment - Tax and Accounting software charges - Professional service organization memberships - Hiring part time contractors to assist with the work load.
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Business Plan
Year 1. I will generate $75,000 -$100,000 of first year revenues solely on the businesses that are currently requesting my services but I am too busy with my day job to assist them. Years 2-3. My existing clients will refer additional clients based on the quality of the work I provide. I have seen this at my current place of employment. I also plan to market my CPA services through Linkedin, Facebook and Instagram. I will work with local professional organizations like the chamber of commerce to generate additional leads. During Years 2-3 I plan to have 1-2 employees and a book of business of $200,000-$300,000. Another source of new business will be through acquisition of retiring CPAs book of business. Years 4-5. At this point I plan to have 4-6 employees and office space with revenues in the $400,00 -$500,000 range. My business should receive funding for the following reasons: 1) The CPA service industry is in need of younger tech savvy professionals in the Chicago land area as well as other parts of the country. There are a lot of CPAs retiring and there is a need for my services in the small and middle market. 2) Once my business is established and I am operating at full capacity, I also plan to focus on serving small businesses in underserved communities in the Chicagoland area. There are certain businesses with good products/services that don't have a good CPA or business consultant to help them navigate complex tax law, generate meaningful financials to get loans or investment financing. I was born and raised in the inner city and I relate well to the population in underserved communities. 3) I bring a unique skill set in tax, accounting and professional services due to my experience serving large multinational companies as well as small businesses. I can bring very high quality levels of service to small and mid-size businesses at a fair price. I am also fluent in Spanish which is a big benefit in Chicago and other parts of the country. The Hispanic community is very entrepreneurial and they are in need of quality professional CPA services to help navigate the complex tax and business world. I can help businesses not only with tax and accounting, but I can help scale a businesses by providing CFO type services.
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Self Identified Competition
My competitors will be other CPA firms and there are many. With that said, many are operating with outdated technology and processes and are essentially tapped out or unable to bring on more clients without significant human capital. I have worked with very large firms and i can bring big firm process and technology to the small and mid-size business world. My CPA and professional services business will be different in a few ways: 1) I will utilize modern technology and processes to serve clients. This is lacking in many small accounting firms. 2) I bring a unique perspective having spent 14 years working for large and mid-size firms. I will bring the same level of service provided to large businesses and bring that to small and mid-size businesses. 3) I relate well to both the sophisticated business community as well as the underserved inner city businesses community due to my upbringing. I am bi-lingual in English and Spanish which will give me an edge when serving the Hispanic market.
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Contact Applicant
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