BUSINESS PLAN

May 25, 2023

BUSINESS PLAN

BUSINESS PLAN

SECTION 1: THE BUSINESS PROFILEDescription of My BusinessMy business will basically focus on the preparation of seasonal individual and small business tax service.

Targeted Market and Customers(Session 1): Describe your customer profile and why customers want or need your product or service.

My customer profile is mostly Low wage earners and middle income level with Earned income and kids. They are very loyal and serviceable. My customers need my service because of the level of service I exhibit. My experience and personal relationship with them serve as an intricate factor.

Growth Trends In This Business(Session 1): Is the market for your product or service growing or shrinking?

The market of my product or service is growing. Since I commence my business, I have realized revenue growth and profitability YOY. This industry is recession proof.

Pricing Power(Session 1): Explain the unique qualities or circumstances concerning your product or service that will enable you to maintain profitable pricing. The Unique quality concerning my service is that of Pricing my service base on the quality of work and complexity of tax preparation. My pricing strategy is non-aggressive due to the fact that most customers are price sensitive. It takes about 20 minutes to do a simple tax return. I utilize fix base pricing rather than hourly.

BUSINESS PLAN

SECTION 2: THE VISION AND THE PEOPLE(Session 2): Describe convincingly that you are passionately committed to your new business and have the realism to make inevitable hard choices.

My vision is to be the first choice for tax preparation service. I am passionately committed to my business in that of my Mission statement: My mission statement is to be the most customer focused, cost efficient tax preparation service in the Industry I serve. My Values in making inevitable hard choices is that of: INTEGRITY, CONTINUOUS IMPROVEMENT, PASSION, ACCOUNTABILITY, AND COMMITMENT.

THE PEOPLEWork Experience Related to My Intended Business(Session 2): Describe your work experience in the business you plan to start including a list of your skills and knowledge, which will be required in your business.

My work experience is the field of Business Management with Emphasis in Marketing. I have acquired vast tax and accounting knowledge. Branch Manager: Train and developed employees. Developed and implemented local sales and marketing initiatives. Ensured unparallel customer satisfaction .met and exceeded established revenue goals. Demonstrated ability to work in ambiquity and solved problems independently. Created ownership culture with a focus on sales and customer service. Created standardized business process that improved performance and enhanced customer service. Prepared taxes as a hobby for 3 years. Completed coursework in Taxation. Personal Background and Education Credentials(Session 2): Describe yourself, including your education.

I’m very goal oriented. I am very knowledgable and possess successful experience in planning, organizing, and following up . I am adapt to place my self in a postion for opportunities for personal contribution and professional growth.

My education level is a BSc in Business Administration with emphasis in Marketing and Accounting.

BUSINESS PLAN

SECTION 3: HOME BASED BUSINESS ISSUES1. Factors in Selecting the Business

(Session 3): Describe your considerations for selecting your home business and list:

1. Your experience in the business2. My experience in the business is that I have been preparing taxes for 8 years.

2. Why appropriate for home based3. I decided to pursue home based business due to convenience of being with my

family. Low start up cost. Freedom to make efficient decision. Most of my customers are serviced over phone. Minimum travelling and consultation cost. 3. Your utilization of Internet and communications tools

4. I have an effective internet and communication tools. I utilized my Laptop and have a phone line for fax. 4. Home based zoning and licensing required

5. I have acquired General business License from my county. There is no zoning requirement involved. 5. Your competition

6. My competition is the local chain HR and Liberty Tax within close proximity. However, most of my business is thru WOM and personal referral from loyal customers.

7. The Home Based Business Format

(Session 3): Describe if the business is part-time (moonlighting) or full time. My tax preparation service will be a Fulltime Business. I have terminated my service with corporate America which have afforded me the opportunity to focus on my business. 1. If a full time business describe your preparations before quitting your job Acquired training and education in tax preparation field. Conducted research in the industry. Minimum financial investment. Build up substantial amount of clientele.

8. Conflict of interest management

(Session 3): If business is part-time describe your conflict of interest policy and compartmentalization of job and business.N/A – FULL TIME BUSINESS.

BUSINESS PLAN

SECTION 3: HOME BASED BUSINESS ISSUES9. Operating personnel

(Session 3: Describe the personnel who will be involved in operating the business including any family members. Describe participation and responsibilities.

My business is mainly that of Sole Proprietorship. I will be basically involve in the operation of the business. I have acquired 267 customers. I have contacted experienced individuals should incase I experienced massive Demand. My wife will handle most of the administrative duties.

BUSINESS PLAN

SECTION 4: FINANCINGFinancing Strategy(Session 4): Provide a chart or spreadsheet showing all of the sources of your start-up capital. Explain any government assistance or loan guarantee programs you intend to apply for.My start up cost contain minimum overhead. Use personal finance to purchase supplies and educational expense for business. Save a substantial amount from revenue generated during preparing tax as hobby. If your business is for use with potential lenders, include a cash flow projection and projected income statements to show sources of repayment of loans. Be conservative in your forecasts.N/A

List your sources of referrals to lending institutions. (Your accountant, etc.)Local community event. Churches, Shopping outlet, Business event, WOM, Personal referral thru existing client.

BUSINESS PLAN

SECTION 5: ORGANIZATIONBusiness Organization(Session 5): Explain the form of business organization you intend to use and why it is best for your business.

I intend to use Sole Proprietorship because of the ease of start up cost and is the simplest form of business. I have complete autonomy in business operations and decisions.

Professional Consultants(Session 5): List the names of your lawyer, accountant, insurance agent and any other professionals.N/A

Licenses(Session 5): List what licenses you will require to go into business.General Business license, CTEC license to practice in California, EFIN, Authorized IRS Efile provider, Member-National Tax Education Council. Tax products compliance certificate, and EITC certificate of completion.

BUSINESS PLAN

SECTION 6: LICENSES, PERMITS AND BUSINESS NAMESDue Diligence Procedures for Licenses, Permits and Business Names (Session 6): List the following:

DBA: List the name you intend to do business asMUNIEH TAX SOLUTIONS

Zoning: Indicate if the zoning if appropriate for your intended office locationN/ALicenses: List the appropriate licenses you will need at the local, state, and federal levelGeneral business license from my county. Local: General Business License from my county.State: California Tax Education CouncilFederal:

Trademark: Indicate your trademark intentions if any existMTS. Intial for my business. “Referrals are my best compliments”Sellers Permit: List any sellers permits that you may needN/AEIN: Indicate if you will obtain an employers identification numberAlready obtained EIN.

BUSINESS PLAN

SECTION 7: INSURANCEInsurance(Session 7): List the forms of insurance coverage including costs are anticipated.Purchased state MANDATED Tax preparer Bond for $5000 for a year.

BUSINESS PLAN

SECTION 8: COMMUNICATIONSComputer and Communications Tools(Session 8): Furnish a tabulation of each piece of equipment you intend to use including a description and the budget for each. You can use the following as a guide.

Resource Requirements:

CommunicationsCellphone,email, texting,flyers,presentation at local event. Enter a description and budget of all communications equipment.N/A

TelephonesEnter a description and budget for all telephone equipment.

Personal Cellphone-$150/monthPagersEnter a description and budget for pagers.

FacsimileEnter a description and budget for all fax equipment.Will utilize home fax machine purposely for incoming/outgoin tax fax

ComputersEnter a description and budget for all computer equipment.I have a personal portable Laptop and desktop that is network. .

InternetEnter a description and budget for necessary Internet access and providers.Spend $70/month on internet usage.

BUSINESS PLAN

SECTION 9: ACQUISITIONSDue Diligence Procedures for Acquisitions(Session 9): List the following:

Your consulting team: Attorney, accountant, banker, broker, etc.N/AVerification of seller’s revenues: how you plan to authenticate.

Sellers records to be inspected: Financial statements, income tax returns, sales backlog, cash deposit records, utility bills, accounts payable and receivable, backlog, financial comparisons of similar businesses, etc.

Inspections and approval of leases and contracts.

Appraisals, as appropriate.

If a franchise, interview with randomly selected franchisees.

Finance plan for acquisitions: include sources including seller financing.

Market conditions.

Value of goodwill.

Method of purchase: stock, assets, etc.

BUSINESS PLAN

SECTION 10: PREMISESLocation Criteria(Session 10): Outline your location criteria.

space requirements-Home base business. 1 room as office space future requirements-will acquired office space is demand is high site analysis study if needed (attach)N/A demographic study if needed (attach)low and middle income earners. Out of state lease check-off list (attach)N/A estimated occupancy cost as a % of sales N/A zoning and use approvals-N/A

BUSINESS PLAN

SECTION 11: ACCOUNTING AND CASH FLOWAccounting(Session 11): Furnish, as a separate exhibit of your starting balance sheet and projected income statements for the first six months to one year.

Cash Flow Planning(Session 11): Provide a separate exhibit of your one year cash flow analysis including estimated sales, all costs and capital investments.

Provide a checklist of all expense items for input into your cash flow projection.

Analysis of Costs(Session 11): What are all of my costs: fixed, variable, product, delivery, etc.

Internal Controls(Session 11): Explain your: Intended internal controls and cash controls, check signing policy, strategy for controlling shrinkage and dishonesty and control of incoming merchandise.

BUSINESS PLAN

SECTION 12: E-COMMERCEE-Commerce Plans(Session 12): Describe in detail how you plan to use the Internet in marketing your product or service.

I Plan to use Facebook page and use mass mailing list thru various local organization.

E-Commerce Budgeting (Session 12): Provide a detailed breakdown of the costs involved in creating, operating and maintaining your e-commerce activities.N/A

E-Commerce Competition(Session 12): Describe how your best competitors utilize e-commerce and your strategy to improve on their practices.

WOM and maintained existing client. Utilize customer loyalty.

BUSINESS PLAN

SECTION 13: MARKETINGMarketing Plan(Session 13): Describe your overall marketing and sales strategy including how you plan to get and retain customers.

My overall marketing strategy is to call existing clients to retain their business. Distribute business cards, do presentation @ church event. Send letters to target customers.

Advertising and Promotion Plans(Session 13): Describe your plans and budgets for advertising and promotions.

Purchasing T-Shirts with Business logo. WOM advertising, distributing flyers, Facebook advertising etc.

Purchasing and Inventory Control(Session 13): See “how to buy” checklist.REAM OF SHEETLAPTOPSTAPLERSFILE FOLDERPENSSTICKY NOTEMODEMFAX, COPY AND SCAN MACHINECELL PHONE

BUSINESS PLAN

SECTION 13: MARKETINGTraining Policies(Session 13): Describe your plans for hiring and training your sales associates.N/A

The Competition(Session 13): Describe your strongest competitors and how you intend to compete.My strongest competitor is Local tax preparation firm and Big chains.

I intend to compete by being loyal to my clients. Let them know that they are the most important people in my office. Moreover, I plan to exhibit superior customer service and cost effective pricing strategy.

How I Plan to Take Advantage of Competitors Weak Points(Session 13): List your competitor's shortcomings and how you can capitalize on them.,I plan to maximize on competitors pricing strategy. Most high chain charge on the average of over $200. They also offer RAL risky loans to customer. I plan to be honest, low cost tax preparation service. I plan not to overpromise and under deliver.

BUSINESS PLAN

SECTION 14: MANAGING EMPLOYEES(Session 14): Describe the services to be provided by your Payroll Service Provider and identify the provider.N/A

(Session 14): Include copies of job descriptions for all employees you intend to hire.N/A

(Session 14): Include a copy of the job application form and screening procedures you intend to use.N/A

(Session 14): Provide a copy of your intended benefits package.N/A

BUSINESS PLAN

SECTION 14: MANAGING EMPLOYEES(Session 14): Provide a copy of your employee handbook.N/A

(Session 14): Outline your initial and ongoing training programs for employees. N/A

(Session 14): Identify the labor attorney who will be advising you on employee matters.N/A

BUSINESS PLAN

SECTION 15: GROWTH PROGRAMExpansion(Session 15): Describe your growth: You might include development of profitable pilot operation, sources of financing, cash flow, accounting system in place, incentive compensation plan for managers, benefits package and policies, economics of scale.

My growth is basically focus in the area of seasonal marketing initiatives. I usually ask each existing client for 1 referral. I give referral commission for each additional business earned. I also plan to partner with Primerica financial services to provide additional service to my clients in term of Life insurance, investment, auto & home quote, debt consolidation, Legal referrals, and bookkeeping. I have already build loyalty and trust with existing clients.

Handling Major Problems(Session 15): Describe scenarios of adverse conditions and how you intend to respond to them. For example how you would plan to handle a 25% reduction in sales, or new competitions, etc. I intend to handle adverse conditions thru YOY forcasting. How much income was generated, cost analysis, marketing initiatives and make necessary adjustment. Prepare a cash flow projection based on lowered expectations and show how and where you would reduce costs to maintain liquidity.

To reduce cost, I plan to minimize printing excessively. Cut down on print cartridges, cut down on expense incurred on check by mail fees. Utilize emailing clien tax return.