Executive Summary
BCN Human Resources Solutions is a human resources consulting firm based in New York.
Our target market is small and medium businesses that require industry-leading HR consulting services.
Those services comprise general human resources consulting, reward and benefit consulting, and strategic consulting.
The business aims to generate $300,000 in new client acquisitions and increase its yearly client portfolio from 50 clients to 70 clients.
BCN Human Resources Solutions is seeking $60,000 in start-up or growth capital to fund operations, marketing, and staffing in the first 12 months.
Financial highlights:
| Metric | Year 1 | Year 2 | Year 3 |
|---|---|---|---|
| Revenue | $320,000 | $560,000 | $880,000 |
| Gross margin | 73% | 73% | 73% |
| Net profit / (loss) | $52,800 | $116,000 | $203,600 |
Company Overview
BCN Human Resources Solutions is a human resources consulting firm based in the Big Apple, New York City.
The firm was founded because of how active New York’s economy is. There are millions of businesses in the city, many of which do not have in-house human resources departments. Outsourcing is popular in business, and BCN Human Resources Solutions aims to capitalize on that popularity.
The business was founded and owned by Eliza Archer, a skilled and experienced business psychologist. The business was established in 2016 and has grown its client base since then, now consulting at least 50 clients per year. The business is registered as a corporation.
BCN Human Resources Solutions’ mission is to offer tailored human resources advice to businesses across New York that will enrich their operations. We believe that each business has unique HR needs that one-size-fits-all methods cannot address. Taking time with each client to develop systems that are optimized for their business is our biggest priority.
Legal structure: LLC
Mission: To deliver exceptional hr consulting firm services to clients in New York City, New York, USA, building long-term relationships through quality, reliability, and deep expertise.
Objectives:
- Year 1: Establish operations, reach initial revenue target of $320,000, and build a loyal client base
- Year 2: Expand service capacity, grow revenue to $560,000, and hire additional staff
- Year 3: Achieve operational profitability, strengthen market position, and evaluate expansion opportunities
Market & Customer Analysis
The human resources consulting market was valued at $37.5 million in 2021. The industry has a projected CAGR of 4.3% for the period 2021-2032, forecasting a value of $60 million.
The increasing outsourcing of HR functions will contribute to the growth of HR consulting services in the next few years. Businesses are also shifting to digital HR services, which lends itself more to HR consulting than in-house HR.
These factors combined are spurred on by businesses’ desire to focus on their core operations.
There are many large human resources consulting firms in America. Many of them provide their consulting services to large corporations. This leaves medium and small businesses, which comprise BCN Human Resources Solutions’ target market.
AI HR services stand to prove a threat to HR consulting firms. These programs sell businesses the ability to perform HR functions at a fraction of the price it would take to hire an HR consulting firm. With a target market of mostly small and medium businesses, this cost-savvy option can lead to client loss.
HR consulting firms need to reiterate that their services go beyond the administrative functions of AI HR platforms. They should, in fact, use these platforms to improve their services. Working with the technology instead of against it is the only way to avoid being left behind.
Customer analysis:
BCN Human Resources Services’ customers are small and medium businesses. The customer analysis revealed segmentation as follows.
Our clients operate across various industries, primarily retail, e-commerce, and professional services. These businesses require comprehensive marketing consulting services. The businesses in our target market have between 10 and 100 employees.
We only operate with businesses in New York City. These businesses value marketing consulting firms that understand local business trends and the highly competitive market.
The businesses in our scope value affordable services, particularly related to digital marketing, that will grant them a high return on investment.
Competitor analysis:
| Competitor | Strengths | Weaknesses |
|---|---|---|
| Mercer | Established brand, wide reach | Higher price point, less personalised |
| Aon Hewitt | Strong marketing, national presence | Generic offering, less specialist focus |
| Buck Consultants | Competitive pricing | Lower service quality, limited expertise |
BCN Human Resources Solutions's competitive edge: Specialist expertise, personalised service, and a clear focus on the underserved segment of the market set us apart from the established players listed above.
SWOT analysis:
| Positive | Negative | |
|---|---|---|
| Internal | Strengths: Specialist expertise; experienced founder; strong client relationships; differentiated positioning | Weaknesses: Limited brand recognition as a new entrant; single location; reliance on founder capacity in early years |
| External | Opportunities: Growing market demand; underserved niche segments; digital marketing reach; referral network growth | Threats: Established competitors with greater resources; economic downturn reducing discretionary spend; regulatory changes |
Sales & Marketing Plan
BCN Human Resources Solutions offers three types of human resources consulting, namely:
- Benefits and Reward
- General Human Resource Management and
- Strategic Consulting
We offer our services to small and medium businesses, primarily focusing on small businesses.
The general HR consulting services are priced at $250 per hour, and specialized HR consulting services are priced at $350 per hour.
We also have project-based rates for businesses that require our services in specific cases. Those are priced based on the nature and complexity of the project.
Our sales goals for the following year are as follows:
- Grow client base by 15%
- Increase sales revenue by $300,000 through new clients
The sales team comprises a sales manager, business development staff, and account managers.
Pricing strategy: Pricing is set to be competitive within the New York City, New York, USA market while reflecting the quality and specialist nature of the services delivered. All pricing is reviewed annually against market benchmarks.
Marketing channels:
- Digital presence (website + SEO) — professional website with content marketing to attract organic search traffic from clients searching for hr consulting firm services in New York City, New York, USA
- Social media — active presence on relevant platforms to build brand awareness and engage prospective clients
- Referral programme — incentivised referral programme for existing clients; target 30% of new clients via referral by end of Year 2
- Local networking and partnerships — attendance at industry events and partnerships with complementary businesses in New York City, New York, USA
- Google Ads — targeted paid search campaigns for high-intent keywords during launch phase
Marketing budget Year 1: $35,200 (11% of projected revenue)
Additional marketing notes:
Our marketing falls under B2B marketing. It has been proven that online platforms such as LinkedIn are crucial in a business’s B2B marketing strategy.
BCN Human Resources Solutions will prioritize digital marketing in its marketing plan. Our branding will be professional, as is expected of businesses in this industry, with an editorial flair to our design that pays homage to our base in New York City.
Recruitment budgets are refreshed in January to February and September to October each year. Our marketing efforts will be most concentrated during and around these times each year. The number of businesses that outsource the HR functions is substantial enough that HR consulting companies are in high demand during these periods.
We will then market to existing clients during other times of the year to enter retainer agreements for all the human resources needs.
Our annual marketing budget is $52,500. We split the funds between a few marketing activities across four marketing categories.
The first marketing category BCN Human Resources Solutions uses is digital marketing. 40% of our marketing budget goes towards digital marketing and is split in the following way:
- Website $2,100 (4)
- SEO: $3,150 (6)
- Pay Per Click Advertising: $5,250 (10)
- Social Media Advertising: $6,300 (12)
- Email Marketing: $2,100 (4)
- Content Creation: $2,100(4)
20% of our marketing budget goes toward traditional marketing and is allocated as follows:
- Print advertising: $3,150 (6)
- Business cards and flyers $2,100(4)
- Networking events: $5,250 (10)
10% of our marketing budget goes toward public relations and is allocated as follows:
- Charity and donations: $2,100 (4)
- Blog and influencer partnerships: $3,150 (6)
20% of our marketing budget is allocated to client engagement and sales promotions and is allocated as follows:
- Client referral rewards: $2,100 (4)
- Discounts: $3,150 (6)
- Gift vouchers: $2,100 (4)
The remaining 10% of the marketing budget is allocated for miscellaneous costs.
Operating Plan
Department Activity Assigned To Timeline Marketing Develop and implement marketing plans. Marketing Manager. Develop a marketing plan by Q1 each year and implement it throughout the year. Human Resources Recruit and hire new staff. Human Resources Business Partner. As required. Sales Sign new clients requiring services worth $300,000. Sales Manager. Ongoing. $75,000 worth of clients per quarter. Operations Research new HRM software for clients. Operations Manager
Staffing plan:
| Role | Year 1 | Year 2 | Year 3 |
|---|---|---|---|
| Bianca Carter-Nkrumah (Owner / Director) | Full-time | Full-time | Full-time |
| Operations / Senior Staff | Part-time | Full-time | Full-time |
| Support / Junior Staff | — | Part-time | Full-time |
Legal & compliance:
- All required licences and permits for hr consulting firm operations in New York City, New York, USA
- Professional liability and general liability insurance
- Data protection compliance in accordance with applicable laws
- Health & safety policies and risk assessments in place before trading begins
Management Team
Founder and CEO Eliza Archer. Eliza is a certified business psychologist. Her industrial psychology education includes an undergraduate degree in Industrial Psychology and a Masters degree in Industrial Psychology. She also holds an MBA.
Eliza has 17 years of experience in HR consulting across various industries.
Chief Operating Officer, Adam Lucas. Lucas holds a bachelor's degree in Operations Management and is a certified Project Management Professional. He has 10 years of experience in leading operations and 15 years of experience in operations overall.
Chief Financial Officer, Rebecca Adams. Rebecca is a Certified Financial Analyst with a Bachelor's degree in Finance and an MBA. She is experienced in managing budgets of over $5 million and has been CFO at two previous HR firms.
Chief Human Resources Officer, Lucie Lug. Lucie is a business psychologist with 10 years of experience in the human resources field. She specializes in working with businesses that offer B2B services. As an HR consulting firm, we need to ensure that our own HR affairs are in order. Lucie is just the person for that job.
We also have a dedicated team responsible for each HR function. They focus on developing HR functions for our clients.
Bianca Carter-Nkrumah — Founder & Director
Advisory support: The business will engage an experienced accountant and a business mentor through the local enterprise support network to provide financial oversight and strategic guidance during the first three years of trading.
Financial Plan
Projected Profit or Loss Statement
Year 1 Year 2 Year 3 Sales $90,000 $170,000 $300,000 Direct Cost of Sales $20,500 $30,000 $82,000 Production Payroll $0 $0 $0 Other $0 $0 $0 Total Cost of Sales $20,500 $30,000 $82,000 Gross Margin $69,500 $140,000 $218,000 Gross Margin % 77% 82% 73% Operating Expenses
Sales and Marketing Expenses
Sales and Marketing Payroll $20,000 $40,000 $40,000 Advertising/Promotion $800 $1,000 $1,000 Travel $0 $0 $0 Miscellaneous $500 $500 $500 Total Sales and Marketing Expenses $21,300 $41,500 $41,500 General and Administrative Expenses
General and Administrative Payroll $20,000 $40,250 $100,250 Sales and Marketing and Other Expenses $0 $0 $0 Depreciation $1,000 $1,000 $1,000 Dues and Subscriptions $200 $200 $200 Professional Fees $300 $300 $300 Rent $2,000 $2,000 $2,000 Software Purchases $0 $15,000 $0 Insurance $2,000 $2,000 $2,000 Telephone and Internet Access $2,000 $2,000 $2,000 Utilities $400 $400 $400 Miscellaneous $0 $0 $0 Payroll Taxes $500 $1,200 $3,000 Other General and Administrative Expenses $0 $0 $0 Total General and Administrative Expenses $28,400 $64,350 $111,150 Other Expenses:
Other Payroll $0 $0 $0 Consultants $0 $0 $0 Contract/Consultants $0 $0 $0 Total Other Expenses $0 $0 $0 Total Operating Expenses $28,400 $64,350 $111,150 Profit Before Interest and Taxes $19,800 $102,840 $225,410 EBITDA $19,800 $103,860 $226,430 Interest Expense $800 $3,632 $2,957 Taxes Incurred $0 $24,802 $56,540 Net Profit $19,000 $34,150 $65,350 Net Profit/Sales 21% 20% 22%
Projected Cash Flow Statement Cash Received Year 1 Year 2 Year 3 Cash from Operations
Cash Sales $90,000 $170,000 $300,000 Cash from Receivables $0 $0 $0 Subtotal Cash from Operations $90,000 $170,000 $300,00 Additional Cash Received
Sales Tax, VAT, HST/GST Received $0 $0 $0 New Current Borrowing $20,000 $0 $0 New Other Liabilities (interest-free) $0 $0 $0 New Long-term Liabilities $0 $0 $0 Sales of Other Current Assets $0 $0 $0 Sales of Long-term Assets $0 $0 $0 New Investment Received $0 $0 $0 Subtotal Cash Received $110,000 $170,000 $300,000 Expenditures
Expenditures from Operations
Subtotal Spent on Operations $48,900 $94,350 $111,150 Additional Cash Spent
Sales Tax, VAT, HST/GST Paid Out $800 $0 $0 Principal Repayment of Current Borrowing $10,000 $10,000 $0 Other Liabilities Principal Repayment $0 $0 $0 Long-term Liabilities Principal Repayment $0 $0 $0 Purchase Other Current Assets $0 $0 $0 Purchase Long-term Assets $0 $0 $0 Dividends $0 $0 $0 Subtotal Cash Spent $59,700 $104,350 $193,150 Net Cash Flow $50,300 $65,650 $106,850 Cash Balance $19,000 $34,150 $65,350 Projected Balance Sheet Assets Year 1 Year 2 Year 3 Current Assets
Cash $90,000 $170,000 $300,000 Accounts Receivable $0 $0 $0 Other Current Assets $0 $0 $0 Total Current Assets $90,000 $170,000 $300,000 Long-term Assets $10,000 $9,000 $8,000 Accumulated Depreciation $1,000 $1,000 $1,000 Total Long-term Assets ($1,000) ($1,000) ($1,000) Total Assets $100,000 $179,000 $308,00 Liabilities and Capital
Current Liabilities
Accounts Payable $0 $0 $0 Current Borrowing $20,000 $10,000 $0 Other Current Liabilities $0 $0 $0 Subtotal Current Liabilities $20,000 $10,000 $0 Long-term Liabilities $0 $0 $0 Total Liabilities $20,000 $10,000 $0 Paid-in Capital $30,000 $30,000 $30,000 Retained Earnings ($20,000) ($30,000) $41,000 Earnings ($12,000) $44,000 $160,000 Total Capital ($2,000) $44,000 $231,000 Total Liabilities and Capital $18,000 $54,000 $231,000 Net Worth $80,000 $169,00 $308,000
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3-year profit & loss projection:
| Year 1 | Year 2 | Year 3 | |
|---|---|---|---|
| Revenue | $320,000 | $560,000 | $880,000 |
| Direct labour and contractor costs | $86,400 | $151,200 | $237,600 |
| Gross profit | $233,600 | $408,800 | $642,400 |
| Gross margin | 73% | 73% | 73% |
| Salaries and wages | $102,400 | $179,200 | $281,600 |
| Marketing and advertising | $35,200 | $61,600 | $96,800 |
| Rent and utilities | $24,000 | $24,000 | $25,200 |
| Other operating costs | $19,200 | $28,000 | $35,200 |
| Total operating expenses | $180,800 | $292,800 | $438,800 |
| Net profit / (loss) | $52,800 | $116,000 | $203,600 |
Break-even analysis:
- Estimated fixed monthly costs: $12,100
- To cover fixed costs, BCN Human Resources Solutions needs to generate approximately $16,600 in monthly revenue
- Break-even is projected to be reached in Month 5 of trading
Key financial assumptions:
- Revenue growth of 75% in Year 2 and 57% in Year 3 based on planned capacity expansion and marketing investment
- Direct labour and contractor costs estimated at 27% of revenue throughout the forecast period, consistent with industry benchmarks
- Staffing costs set at 32% of revenue, scaling incrementally with new hires in Year 2 and Year 3
- Marketing budget fixed at 11% of revenue; reviewed quarterly and adjusted based on channel performance
- No bad debt assumed; payment terms enforced from day one
Funding requirements:
BCN Human Resources Solutions is seeking $60,000 to fund the following:
| Use of funds | Amount |
|---|---|
| Equipment and fit-out | $24,000 |
| Working capital (6 months) | $21,000 |
| Marketing launch | $9,000 |
| Legal, licences, and professional fees | $6,000 |
| Total | $60,000 |