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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 58 clients.
BCN Human Resources Solutions is seeking a $60,000 line of credit as growth capital to fund operations, marketing, and staffing in the first 12 months.
Financial highlights:
| Metric | Year 1 | Year 2 | Year 3 |
|---|---|---|---|
| Revenue | $1,911,350 | $2,096,700 | $2,291,600 |
| Gross margin | 60% | 61% | 60% |
| Net profit / (loss) | $52,607 | $106,511 | $153,388 |
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 a great many 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 Bianca Carter-Nkrumah, 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 an LLC.
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 services to clients in New York City, New York, USA, building long-term relationships through quality, reliability, and deep expertise.
Objectives:
- Year 1: Grow operations, reach revenue target of $1,911,350, and retain the existing client base
- Year 2: Expand service capacity, grow revenue to $2,096,700, and hire additional staff
- Year 3: Grow profitability, strengthen market position, and evaluate expansion opportunities
Market & Customer Analysis
The human resources consulting market is large and expected to keep growing steadily over the next decade.
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 Solutions’ 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 HR 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 HR consulting firms that understand local business trends and the highly competitive market.
The businesses in our scope value affordable services that will grant them a high return on investment.
Competitor analysis:
| Competitor | Strengths | Weaknesses |
|---|---|---|
| Mercer | Global brand, broad HR and benefits range | Large firm; fees set for large corporations |
| Aon Hewitt | National presence, benefits depth | Large firm; less focused on small businesses |
| Buck Consultants | Long-standing HR and benefits specialist | Focus on larger employers |
BCN Human Resources Solutions’ 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: Founder with 17 years in HR consulting; trading since 2016 with 50+ clients a year; full senior team (COO, CFO, CHRO); local knowledge of New York City businesses | Weaknesses: Smaller brand than national firms; New York City only; small-business clients are price-sensitive |
| External | Opportunities: Growing HR outsourcing; small and medium businesses underserved by large firms; retainer agreements with existing clients; using HR software to improve service | Threats: Low-cost AI HR platforms; larger firms with greater resources; economic downturn reducing client spend |
Sales & Marketing Plan
BCN Human Resources Solutions offers three types of human resources consulting, namely:
- Benefits and Reward
- General Human Resource Management
- 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%
- Win $300,000 in new-client sales
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 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
Marketing budget Year 1: $54,900 (3% 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 their human resources needs.
Our annual marketing budget is $54,900. 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: $2,196 (4%)
- SEO: $3,294 (6%)
- Pay Per Click Advertising: $5,490 (10%)
- Social Media Advertising: $6,588 (12%)
- Email Marketing: $2,196 (4%)
- Content Creation: $2,196 (4%)
20% of our marketing budget goes toward traditional marketing and is allocated as follows:
- Print advertising: $3,294 (6%)
- Business cards and flyers: $2,196 (4%)
- Networking events: $5,490 (10%)
10% of our marketing budget goes toward public relations and is allocated as follows:
- Charity and donations: $2,196 (4%)
- Blog and influencer partnerships: $3,294 (6%)
20% of our marketing budget is allocated to client engagement and sales promotions and is allocated as follows:
- Client referral rewards: $2,196 (4%)
- Discounts: $3,294 (6%)
- Gift vouchers: $5,490 (10%)
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 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 reviewed every year
Management Team
Founder and CEO Bianca Carter-Nkrumah. Bianca is a certified business psychologist. Her industrial psychology education includes an undergraduate degree in Industrial Psychology and a master’s degree in Industrial Psychology. She also holds an MBA.
Bianca has 17 years of experience in HR consulting across various industries.
Chief Operating Officer, Adam Lucas. Adam 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 over the next three years.
Financial Plan
Projected Profit or Loss Statement (in USD):
| Year 1 | Year 2 | Year 3 | |
|---|---|---|---|
| Sales | $1,911,350 | $2,096,700 | $2,291,600 |
| Direct Cost of Sales | $90,600 | $97,900 | $105,200 |
| Production Payroll | $640,000 | $702,000 | $778,000 |
| Other Cost of Sales | $24,400 | $26,400 | $28,900 |
| Total Cost of Sales | $755,000 | $826,300 | $912,100 |
| Gross Margin | $1,156,350 | $1,270,400 | $1,379,500 |
| Gross Margin % | 60.5% | 60.6% | 60.2% |
| Operating Expenses | |||
| Sales and Marketing Expenses | |||
| Sales and Marketing Payroll | $134,000 | $140,000 | $146,000 |
| Advertising/Promotion | $49,410 | $54,200 | $58,700 |
| Travel | $8,600 | $9,300 | $9,900 |
| Other Sales and Marketing Expenses | $5,490 | $6,020 | $6,520 |
| Total Sales and Marketing Expenses | $197,500 | $209,520 | $221,120 |
| General and Administrative Expenses | |||
| General and Administrative Payroll | $471,000 | $489,000 | $512,000 |
| Depreciation | $32,560 | $21,480 | $11,340 |
| Dues and Subscriptions | $6,700 | $7,100 | $7,500 |
| Professional Fees | $22,300 | $23,400 | $24,600 |
| Rent | $111,600 | $115,000 | $118,400 |
| Software Purchases | $24,800 | $27,100 | $29,600 |
| Insurance | $19,400 | $21,200 | $22,900 |
| Telephone and Internet Access | $9,400 | $9,900 | $10,400 |
| Utilities | $7,800 | $8,200 | $8,600 |
| Miscellaneous | $12,100 | $12,900 | $13,700 |
| Payroll Taxes | $118,275 | $126,445 | $136,420 |
| Total General and Administrative Expenses | $835,935 | $861,725 | $895,460 |
| Other Expenses | |||
| Consultants | $48,000 | $50,400 | $52,800 |
| Total Other Expenses | $48,000 | $50,400 | $52,800 |
| Total Operating Expenses | $1,081,435 | $1,121,645 | $1,169,380 |
| Profit Before Interest and Taxes | $74,915 | $148,755 | $210,120 |
| EBITDA | $107,475 | $170,235 | $221,460 |
| Interest Expense | $2,850 | $2,850 | $0 |
| Taxes Incurred | $19,458 | $39,394 | $56,732 |
| Net Profit | $52,607 | $106,511 | $153,388 |
| Net Profit/Sales | 2.8% | 5.1% | 6.7% |
Projected Cash Flow Statement (in USD):
| Year 1 | Year 2 | Year 3 | |
|---|---|---|---|
| Cash Received | |||
| Cash from Operations | |||
| Cash Sales | $0 | $0 | $0 |
| Cash from Receivables | $1,886,431 | $2,073,531 | $2,267,238 |
| Subtotal Cash from Operations | $1,886,431 | $2,073,531 | $2,267,238 |
| Additional Cash Received | |||
| New Current Borrowing | $60,000 | $0 | $0 |
| Subtotal Cash Received | $1,946,431 | $2,073,531 | $2,267,238 |
| Expenditures | |||
| Expenditures from Operations | |||
| Cash Spending | $1,363,275 | $1,457,445 | $1,572,420 |
| Bill Payments | $463,066 | $509,275 | $552,443 |
| Subtotal Spent on Operations | $1,826,341 | $1,966,720 | $2,124,863 |
| Additional Cash Spent | |||
| Principal Repayment of Current Borrowing | $0 | $60,000 | $0 |
| Purchase Long-term Assets | $22,800 | $14,600 | $19,300 |
| Dividends | $0 | $60,000 | $90,000 |
| Subtotal Cash Spent | $1,849,141 | $2,101,320 | $2,234,163 |
| Net Cash Flow | $97,290 | ($27,789) | $33,075 |
| Cash Balance | $161,290 | $133,501 | $166,576 |
Projected Balance Sheet (in USD):
| Year 1 | Year 2 | Year 3 | |
|---|---|---|---|
| Assets | |||
| Current Assets | |||
| Cash | $161,290 | $133,501 | $166,576 |
| Accounts Receivable | $238,919 | $262,088 | $286,450 |
| Total Current Assets | $400,209 | $395,589 | $453,026 |
| Long-term Assets | |||
| Long-term Assets | $162,800 | $177,400 | $196,700 |
| Accumulated Depreciation | ($130,560) | ($152,040) | ($163,380) |
| Total Long-term Assets | $32,240 | $25,360 | $33,320 |
| Total Assets | $432,449 | $420,949 | $486,346 |
| Liabilities and Capital | |||
| Current Liabilities | |||
| Accounts Payable | $30,842 | $32,831 | $34,840 |
| Current Borrowing | $60,000 | $0 | $0 |
| Subtotal Current Liabilities | $90,842 | $32,831 | $34,840 |
| Total Liabilities | $90,842 | $32,831 | $34,840 |
| Paid-in Capital | $40,000 | $40,000 | $40,000 |
| Retained Earnings | $249,000 | $241,607 | $258,118 |
| Earnings | $52,607 | $106,511 | $153,388 |
| Total Capital | $341,607 | $388,118 | $451,506 |
| Total Liabilities and Capital | $432,449 | $420,949 | $486,346 |
| Net Worth | $341,607 | $388,118 | $451,506 |
3-year profit & loss projection:
| Year 1 | Year 2 | Year 3 | |
|---|---|---|---|
| Revenue | $1,911,350 | $2,096,700 | $2,291,600 |
| Direct labour and contractor costs | $755,000 | $826,300 | $912,100 |
| Gross profit | $1,156,350 | $1,270,400 | $1,379,500 |
| Gross margin | 60% | 61% | 60% |
| Salaries and wages | $723,275 | $755,445 | $794,420 |
| Marketing, advertising and sales travel | $63,500 | $69,520 | $75,120 |
| Rent and utilities | $119,400 | $123,200 | $127,000 |
| Other operating costs, depreciation, interest and tax | $197,568 | $215,724 | $229,572 |
| Total operating expenses, interest and tax | $1,103,743 | $1,163,889 | $1,226,112 |
| Net profit / (loss) | $52,607 | $106,511 | $153,388 |
Break-even analysis:
- Estimated fixed monthly costs: $90,100
- To cover fixed costs, BCN Human Resources Solutions needs to generate approximately $148,900 in monthly revenue
- Projected Year 1 sales average $159,279 a month, above the break-even level
Key financial assumptions:
- Revenue growth of 10% in Year 2 and 9% in Year 3 based on planned capacity expansion and marketing investment
- Direct labour and contractor costs estimated at about 40% of revenue throughout the forecast period
- Staffing costs set at 63-65% of revenue, scaling incrementally with new hires in Year 2 and Year 3
- Marketing budget set at about 3% 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 a $60,000 line of credit to fund the following:
| Use of funds | Amount |
|---|---|
| Equipment and fit-out | $22,800 |
| Working capital (6 months) | $19,700 |
| Marketing campaign | $11,500 |
| Legal, licences, and professional fees | $6,000 |
| Total | $60,000 |
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