Business plan
FilDocs Business Documentation
Table of Contents
Introduction
FilDocs is a unique partnership between a legal firm and a document processing entity. We provide an array of services, including document translation, CPA certification, and notarization of documents. Our initial support will cover English, Thai, Russian, and Chinese language pairs. Though our operations are based in Thailand, we proudly serve customers around the globe.
Business Plan
Our business model is designed to cater to the increasing demand for document translation and certification in the South East Asian market. Our immediate plan is to penetrate the market with an iOS app providing translation, CPA certification, and notarization services. With a strategic partnership with a law firm, we aim to enhance our offerings by including contract generation in the second phase with the expansion to a website platform.
Selling Points
Our key selling points include:
- Ease of Use: Our intuitive iOS app and later our website will provide a seamless and easy-to-navigate user interface.
- Speed: We offer a standard 2-day turnaround for notarization services with an option to expedite to 5 hours for an additional fee. A similar expedited service is available for our translation and CPA certification services.
- Convenience: Our comprehensive range of services means clients can have all their document needs met in one place.
Pricing
Our pricing is competitive and provides excellent value to our customers:
- Translation: 0.10 USD per word
- CPA Certification: 30 USD per document
- Notarization: 50 USD per document
- Contract Generation: (Available in Phase Two) 100 USD per contract
Please note that these are standard rates, and bulk or recurring orders may be eligible for discounts.
Financial Projections
| Year | Revenue (USD) | Expenses (USD) | Profit (USD) |
|---|---|---|---|
| 1 | 700,000 | 500,000 | 200,000 |
| 2 | 980,000 | 550,000 | 430,000 |
| 3 | 1,372,000 | 605,000 | 767,000 |
| 4 | 1,920,800 | 665,500 | 1,255,300 |
| 5 | 2,689,120 | 732,050 | 1,957,070 |
The above table is a simplified projection based on our anticipated demand and service pricing, assuming a 40% annual increase in revenue and a 10% increase in expenses. These figures may vary based on a multitude of factors.
Phase One: iOS App
Our first phase includes launching an iOS app that provides easy access to our services. Customers can request document translations, CPA certification, and notarization directly from the app.
Phase Two: Website Expansion
In the second phase, we plan to expand our reach and services through a comprehensive website. This will include all the services provided in the iOS app, with the added feature of contract generation.
Services
- Translation: We provide professional translation services for the following language pairs: English, Thai, Russian, and Chinese.
- CPA Certification: We provide CPA certification of documents, ensuring their authenticity and validity.
- Notarization: We offer notarization services for all types of documents.
- Contract Generation: (Available in Phase Two) We will offer a contract generation service that allows users to create legally binding contracts.
Payment and Shipping
Payment for services is facilitated within the iOS app and later through our website. After the completion of services, the documents will be securely shipped to the customer using a trusted courier service. We offer shipping services not just in Thailand, but all around the world.
Contact Us
For further inquiries or feedback, please do not hesitate to get in touch with us. We are more than happy to assist you.
Market Analysis: U.S. Counterparts
In the U.S., a number of businesses provide similar services to FilDocs and have seen considerable success due to the high demand for document processing services. These businesses serve as an inspiration and proof of the potential for success in this sector.
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Rev: Rev is a well-known company that offers document translation services. They have shown remarkable growth in the past few years due to the high demand for translation services across various industries. As of 2021, Rev was generating tens of millions in revenue annually, but exact figures weren’t disclosed.
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Notarize: Notarize offers a platform for legal notarizations online, making the process significantly easier and quicker. Their successful model demonstrates the market’s readiness for digital notarization services. This company raised over $130 million in funding as of 2021, indicating strong financial health and market confidence. Precise revenue and profit figures aren’t disclosed.
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LegalZoom: LegalZoom provides a range of legal services, including document review and generation. They’ve experienced substantial growth over the past decade, affirming the need for accessible legal document services. As of 2021, LegalZoom had a valuation of over $2 billion. The company went public in June 2021 and reported 2020 revenue of $470 million.
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RushTranslate: Similar to Rev, RushTranslate provides document translation services but with an emphasis on speed, much like FilDocs. They have a strong market presence and have shown consistent growth. As a smaller and privately held company, RushTranslate’s financials aren’t publicly available.
These businesses highlight the potential for success in providing streamlined, user-friendly document processing services. With a focus on ease of use, speed, and convenience, FilDocs is well-positioned to capture a significant market share in the South East Asian market.