The goal was simple: Fill out a venture ready model and get familiar with how you will be using financial models for your startup. What I found was that the founders weren’t hadn’t yet gathered the data that was required to start the spreadsheet.
Because of that, I created a free five day email course that’s designed to gather the data you need prior to opening the spreadsheet.
Free Five Day Program
- First, time to work on your Assumptions! Assumptions are listed on a single tab so that as you move from a hypothesis to actual data you can simply edit your assumptions in a single location vs. hard coded fields across the spreadsheet. What product are you launching, what are the competitive market factors?
- Time to do the marketing and sales research. Customer acquisition cost (CAC) assumptions will be based on some data and some hypothesis of the competitive market analysis
- Competitive and key word analysis are where you will spend your hour on day three. This exercise will start with an hour, but will likely continue as both daily and weekly active research
- This day you’ll be working on expenses, specifically what talent and team do you need and when will you need them?
- Charts and Graphs – how will you communicate your financial assumptions and model in your investor presentation.
Some of these topics will be the first of many hours that you will develop your financial model. What happens over time is that you will continue to refine your model as you get feedback from customers, the market and the investors.