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Subscription Business Models for Management Consultants

Name: Subscription Business Models for Management Consultants
Rating: 4.5 (75 reviews)

A practical guide how to analyze & model subscription businesses in Excel

Created byAsen Gyczew

Last updated 6/2026

English

What you'll learn

How to model in Excel subscription businesses
How to analyze whether the switch to a subscription business
What are the main challenges in subscription businesses?
How to calculate customer acquisition costs
How to reduce customer acquisition costs
How to increase the value of customers
How to model e-commerce, streaming business and SaaS business in Excel

Course content

7 sections • 70 lectures • 3h 42m total length

Introduction2:07
Let's start with a short introduction
A little bit about me1:47
A little bit about me and my experience
How to deal with Blurry image2:04
Here I will show you what to do if a blurry image appears.
How to reach additional resources1:06
Here I will show you how to find additional resources attached to the course like Excel files, presentations, links, etc.

Essential Concepts – Introduction1:30
We will start by explaining some essential concepts that later we will use to describe and show you the differences between subscription businesses. I will explain what we mean by subscription businesses, churn rate, MRR, and MRR churn. I will also provide examples of firms using a subscription model.
Examples of Subscription Models2:42
Let's look at examples of subscription businesses
Drivers of Subscription Models2:51
To understand any business, you have to identify the drivers that can influence this business. Let’s see what drives the subscription business.
What is a Customer Churn Rate4:33
We will talk about the most important metric used for subscription businesses that shows you whether you are satisfying the customer – the customer churn rate.
Monthly Recurring Revenue (MRR)5:22
Let’s look what we mean by Monthly Recurring Revenue (MRR) and why it is so important for the well-being of the firm and its valuation.
What is a MRR Churn Rate3:15
By MRR Churn rate we mean
Shows what percentage of MRR was lost due to customer churn and customers moving to less expensive plans
In some cases, you will be also calculating the so-called % Net MRR churn
% Net MRR churn takes into account the fact that some customers move to more expensive plans (expansion MRR)

Modeling Subscription Business in Excel – Introduction1:23
Modeling Subscription Businesses in Excel requires a bit different approach than transaction-based businesses. We will show you in this section how to do it. I will start with transaction-based e-commerce, after which we will show you how to model e-commerce as a subscription. Later on, we will also model the streaming businesses.
E-commerce financial model – Basic version9:10
In this lecture, I will show you how you can build the model in Excel and what conclusions can you draw from it.
Modeling Cash Flow in e-commerce – Introduction1:30
By now, you know how to model simple business models in Excel for e-commerce. In this section, we will concentrate on modeling the Cash Flow in a simple way.
Cosmetics E-commerce – Case Introduction2:29
Imagine that you have to create a financial model that will forecast the cash flow of e-commerce selling cosmetics and related products.
Cosmetics E-commerce – Data Available4:34
In this lecture, we will solve the previously introduced case study.
Cosmetics E-commerce – Sales & Margin & Head Office Costs3:24
In this lecture, we will solve the previously introduced case study.
Cosmetics E-commerce – P&L4:59
In this lecture, we will solve the previously introduced case study.
Cosmetics E-commerce – How to get from Net Profit to Cash Flow5:03
In this lecture, we will solve the previously introduced case study.
Cosmetics E-commerce – Some comments on Working Capital3:46
In this lecture, we will solve the previously introduced case study.
Cosmetics E-commerce – Back to Excel2:41
In this lecture, we will solve the previously introduced case study.
Cosmetics E-commerce – Working Capital, Capex, Debt3:56
In this lecture, we will solve the previously introduced case study.
Cosmetics E-commerce – Cash Flow3:53
In this lecture, we will solve the previously introduced case study.
Cosmetics E-commerce – Interest Received1:13
In this lecture, we will solve the previously introduced case study.
Cosmetics E-commerce – How to create a Flexible Model3:12
In this lecture, we will solve the previously introduced case study.
E-commerce subscription – Case Introduction & Drivers2:08
Now let’s see how we can model a subscription business that is shipping home-delivered dietary catering to its customers on daily bases.
E-commerce subscription – Data Available4:00
In this lecture, we will solve the previously introduced case study.
E-commerce subscription – Customers4:32
In this lecture, we will solve the previously introduced case study.
E-commerce subscription – Sales & Margin2:55
In this lecture, we will solve the previously introduced case study.
E-commerce subscription – Capex4:03
In this lecture, we will solve the previously introduced case study.
E-commerce subscription – Head Office Costs1:41
In this lecture, we will solve the previously introduced case study.
E-commerce subscription – P&L2:57
In this lecture, we will solve the previously introduced case study.
E-commerce subscription – Working Capital & Debt2:22
In this lecture, we will solve the previously introduced case study.
E-commerce subscription – CF3:34
In this lecture, we will solve the previously introduced case study.
Streaming Business – Case Introduction & Drivers2:10
Now let’s see how we can model a video streaming service firm that will be producing a lot of its own content and will be concentrated on Europe.
Streaming Business – Data Available5:21
In this lecture, we will solve the previously introduced case study.
Streaming Business – Customers2:48
In this lecture, we will solve the previously introduced case study.
Streaming Business – Sales & Margin2:26
In this lecture, we will solve the previously introduced case study.
Streaming Business – Capex4:03
In this lecture, we will solve the previously introduced case study.
Streaming Business – Head Office Costs2:05
In this lecture, we will solve the previously introduced case study.
Streaming Business – P&L2:36
In this lecture, we will solve the previously introduced case study.
Streaming Business – Working Capital & Debt2:26
In this lecture, we will solve the previously introduced case study.
Streaming Business – CF2:22
In this lecture, we will solve the previously introduced case study.

Introduction to SaaS0:51
Here you will get insight into the business model of Software as a Service company. You will learn the definition of the business model, and see some examples of companies using this business model. You will also understand what really matters in this sort of business, what KPIs you should look at, and what values you can expect. In the end, I will show you how you can build the model in Excel and what conclusions can you draw from it.
Examples of SaaS businesses2:03
In this lecture, I will show you examples of firms that work in this specific business model.
Logic flow of customers in SaaS1:59
In this lecture, I will show you how the potential customer flows through your business/sites.
Main KPIs for SaaS9:08
Let's look at the typical KPIs used in the SaaS business model
Main challenges in SaaS5:05
Let's see what kind of challenges you will face in SaaS business
SaaS financial model – Basic Version8:06
In this lecture, I will show you how you can build the model in Excel and what conclusions can you draw from it.

Customer Acquisition – Introduction1:19
Without customer acquisition, you will not enjoy much growth. In e-commerce, you will spend a lot of time optimizing and finding more optimal ways to acquire customers. In this section, you will learn how to analyze and optimize customer acquisition.
Customer Acquisition – Definition3:07
Let’s start with a short definition
Customer Acquisition is the process of bringing in new customers or convincing people to buy your products
During customer acquisition, you bring the consumers down the marketing funnel from brand awareness to purchase decision
The acquisition is done via different methods, and channels.
Every channel will have its capacity, cost, and duration
You can approach at different stages in the sales & marketing funnel
Cost reduction framework3:00
Here I will show you the general framework for decreasing the costs in retail
How to lower Customer Acquisition7:07
Let's see how we can lower the Cost of Acquiring Customers (CAC)
Customer Lifetime Value (LTV)3:19
Let’s start with a short definition
The Customer Lifetime Value (LTV) is a metric that tells you, how much money a customer generates for you throughout his entire time as a paying customer
Usually, the longer a customer continues to purchase from a company, the greater their lifetime value becomes
How to increase LTV – Examples2:31
Let's look at some examples of how we can increase the LTV.
How to increase LTV – General Framework4:51
Let's look at the general framework for increasing the LTV.
Payback Time3:18
Let’s start with a short definition
The Payback Time refers to the time it takes to recover the cost of acquiring the customer
The Payback Time tells us how much time it takes for a customer to pay back his customer acquisition cost
The value depends on how high the Customer Acquisition Costs (CAC) are and how much a customer contributes each month
The Payback Time is the key metric for businesses that want to grow sustainably

Switching to Subscription Model – Introduction1:00
In this section, we will see how you can switch from a transaction-based to a subscription business
Examples of firms that have switched to subscription1:39
Let's look at some firms that did a successful switch to subscription business model
From SMCG to service – Introduction – Part 13:03
More and more SMCG businesses are considering switching from just selling the product and losing track of the customer to selling service which usually, helps you increase your link with your customer base and earn more at the same time
From SMCG to service – Introduction – Part 24:43
More and more SMCG businesses are considering switching from just selling the product and losing track of the customer to selling service which usually, helps you increase your link with your customer base and earn more at the same time
From SMCG to service – Case Introduction0:53
Here we will introduce the case study of a smartphone producer who wants to switch from selling the product to selling the service. We will try to estimate and compare both options and see what makes more sense.
From SMCG to service – If sold as a product4:18
In this lecture, I will show you the solution to a previously introduced case study
From SMCG to service – If sold as a service – Part 13:01
In this lecture, I will show you the solution to a previously introduced case study
From SMCG to service – If sold as a service – Part 23:01
In this lecture, I will show you the solution to a previously introduced case study
From SMCG to service – Comparison2:06
In this lecture, I will show you the solution to a previously introduced case study
From SMCG to service – Solution in Power Point2:41
In this lecture, I will show you the solution to a previously introduced case study
Modeling SMCG business model as a service business – General Remarks1:27
In this lecture, I will show you the solution to a previously introduced case study
Modeling SMCG business model as a service business – Head Office costs1:41
In this lecture, I will show you the solution to a previously introduced case study
Modeling SMCG business model as a service business – Profit & Loss2:23
In this lecture, I will show you the solution to a previously introduced case study

Requirements

Basic or intermediate Excel
Basic knowledge of economics
Basic or intermediate knowledge of finance & accounting

Description

What is the aim of this course?

More and more firms are switching from transaction-based businesses to subscription businesses. This business model requires a different approach when it comes to analyzing it in Excel. During some consulting projects, you may be asked to analyze or model subscription business models in Excel and advise firms on the best course of action. In this course, I will teach how to model fast and efficiently subscription businesses in Excel and how to analyze them during consulting projects.

In the course you will learn the following things:

How to model different subscription businesses in Excel
How to analyze whether the switch to a subscription model makes sense or not
How to analyze customer acquisition

This course is based on my 15 years of experience as a consultant in top consulting firms and as a Board Member responsible for strategy, performance improvement, and turn-arounds in the biggest firms from Retail, FMCG, SMG, B2B, and services sectors that I worked for. I have carried out or supervised over 90 different performance improvement projects in different industries that generated a total of 2 billion in additional EBITDA. On the basis of what you will find in this course, I have trained in person over 100 consultants, business analysts, and managers who now are Partners in PE and VC funds, Investment Directors and Business Analysts in PE and VC, Operational Directors, COO, CRO, CEO, Directors in Consulting Companies, Board Members, etc. On top of that my courses on Udemy were already taken by more than 224 000 students including people working in EY, Walmart, Booz Allen Hamilton, Adidas, Naspers, Alvarez & Marsal, McKinsey, PwC, Dell, Walgreens, Orange, and many others.

I teach through case studies, so you will have a lot of lectures showing examples of analyses, and tools that we use. To every lecture, you will find attached (in additional resources) the Excels as well as additional presentations, and materials shown in the lectures so as a part of this course you will also get a library of ready-made analyses that can, with certain modifications, be applied by you or your team in your work.

Why have I decided to create this course?

Subscription businesses are not the dominant form in most industries. Many people struggle with capturing the complexity of such businesses in Excel. Subscription businesses also require a totally different approach to customer acquisition and retention. Most universities are not addressing this sort of business. Also, some consulting firms don’t provide their consultants with enough opportunities to understand and learn how subscription businesses work.

Therefore, I have decided to create this course that will help students understand or refresh their knowledge of subscription businesses. The course will give you the knowledge and insight into real-life case studies that will make your life during a consulting project much easier. Thanks to this course, you will know what and how to do during consulting projects devoted to subscription businesses. You will master the modeling of subscription businesses in Excel and analyze whether the switch to such a model will make sense. On top of that, you will learn how to approach customer acquisition and retention.

To sum it up, I believe that if you want to become a world-class Management Consultant or Business Analyst you have to have a pretty decent understanding of subscription businesses. That is why, I highly recommend this course to Management Consultants or Business Analysts, especially those who did not finish business school or Economics. The course will help you become an expert in subscription businesses on the level of McKinsey, BCG, Bain, and other top consulting firms.

In what way will you benefit from this course?

The course is a practical, step-by-step guide loaded with tons of analyses, tricks, and hints that will significantly improve the speed with which you understand, and analyze businesses. There is little theory – mainly examples, a lot of tips from my own experience as well as other notable examples worth mentioning. Our intention is that thanks to the course you will learn:

1. How to model different subscription businesses in Excel

2. How to analyze whether the switch to a subscription model makes sense or not

3. How to analyze customer acquisition

You can also ask me any question either through the discussion field or by messaging me directly.

How the course is organized?

The course is divided currently into the following sections:

Introduction. We begin with a little intro to the course as well as some general info on how the course is organized.
Essential Concepts. We will start by explaining some essential concepts that later we will use to describe and show you the differences between subscription businesses. I will explain what we mean by subscription businesses, churn rate, MRR, and MRR churn. I will also provide examples of firms using a subscription model.
Modeling Subscription Businesses in Excel. Modeling Subscription Businesses in Excel requires a bit different approach than transaction-based businesses. We will show you in this section how to do it. I will start with transaction-based e-commerce, after which we will show you how to model e-commerce as a subscription. Later on, we will also model the streaming businesses.
SaaS. A lot of SaaS businesses run as subscription businesses. We will discuss what SaaS is, what KPIs you should pay attention to, and how to model them in Excel.
Customer Acquisition. Without customer acquisition, you will not enjoy much growth. In e-commerce, you will spend a lot of time optimizing and finding more optimal ways to acquire customers. In this section, we will discuss how to calculate customer acquisition costs, how to lower them, and how to increase the value of the customer.

You will be able also to download many additional resources

1. Useful frameworks and techniques

2. Models & Analyses shown in the course

3. Additional resources

4. Links to additional presentations, articles, and movies

5. Links to books worth reading

At the end of my course, students will be able to…

How to model in Excel subscription businesses
How to analyze whether the switch to a subscription business
What are the main challenges in subscription businesses?
How to calculate customer acquisition costs
How to reduce customer acquisition costs
How to increase the value of the customer
How to model e-commerce, streaming business, and SaaS business in Excel

Who should take this course? Who should not?

Management Consultants and Business Analysts
Managers
Financial Controllers
Investment Analysts
Startup Founders
Project Managers
Managers responsible for Acquisitions and Mergers

What will students need to know or do before starting this course?

Basic or intermediate Excel
Basic knowledge of economics
Basic or intermediate knowledge of finance & accounting

Who this course is for:

Management Consultants
Business Analysts
Managers
Financial Controllers
Investment Analysts
Startup Founders
Managers responsible for Acquisitions and Mergers

Subscription Business Models for Management Consultants

What you'll learn

Explore related topics

Course content

Introduction4 lectures • 7min

Essential Concepts6 lectures • 20min

Modeling Subscription Business in Excel32 lectures • 1hr 46min

SaaS6 lectures • 27min

Customer Acquisition8 lectures • 29min

Switching to Subscription Model13 lectures • 32min

Conclusions1 lecture • 2min

Requirements

Description

Who this course is for: