Financial Modeling in Excel for Startups
4.0 (82 ratings)
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Financial Modeling in Excel for Startups

Learn to create a financial model for a startup business from scratch using Microsoft Excel from startup expert Chris B.
4.0 (82 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
1,294 students enrolled
Created by Chris Benjamin
Last updated 1/2014
English
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Includes:
  • 5.5 hours on-demand video
  • 13 Supplemental Resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • You will learn how to create a full financial model/budget from A-Z
  • Learn how to frame a financial model, what formulas are needed, and what investors are looking for
View Curriculum
Requirements
  • Have a copy of Microsoft Excel
  • Basic understanding of Excel - basic formulas
  • Basic understanding of Accounting principals and financial statements
Description

Financial Modeling in Excel for Startups - Learn how to build an investor quality, dynamic and error free budget/forecast for your company.

As an entrepreneur, you will have many uses for a budget/financial model. If you are looking for investors, one of the first things someone will ask for is your projections. As well for your own peace of mind, don't you want to be able to forecast forward and see how the business will perform given a set of assumptions? All of this can be accomplished with a solid financial model.

This course will be taught primarily by following along in Excel as we build a financial model for a fictional company. We will start with a completely blank Excel workbook, and by the end of the course have a fully functioning financial model.

Students are encouraged to take the course twice. The first time, just follow along, understand not only the formulas, but also the "why" of what we are doing. See the financial model grow and become "alive" as we work through the various tabs. The second time, follow along and work on your own personal financial model.

The time of the course in video content is 5.5 hours, although expect to spend 10 - 20 hours taking this course. In that time we will build a basic financial model which is fully functioning. The additional time is so you can work on your own financial model in between the lectures.

The course is structured in a very step by step methodology. As we work through each section, we'll progress towards the final financial model.

I encourage all entrepreneurs and financially minded people alike to take the course.

Why listen to Chris Benjamin, Rogue CFO?

I've worked with startup ventures exclusively for over 6 years now. In that time, I've built close to 100 different financial models for companies from early stage startups to several publicly traded ventures. I've also presented to angel investors and venture capitalists many times, and know what they are looking for when considering investing in your company. Learn from someone who not only can teach you how to build a model in excel, but also knows what to include and tips and tricks of building a usable, attractive financial model.

"Financial modeling made simple

Being a CFO I've built my fair share of financials models as well, but I can say I never quite felt comfortable with them. They seemed too big, too cumbersome, and it just seemed like there should be a better way. Chris definitely knows what he is doing and couldn't be a better instructor. Finally I feel empowered to build a solid financial model, in less time, and with much better quality.

Robert Matthews, CFO at (company name omitted for privacy)"

Who is the target audience?
  • Entrepreneurs
  • Startup Companies
  • Financial Modelers
Students Who Viewed This Course Also Viewed
Curriculum For This Course
Expand All 54 Lectures Collapse All 54 Lectures 05:47:50
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Introduction
3 Lectures 12:05

An introduction to Financial Modeling in Excel for Startups. Covers the goals of the course, the prerequisites, and contact information for the instructor, Chris Benjamin.

Preview 04:48

Chris Benjamin expands on the introduction to the course, talking more about the specific process used in the course and the content which will be created.

Preview 04:51

An introduction and overview of the financial model process we will be going through in the course.

Introduction to the Excel Model
02:26
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Terminology & Excel Functions
3 Lectures 16:00

Summary worksheet to use with this section, includes terminology, sections for questions and notes of the student, and 3 questions related to the section.

Section 2 Worksheet
1 page

Chris Benjamin gives an overview of Excel basic functions and formulas needed to be successful in the course.

Preview 02:18

An overview of all Excel functions and formatting tools, as well as navigation within Excel, that is commonly used in financial modeling.

Excel Functions and Features
13:42
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Assumptions
9 Lectures 57:46

Summary worksheet to use with this section, includes terminology, sections for questions and notes of the student, and 3 questions related to the section.

Section 3 Worksheet
1 page

Chris Benjamin talks about the importance of Assumptions, the general process for determining your assumptions and how they then factor into subsequent financial statements.

Preview 02:36

The beginning of creating our Assumptions tab. We start with modeling the Revenue assumptions. Cover revenue drivers, revenue per item, and the process used to create the assumptions and properly lay them out in Excel.

Preview 07:42

A continuation of the revenue driver assumptions, the proper lay out in Excel, and a discussion of how this will feed into the financial statements.

Assumptions - Revenue 2
06:14

Continuing with the assumptions, we now work on the cost of good solids assumptions. The various methods which can be used are discussed.

Assumptions - COGS
04:48

Salaries typically are the largest expense for a new startup company. This video covers how to set up salary assumptions, the various alternatives you have, and creates a set of assumptions to be used in the model.

Assumptions - Salaries
14:18

General and Administrative costs typically found in a company are modeled in this video.

Assumptions - General and Admin
05:54

Sales and marketing expenses are broken out into their own category and modeled in this video. Various alternatives for how to create expense drivers are discussed as well.

Assumptions - Sales and Marketing
06:49

Assumptions related to the balance sheet are included in this video. Later on fixed asset assumptions are additionally added to this section.

Assumptions - Balance Sheet
09:25
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Profit & Loss Statement
6 Lectures 40:09

Summary worksheet to use with this section, includes terminology, sections for questions and notes of the student, and 3 questions related to the section.

Section 4 Worksheet
1 page

Chris Benjamin discusses the profit and loss statement and the approach to now beginning building the financial statements using the assumptions created previously.

Preview 01:28

The profit and loss statement is created with headers, row titles and general formatting.

Preview 11:48

Expanding on the formatting, in this video formulas are put in place for all totals both vertical and horizontal.

Profit and Loss - Totals Formulas
06:39

The revenue section of the Profit and Loss statement is modeled by linking to the assumptions created earlier.

Profit and Loss - Revenue
10:04

The cost of goods sold section of the Profit and Loss statement is modeled here using the linking technique back to the assumptions tab.

Profit and Loss - Cogs and Op Ex
10:10
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Balance Sheet
6 Lectures 50:04

Summary worksheet to use with this section, includes terminology, sections for questions and notes of the student, and 3 questions related to the section.

Section 5 Worksheet
1 page

Chris Benjamin discusses the Balance Sheet and how it is tied to other financials.

Preview 00:49

The Balance Sheet is established, with headers and row titles, along with overall formatting.

Balance Sheet - Setup and Format
11:03

Formulas are put in place to start to establish the balance sheet.

Preview 13:48

The Balance Sheet formula creation is continued, linking the assumptions and other inputs to line by line.

Balance Sheet - Formulas Part 2
21:32

The Balance Sheet originally did not include an inventory line item. This video shows how to go about adding a new line item.

Balance Sheet - Inventory
02:52
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Statement of Cash Flow
7 Lectures 40:49

Summary worksheet to use with this section, includes terminology, sections for questions and notes of the student, and 3 questions related to the section.

Section 6 Worksheet
1 page

An introduction to the statement of cash flows and its place within the financial model.

Preview 00:46

The Cash Flow financial statement is started. This video focuses on the set up of the titles, columns and formatting.

Cash Flow - Setup and Format
09:10

Formulas for totals both horizontal and vertical are put into the Cash Flow statement.

Cash Flow - Totals Formulas
07:12

The beginning of placing in formulas to link the Cash Flow statement to the assumptions and other financial statements is started.

Preview 07:12

Continuation of the populating of the Cash Flow statement with formulas in order to bring the data needed into the financial statement.

Cash Flow - Formulas 2
12:51

Finalization of the formulas needed in the Cash Flow statement.

Cash Flow - Formulas 3
03:38
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Inventory
5 Lectures 34:25

Summary worksheet to use with this section, includes terminology, sections for questions and notes of the student, and 3 questions related to the section.

Section 7 Worksheet
1 page

Chris Benjamin discusses the importance of an inventory planning worksheet. This section applies only to businesses who sell goods.

Preview 01:08

Building the Inventory worksheet and start of some formuas

Inventory - Setup and Format
15:30

Now that the Inventory sheet is established, this video begins the process of writing formulas to link the Assumptions to the Inventory tab so we can establish a plan for inventory purchases.

Inventory - Formulas 1
09:40

In this video we continue adding formulas to finish the Inventory worksheet. As well a discussion of inventory planning and how to approach minimum inventory amounts.

Inventory - Formulas 2
08:07
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Financial Tie Out
4 Lectures 28:13

Summary worksheet to use with this section, includes terminology, sections for questions and notes of the student, and 3 questions related to the section.

Section 8 Worksheet
2 pages

Chris Benjamin discusses the process of now tying out the model, making sure everything is in balance and linked correctly. As well how to look at the model from a feasibility of the business standpoint is discussed.

Preview 01:33

In this video, now that the financial model is essentially done, we check for errors by starting with the balance sheet. A discussion of methods used to identify errors is included.

Financial Tie Out - Error Checking
11:20

Now that the model has been error checked and in balance, before proceeding we take a step back and review the results to see if it makes sense from a 10,000 foot level. Assumptions are adjusted and a discussion of profitability and business feasibility are provided.

Financial Tie Out - Model Review
15:20
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Variance Analysis
4 Lectures 21:44

Summary worksheet to use with this section, includes terminology, sections for questions and notes of the student, and 3 questions related to the section.

Section 9 Worksheet
1 page

Chris Benjamin discusses the purpose of having a best case/worst case (aka Variance Analysis) worksheet.

Preview 01:02

The Variance Analysis tab is created and general formatting done as with prior tabs added.

Variance Analysis - Setup and Format
10:31

The Variance Analysis tab is now populated with formulas, linking the Assumptions about the variances along with the Profit and Loss results. The purpose and best business practices of the Variance Analysis are discussed.

Variance Analysis - Formulas
10:11
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Financial Summary
4 Lectures 20:04

Summary worksheet to use with this section, includes terminology, sections for questions and notes of the student, and 3 questions related to the section.

Section 10 Worksheet
2 pages

Chris Benjamin discusses the final worksheet created in the financial model, a summary which brings in the highlights of each of the financial statements.

Preview 01:04

The final tab, Financial Summary, is established and formatting done to prepare the tab.

Preview 05:22

The formulas are inserted to create the financial summary. A discussion of the overall purpose and uses for the financial summary are also included.

Financial Summary - Formulas
13:38
1 More Section
About the Instructor
Chris Benjamin
4.2 Average rating
355 Reviews
26,684 Students
4 Courses
Outsourced CFO for Growth Stage Ventures Going Public

I partner with growth-stage international ventures, bringing C-level management experience to help guide your company. 

I have worked as a Rogue CFO exclusively to growing companies for the last five years, bringing my past corporate experience, my passion for the entrepreneur community, and experience helping over 100+ startups succeed.

How do I help? I encourage you to visit my site to learn all: http://www.roguecfo.com/services

A short list though:
* Quarterly & Annual Audit
* Financial Statement Preparation & Analysis
* SEC Reporting
* Investor Liaison
* Cash Flow Maximization Strategies
* Revenue Growth & Expense Reduction
* Financial modeling
* Investor Package creation
* IPO, Reverse Merger & PIPE investment expert
* Exit Strategies (M&A, IPO, LBO, MBO)

As well, I serve on the Board of Directors for growth companies to help direct them towards future growth and profitability.

Specialties: MBA, Startup & growth-stage experience, raising capital, financial forecasts, business plans, virtual CFO, cash management, growth strategy, policy & procedure implementation.

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