The first job I did on Upwork back in 2015 was for a real estate investment template. That is actually how I started my career in financial modeling and ended up branching into all kinds of industries. I still specialize in real estate templates and it is my favorite type of thing to build out. There are a lot of considerations when doing such work.
Valuing a startup can be a complex process due to the unique nature of these businesses and the high level of uncertainty involved. Here are some of the key methods and factors that are considered:
A good business value template can serve multiple purposes in various aspects of business management and decision-making. Here's what a well-designed business value template can do and who can benefit from it:
Modeling a construction business with periods where more bills are paid than cash is collected from the customer is an aspect of financial management that focuses on cash flow. This situation is referred to as a "negative cash flow" period. This is common in construction projects because contractors often have to pay for materials, labor, and other expenses before receiving payment from their clients. It is why I built the financial model for construction businesses based on the timing of cash flows for each job type.
After a few weeks of this template being live, I realized there were a few more really important data points that I could add to the template. This ended up increasing the usefulness quite a bit for any recurring revenue business that wants to take a hard look at historical customer spending patterns and retention.
I've built my entire career on learning about and building financial modeling templates. It's a fine art and really brings a lot of things to light about how a business makes money and scales. If you have a new business idea, or want to get into an existing business, being able to create a financial projection will force you to deeply understand its' unit economics, potential risks, and general valuation.
Starting an ad agency is a multifaceted endeavor that requires careful planning, knowledge of the advertising industry, and a clear understanding of your target market. Here are some foundational steps, insights, and strategies to consider:
SmartHelping / Real-Time Cash Planning / Excel
See where your cash balance is headed. Update your current bank balance, outstanding receivables and payables, and expected clearing dates to project the cash available each day.
Immediate download after purchase. By purchasing, you agree to the Terms of Service.
See the template in action
Watch the walkthrough to review the starting-balance inputs, invoice entries, projected daily cash balances and 90-day chart. Open the screenshots below for a closer look at the workbook.
What the template includes
Refresh the inputs whenever you need a new view of expected cash. Use actual bank information and outstanding invoices to keep the analysis tied to the latest position.
Enter the starting bank balance and current date to establish the starting point for the analysis.
Use the invoices tab to record each expected bank-clearing date, invoice ID, description and amount for upcoming receipts and payments.
Review the expected daily cash flow and future cash balances based on the balance and invoice assumptions you enter.
See the near-term cash flow visually. The 90-day chart updates as you change the underlying inputs.
How to use the template
The template is designed for regular updates to your cash position and invoice timing.
Update the starting bank balance input and enter the current date for the analysis.
In the invoices tab, enter receivables and payables with the expected date each item clears the bank, its invoice ID, description and amount.
Analyze the daily cash flow projected from the inputs and review the automatically updating 90-day chart.
Return daily, weekly or whenever you need a new analysis. Update the bank balance, outstanding invoices and expected clearing dates to reflect the latest information.
Who this template is for
Review expected receipts and payments when cash reserves are tight or the timing of invoices matters to the next spending decision.
Use the projected cash balances to inform discussions about larger payments, working capital and planned growth.
Also available in these bundles
This template is included in the Accounting and Construction collections, as well as the Super Smart Bundle.
Explore spreadsheets for cash flow, budgeting, receivables, payables and financial reporting.
View the Accounting bundleExplore financial models and planning tools for construction businesses and projects.
View the Construction bundleAccess the complete public SmartHelping template collection across industries and financial-analysis needs.
View the Super Smart BundleQuestions before you buy
The daily expected cash flow extends up to 365 days ahead. The visual cash flow chart focuses on the next 90 days.
Enter the starting bank balance, current date and upcoming receivables and payables in the invoices tab.
Enter its expected bank-clearing date, invoice ID, description and amount.
Update the current cash balance and outstanding invoices, including the expected clearing dates. The projected cash flow and chart recalculate from those inputs.
Use it daily, weekly or whenever you want to run a fresh cash flow analysis.
Yes. It is included in the Accounting and Construction bundles and in the Super Smart Bundle linked above.
Keep the next cash decision in view
Get the Excel template for a one-time purchase of $45.
Developing a pricing strategy for an online travel agency (OTA) is crucial for its success and profitability. Here's a step-by-step guide to help you develop an effective pricing strategy:
Understanding the fundamental principles of real estate development and acquisition is paramount. All real estate models encompass general concepts, but certain underwriting models also have unique elements. For instance, the approach to residential real estate differs from self-storage, and mixed-use acquisition / development and rent varies from build and sell condo development at a granular level. However, they all share certain common features. Once you grasp these foundational pillars, a myriad of creative strategies can be devised, scrutinized, and assessed. An effective model aims to be versatile, minimizing the need for tailored logic with each transaction.
Microsoft Excel is widely regarded as a pivotal tool in the world of finance for a multitude of reasons:
When I originally started building financial model templates, the main request I received was to put together monthly and annual profit / loss summaries as well as a final line that showed cash flow. These were to update as the desired assumptions changed. However, this was quite a bit different from building a 3-statement model in Excel. The 3 statements included in that are the Income Statement, Balance Sheet, and Cash Flow Statement. There are all kinds of considerations to keep in mind when modeling this structure.
Over the years I've done many consulting projects for real estate guys (both large and small). They all involve creating a spreadsheet to understand current rent rolls and future rent based on adjustments to occupancy and inflation.
SmartHelping / 10-Year Financial Model / Excel
Build a financial forecast for an online or in-person education business. Connect course pricing, class expansion, seat utilization and course length to revenue, costs, cash flow and investment returns.
Immediate download after purchase. By purchasing, you agree to the Terms of Service.
See the model in action
Watch the walkthrough to review the course assumptions, expansion schedule, capacity calculations and financial outputs. Open the screenshots below for a closer look at the workbook.
What the model includes
Use monthly and annual views to assess a small course business or a larger operation adding classes and locations over time.
Project the income statement, balance sheet and statement of cash flows for up to 10 years, with monthly and annual views and built-in sanity checks for all statements.
Review discounted cash flow valuation and investment returns. Adjust the launch year, exit timing and terminal value multiple to reflect the plan you want to evaluate.
Use the capex schedule, cap table and optional debt utilization to connect the operating plan with investment and financing requirements.
Use the scheduling tab and its conditional formatting to plan class time slots and available capacity across multiple classrooms or locations.
See total seats available, seats filled and utilization rates over time for each course type. Visualizations update as the underlying assumptions change.
Review high-level financial metrics in the annual executive summary, supported by dynamic visualizations of the financial projections.
Build the operating plan
Configure each course type separately so pricing, capacity and expansion can reflect different offerings.
Set each course type’s pricing, class expansion, variable costs, capex, capacity and course length assumptions.
Define up to 10 phases of class additions for each course type, including the number of classes added in each phase.
Enter the percentage of full class capacity reached over time. The utilization pattern applies relative to each expansion tranche’s launch and supports reaching capacity within the first 36 months.
Define how many weeks a course takes to complete. The model converts that duration into courses per month for the monthly revenue and variable-cost calculations.
Configure course-specific variable costs and capital requirements alongside pricing and seat capacity to assess the economics of each offering.
Enter monthly fixed expenses by cost type and start month across three main sections. Use the timing inputs to plan expenses such as additional rent when opening new locations.
Course length, seats and monthly activity
Revenue and variable costs are driven by courses completed per month. The model translates course duration in weeks into monthly activity while accounting for class capacity, utilization and expansion across the three course types.
For example, one class could offer 25 seats and run for four weeks. Course price and the percentage of those seats filled determine the projected sales activity, alongside the course-length calculation.
A month averages approximately 4.33 weeks. When a course lasts longer, set utilization changes to reflect when students finish and seats become available again. For a course spanning two monthly periods, for example, utilization could remain at 20% in months one and two, then rise to 30% in month three.
The utilization assumptions follow the start of each class expansion tranche. This lets new classes build toward capacity over their own first 36 months while the existing classes continue operating.
How to use the model
Set up to three course types with their own prices, seat capacities, course lengths, variable costs and capital spending.
Set the class count added in each expansion tranche and plan time slots and classroom capacity with the scheduling tab.
Enter the capacity ramp for newly launched classes and time fixed expenses to match the locations and operating capacity you plan to add.
Evaluate the monthly and annual statements, executive summary, capacity charts, cash flow valuation and investment-return metrics. Adjust assumptions to compare alternative plans.
Online or in-person courses
Originally inspired by an elder tech academy, the model can support a wide range of businesses that sell educational courses or classes.
Model an elder tech academy teaching phone, television and computer use, or courses in programming, web development, data science, machine learning, network administration and cybersecurity. Other examples include adult literacy, GED preparation, language learning and financial literacy or retirement planning.
Plan classes in mathematics, science, humanities, social sciences and languages, including algebra, calculus, biology, chemistry, physics, history, literature, philosophy, sociology and psychology. Business offerings can cover marketing, finance, accounting, human resources, project management and entrepreneurship.
Examples include painting, drawing, sculpture, dance, music, drama and theater, as well as photography, cooking, baking, gardening, DIY crafts and creative writing.
Use the model for course businesses teaching Automotive Repair, carpentry, woodworking, culinary arts, welding or Plumbing. Other examples include Real Estate Licensing, aviation and pilot training, scuba certification, and first aid or CPR.
Plan yoga, Pilates, martial arts, personal training, fitness, nutrition and dietetics courses around their class capacity, duration and pricing.
Examples include indigenous studies, cultural anthropology, religious studies and regional studies, along with Organic Farming, renewable energy, conservation and wildlife management.
Also available in these bundles
This template is included in the Industry-Specific bundle and the Super Smart Bundle.
Explore financial models built around the operating assumptions of different businesses and industries.
View the Industry-Specific bundleAccess the complete public SmartHelping template collection across industries and financial-analysis needs.
View the Super Smart BundleQuestions before you buy
Yes. The operating assumptions can be used for online or in-person educational courses. The scheduling tab also supports planning class time slots and capacity across physical classrooms or locations.
Configure up to three course types, each with up to 10 class expansion tranches and its own pricing, costs, course duration and capacity assumptions.
Course duration is entered in weeks and converted into monthly course activity. Set the utilization ramp to reflect the course completion cycle so increases in occupied seats align with when those seats become available again.
The model includes up to 10 years of monthly and annual three-statement projections, a capex schedule, a cap table, optional debt utilization, DCF analysis, IRR, MOIC, an annual executive summary and dynamic visualizations.
Yes. Three main fixed-expense sections let you configure monthly costs by cost type and start month, including expenses associated with future location expansions.
Plan the next stage of your education business
Get the Educational Courses Financial Model for $75 and build a forecast around your course mix, expansion schedule and utilization assumptions.
Starting a business that offers in-person educational classes comes with its own set of advantages and challenges.
Analyzing a loan portfolio involves assessing the quality, performance, and risk profile of a group of loans held by a financial institution or individual. The primary goal is to understand the overall health of the portfolio, ensure compliance with lending standards, and make informed decisions for future lending. Here's a step-by-step approach to analyzing a loan portfolio:
For a Software as a Service (SaaS) business, the Cost of Goods Sold (COGS) is somewhat different from traditional manufacturing businesses. SaaS companies typically have minimal physical production costs. Instead, their COGS primarily consists of the direct costs related to delivering the software service to their customers.
Accountants utilize a variety of spreadsheets to facilitate their tasks, perform calculations, and organize financial information. There are quite of bit of backend calculations and tracking that go into being able to generate proper financial statements. Here are some of the most helpful spreadsheets for accountants:
Startups typically pass through various stages, from ideation to scaling. Stabilization is a crucial phase in the lifecycle of a startup as it denotes steady growth, consistent revenues, and reduced volatility. Here are some of the key dynamics involved in reaching stabilization:
When you're evaluating the performance of loan tapes (data sets containing detailed information on a pool of loans) over time, you can use cohort analysis to group loans by certain shared characteristics (like the month or year of origination) and then measure their performance over time. Here's a breakdown of how to approach this analysis and what metrics/data points you might consider:
A financial model can significantly help in understanding the difference between profitability and only breaking even. Having a usable template can be super valuable if you know how to use it. Let's break down how:
SmartHelping / Historical Cohort Analysis / Excel
Turn customer transactions into a clear view of retention, churn and spending over time. Analyze up to five years of historical data with cohort visualizations, a dashboard and customer lifetime value metrics.
Immediate download after purchase. By purchasing, you agree to the Terms of Service.
See the template in action
Watch the original walkthrough to review the data layout, retention analysis and layer-cake spending chart. Open the screenshots below for a closer look at the workbook.
Dashboard and metrics update
This update adds a dashboard, customer lifetime value, and additional churn and spending visualizations to the template.
What the template includes
Use historical transaction data to review customer retention and spending by monthly cohort.
Analyze as much as five years of customer transaction history using a simple input structure built around customer IDs, transaction dates and purchase amounts.
Review average customer retention over time, with a best-fit curve to help estimate retention rates based on the historical pattern.
See monthly customer spending by cohort in a stacked area chart. Each layer represents a cohort so you can compare its contribution with the rest of the customer base.
Review average monthly churn as both a customer count and a percentage, supported by the template’s churn visualizations.
Compare the average retention of each monthly cohort to see which customer groups retain more strongly over time.
Use the added dashboard, customer lifetime value metric and spending visuals to bring the cohort analysis into a broader view of customer performance.
Three inputs, one calculated cohort column
Enter your historical records in the three input columns. The fourth column uses a formula to identify the cohort month for each customer.
Enter the customer identifier for each transaction so the workbook can group purchases belonging to the same customer.
Enter the date associated with each purchase or transaction for the monthly cohort analysis.
Enter the amount of each purchase to support the cohort spending summaries and visualizations.
The fourth column uses MINIFS to determine the cohort month from each customer’s earliest transaction date in the data. Preserve this formula column when entering data or adding extra fields.
Retention, spending and customer behavior
Cohort analysis shows how different groups of customers behave over time. It gives recurring-revenue businesses a way to investigate retention changes, compare spending patterns and revisit forecasting assumptions.
Look for when retention weakens and which monthly cohorts underperform. Use those patterns to guide further investigation into the product, service or customer experience.
Compare the revenue contribution of newer and older cohorts. Historical spending patterns can help inform assumptions about repeat purchases, upgrades and future customer value.
Use repeated cohort reviews as benchmarks when assessing new features, marketing efforts or retention initiatives. Compare the observed results with your operating and financial assumptions.
How to use the template
Organize up to 60 months of records into customer ID, transaction date and purchase amount columns.
Retain the formula in column D so each customer’s cohort month continues to calculate from the transaction history.
Compare retention, monthly churn, layer-cake spending and customer lifetime value using the dashboard and visualizations.
Investigate differences between cohorts and use the historical patterns to refine customer-retention initiatives and revenue-forecast assumptions.
Extend the analysis
For a more detailed analysis, adapt the workbook to compare product categories, campaign groups or other customer segments.
Add extra metadata columns for product categories, marketing campaigns or other customer attributes while preserving column D and its cohort formula.
Duplicate the cohort summary tabs and adjust their formulas to include only records that meet the category or metadata criteria you want to analyze. This requires workbook customization.
Need help adapting the analysis? Contact Jason for custom financial modeling work.
Who this template is for
Review how long customer groups remain active, how their spending develops and whether newer cohorts are performing differently.
Use the historical analysis to inform forecasting assumptions, identify groups for further investigation and benchmark changes in customer performance.
Also available in these bundles
This template is included in the SaaS / Recurring Revenue bundle and the Super Smart Bundle.
Explore financial models and analysis tools for SaaS, subscriptions and recurring-revenue businesses.
View the SaaS bundleAccess the complete public SmartHelping template collection across industries and financial-analysis needs.
View the Super Smart BundleQuestions before you buy
The template supports up to 60 months, or five years, of historical customer transaction data.
The three inputs are CustomerID, Purchase / Transaction Date and Purchase Amount. A fourth column calculates the cohort month using a MINIFS-based formula.
It displays monthly customer spending in a stacked area chart, with one layer for each cohort. This shows how each cohort contributes to spending over time.
Yes. The added dashboard, customer lifetime value metric, and churn and spending visualizations are included in the template. The update video above walks through those additions.
Yes, with customization. Add the relevant metadata without overwriting column D, duplicate the cohort summary tabs and adjust the formulas to filter for the category or campaign you want to review.
Make customer history easier to interpret
Get the Cohort Modeling Template for $75 and analyze historical customer performance with retention curves, spending charts and a dashboard.
SmartHelping / Royalty Income Analysis / Excel
Compare a fixed fee per sale with a percentage of sales. Forecast the licensee’s sales, review annual royalty income and present value, and track actual results against your forecast.
Immediate download after purchase. By purchasing, you agree to the Terms of Service.
See the template in action
Watch the walkthrough to review the sales assumptions, royalty calculations and annual outputs. Open the screenshots below for a closer look at the workbook.
What the template includes
Build a sales forecast, enter the royalty assumptions and compare the resulting fees and present values.
Evaluate royalty income over a period of up to 50 years, with annual summaries of the projected fees.
Forecast total sales using monthly unit sales, sales growth and average value per sale. Adjust the growth rate and average sale value each month.
Set a fixed fee per sale and a percentage-of-sale royalty rate, then compare the income generated by each structure.
Enter your own discount rate to calculate the present value of each licensing configuration over time.
Compare present values using up to four alternative fee-per-sale and percentage-of-sale inputs in the sensitivity table.
Review total fees per year by royalty type, track actuals against the forecast, and use two visualizations summarizing present value and annual fees.
Compare the fee structures
The template compares two ways of earning licensing income from the licensee’s sales.
Earn a specified amount for each unit sold. The income stream depends on sales volume and the fee assumption, so changes in the average sale value do not directly increase the fee per unit.
Earn a specified percentage of sales revenue. The income stream reflects both the number of units sold and the average value per sale, along with the royalty percentage.
Cash flow timing and present value
The timing of royalty income matters to its present value. Use the forecast and your chosen discount rate to compare the two income streams across the analysis period.
A fixed fee may produce more income initially. If average sale values rise, the percentage-based royalty may become more valuable over time. The model shows the results under your sales and fee assumptions.
Enter the discount rate you want to use for the present-value analysis. Review the discounted results alongside annual fees to understand how the timing of the income affects the comparison.
If a proposed arrangement uses a sliding scale tied to sales volume, compare the relevant fixed-fee and percentage levels as you evaluate the terms. The sensitivity table helps show how alternative fee assumptions affect present value.
How to use the template
Enter monthly unit sales, sales growth and average value per sale. Adjust the monthly growth and sale-value assumptions to reflect the expected sales path.
Set the fixed fee per sale, percentage-of-sale rate and discount rate for the present-value calculation.
Review the annual summary and visualizations, then use the sensitivity table to compare alternative royalty inputs.
Record actual results and compare them with the forecast to review how the royalty income develops over time.
Who this template is for
In a royalty arrangement, the licensor grants the licensee rights to use intellectual property in exchange for compensation. This template focuses on the financial comparison of the royalty terms.
Compare potential royalties from licensing patents, trademarks, copyrighted material or trade secrets using the licensee’s projected sales.
Use the model to discuss how fixed fees, royalty percentages, sales growth and average sale values affect the expected income stream.
Also available in these bundles
This template is included in the Accounting bundle and the Super Smart Bundle.
Questions before you buy
Compare a fixed fee per sale with a royalty calculated as a percentage of sales. Enter your own fee and percentage assumptions.
The template supports an analysis period of up to 50 years, with annual royalty summaries.
Yes. The sales forecast uses monthly unit sales, sales growth and average value per sale, with adjustable growth rates and average sale values each month.
The model uses the projected royalty income stream and the discount rate you enter to calculate present value for each royalty configuration.
It shows how the present value of each royalty structure changes with up to four alternative fee-per-sale and percentage-of-sale inputs.
Yes. The template includes actual-versus-forecast tracking, annual fee summaries and two visualizations covering present value and total fees per year.
Put the royalty terms into numbers
Get the Royalty Licensing Analysis Template for $45 and evaluate fixed fees, percentage royalties and present value using your own sales assumptions.