Skills · Business & ops

Startup Financial Modeling

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Build comprehensive 3-5 year financial models with revenue projections, cost structures, cash flow analysis, and scenario planning for early-stage startups. Use this skill when creating financial projections, calculating burn rate or runway, modeling fundraising scenarios, or preparing investor-ready financials for a seed or Series A raise.

Originally by wshobson · MIT

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Build comprehensive 3-5 year financial models with revenue projections, cost structures, cash flow analysis, and scenario planning for early-stage startups. Use this skill when creating financial projections, calculating burn rate or runway, modeling fundraising scenarios, or preparing investor-ready financials for a seed or Series A raise.

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startup-financial-modeling/SKILL.md329 lines7.6 KBRawView on GitHub
Frontmatter — 3 properties
namestartup-financial-modeling
descriptionBuild comprehensive 3-5 year financial models with revenue projections, cost structures, cash flow analysis, and scenario planning for early-stage startups. Use this skill when creating financial projections, calculating burn rate or runway, modeling fundraising scenarios, or preparing investor-ready financials for a seed or Series A raise.
version1.0.0
1---
2name: startup-financial-modeling
3description: Build comprehensive 3-5 year financial models with revenue projections, cost structures, cash flow analysis, and scenario planning for early-stage startups. Use this skill when creating financial projections, calculating burn rate or runway, modeling fundraising scenarios, or preparing investor-ready financials for a seed or Series A raise.
4version: 1.0.0
5---A5No allowed-tools declared — no way to tell what this skill may touch
6 
7# Startup Financial Modeling
8 
9Build comprehensive 3-5 year financial models with revenue projections, cost structures, cash flow analysis, and scenario planning for early-stage startups.
10 
11## Overview
12 
13Financial modeling provides the quantitative foundation for startup strategy, fundraising, and operational planning. Create realistic projections using cohort-based revenue modeling, detailed cost structures, and scenario analysis to support decision-making and investor presentations.
14 
15## Core Components
16 
17### Revenue Model
18 
19**Cohort-Based Projections:**
20Build revenue from customer acquisition and retention by cohort.
21 
22**Formula:**
23 
24```
25MRR = Σ (Cohort Size × Retention Rate × ARPU)
26ARR = MRR × 12
27```
28 
29**Key Inputs:**
30 
31- Monthly new customer acquisitions
32- Customer retention rates by month
33- Average revenue per user (ARPU)
34- Pricing and packaging assumptions
35- Expansion revenue (upsells, cross-sells)
36 
37### Cost Structure
38 
39**Operating Expenses Categories:**
40 
411. **Cost of Goods Sold (COGS)**
42 - Hosting and infrastructure
43 - Payment processing fees
44 - Customer support (variable portion)
45 - Third-party services per customer
46 
472. **Sales & Marketing (S&M)**
48 - Customer acquisition cost (CAC)
49 - Marketing programs and advertising
50 - Sales team compensation
51 - Marketing tools and software
52 
533. **Research & Development (R&D)**
54 - Engineering team compensation
55 - Product management
56 - Design and UX
57 - Development tools and infrastructure
58 
594. **General & Administrative (G&A)**
60 - Executive team
61 - Finance, legal, HR
62 - Office and facilities
63 - Insurance and compliance
64 
65### Cash Flow Analysis
66 
67**Components:**
68 
69- Beginning cash balance
70- Cash inflows (revenue, fundraising)
71- Cash outflows (operating expenses, CapEx)
72- Ending cash balance
73- Monthly burn rate
74- Runway (months of cash remaining)
75 
76**Formula:**
77 
78```
79Runway = Current Cash Balance / Monthly Burn Rate
80Monthly Burn = Monthly Revenue - Monthly Expenses
81```
82 
83### Headcount Planning
84 
85**Role-Based Hiring Plan:**
86Track headcount by department and role.
87 
88**Key Metrics:**
89 
90- Fully-loaded cost per employee
91- Revenue per employee
92- Headcount by department (% of total)
93 
94**Typical Ratios (Early-Stage SaaS):**
95 
96- Engineering: 40-50%
97- Sales & Marketing: 25-35%
98- G&A: 10-15%
99- Customer Success: 5-10%
100 
101## Financial Model Structure
102 
103### Three-Scenario Framework
104 
105**Conservative Scenario (P10):**
106 
107- Slower customer acquisition
108- Lower pricing or conversion
109- Higher churn rates
110- Extended sales cycles
111- Used for cash management
112 
113**Base Scenario (P50):**
114 
115- Most likely outcomes
116- Realistic assumptions
117- Primary planning scenario
118- Used for board reporting
119 
120**Optimistic Scenario (P90):**
121 
122- Faster growth
123- Better unit economics
124- Lower churn
125- Used for upside planning
126 
127### Time Horizon
128 
129**Detailed Projections: 3 Years**
130 
131- Monthly detail for Year 1
132- Monthly detail for Year 2
133- Quarterly detail for Year 3
134 
135**High-Level Projections: Years 4-5**
136 
137- Annual projections
138- Key metrics only
139- Support long-term planning
140 
141## Detailed section: Step-by-Step Process
142 
143Originally a 2763-byte section in this SKILL.md. Moved to `references/details.md` to fit Codex's 8 KB skill body cap.
144 
145## Business Model Templates
146 
147### SaaS Financial Model
148 
149**Revenue Drivers:**
150 
151- New MRR (customers × ARPU)
152- Expansion MRR (upsells)
153- Contraction MRR (downgrades)
154- Churned MRR (lost customers)
155 
156**Key Ratios:**
157 
158- Gross margin: 75-85%
159- S&M as % revenue: 40-60% (early stage)
160- CAC payback: < 12 months
161- Net retention: 100-120%
162 
163**Example Projection:**
164 
165```
166Year 1: $500K ARR, 50 customers, $100K MRR by Dec
167Year 2: $2.5M ARR, 200 customers, $208K MRR by Dec
168Year 3: $8M ARR, 600 customers, $667K MRR by Dec
169```
170 
171### Marketplace Financial Model
172 
173**Revenue Drivers:**
174 
175- GMV (Gross Merchandise Value)
176- Take rate (% of GMV)
177- Net revenue = GMV × Take rate
178 
179**Key Ratios:**
180 
181- Take rate: 10-30% depending on category
182- CAC for buyers vs. sellers
183- Contribution margin: 60-70%
184 
185**Example Projection:**
186 
187```
188Year 1: $5M GMV, 15% take rate = $750K revenue
189Year 2: $20M GMV, 15% take rate = $3M revenue
190Year 3: $60M GMV, 15% take rate = $9M revenue
191```
192 
193### E-Commerce Financial Model
194 
195**Revenue Drivers:**
196 
197- Traffic (visitors)
198- Conversion rate
199- Average order value (AOV)
200- Purchase frequency
201 
202**Key Ratios:**
203 
204- Gross margin: 40-60%
205- Contribution margin: 20-35%
206- CAC payback: 3-6 months
207 
208### Services / Agency Financial Model
209 
210**Revenue Drivers:**
211 
212- Billable hours or projects
213- Hourly rate or project fee
214- Utilization rate
215- Team capacity
216 
217**Key Ratios:**
218 
219- Gross margin: 50-70%
220- Utilization: 70-85%
221- Revenue per employee
222 
223## Fundraising Integration
224 
225### Funding Scenario Modeling
226 
227**Pre-Money Valuation:**
228Based on metrics and comparables.
229 
230**Dilution:**
231 
232```
233Post-Money = Pre-Money + Investment
234Dilution % = Investment / Post-Money
235```
236 
237**Use of Funds:**
238Allocate funding to extend runway and achieve milestones.
239 
240**Example:**
241 
242```
243Raise: $5M at $20M pre-money
244Post-Money: $25M
245Dilution: 20%
246 
247Use of Funds:
248- Product Development: $2M (40%)
249- Sales & Marketing: $2M (40%)
250- G&A and Operations: $0.5M (10%)
251- Working Capital: $0.5M (10%)
252```
253 
254### Milestone-Based Planning
255 
256**Identify Key Milestones:**
257 
258- Product launch
259- First $1M ARR
260- Break-even on CAC
261- Series A fundraise
262 
263**Funding Amount:**
264Ensure runway to achieve next milestone + 6 months buffer.
265 
266## Common Pitfalls
267 
268**Pitfall 1: Overly Optimistic Revenue**
269 
270- New startups rarely hit aggressive projections
271- Use conservative customer acquisition assumptions
272- Model realistic churn rates
273 
274**Pitfall 2: Underestimating Costs**
275 
276- Add 20% buffer to expense estimates
277- Include fully-loaded compensation
278- Account for software and tools
279 
280**Pitfall 3: Ignoring Cash Flow Timing**
281 
282- Revenue ≠ cash (payment terms)
283- Expenses paid before revenue collected
284- Model cash conversion carefully
285 
286**Pitfall 4: Static Headcount**
287 
288- Hiring takes time (3-6 months to fill roles)
289- Ramp time for productivity (3-6 months)
290- Account for attrition (10-15% annually)
291 
292**Pitfall 5: Not Scenario Planning**
293 
294- Single scenario is never accurate
295- Always model conservative case
296- Plan for what you'll do if base case fails
297 
298## Model Validation
299 
300**Sanity Checks:**
301 
302- [ ] Revenue growth rate is achievable (3x in Year 2, 2x in Year 3)
303- [ ] Unit economics are realistic (LTV/CAC > 3, payback < 18 months)
304- [ ] Burn multiple is reasonable (< 2.0 in Year 2-3)
305- [ ] Headcount scales with revenue (revenue per employee growing)
306- [ ] Gross margin is appropriate for business model
307- [ ] S&M spending aligns with CAC and growth targets
308 
309**Benchmark Against Peers:**
310Compare key metrics to similar companies at similar stage.
311 
312**Investor Feedback:**
313Share model with advisors or investors for feedback on assumptions.
314 
315 
316## Quick Start
317 
318To create a startup financial model:
319 
3201. **Define business model** - Revenue drivers and pricing
3212. **Project revenue** - Cohort-based with retention
3223. **Model costs** - COGS, S&M, R&D, G&A by month
3234. **Plan headcount** - Hiring by role and department
3245. **Calculate cash flow** - Revenue - expenses = burn/runway
3256. **Compute metrics** - CAC, LTV, burn multiple, runway
3267. **Create scenarios** - Conservative, base, optimistic
3278. **Validate assumptions** - Sanity check and benchmark
3289. **Integrate fundraising** - Model funding rounds and milestones
329 

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