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How to Build a Basic Financial Model in Excel financial goals worksheet



Here is a quick lesson on how to build a basic financial model in Excel. In this financial modeling video, we focus on the P&L, or income statement.

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In this tutorial, we learn how to build a basic financial model, specifically an income statement for a simple furniture company.

I created this video as a financial modeling guide & template for beginners. All financial modeling follows the same process – whether the model is complex or simple, so if you can understand the construction of this model, you can learn to build more complex financial models as well.

STEP 1: DEVELOP ASSUMPTIONS
First, you establish assumptions. In this case, we develop the assumptions for our revenue model (price, units sold, etc), and then the assumptions around the costs & expenses.

STEP 2: BUILD THE MODEL & FORMULAS
Once we’ve built the assumptions, we need to calculate the results (the total revenues, expenses, etc). This requires us to create formulas that multiply the assumptions and add / subtract different pieces of the model so we can calculate metrics like gross profit, net income, etc.

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DON’T FORGET: FORMATTING!
One important piece which we do throughout the process of financial modeling is formatting. Some formats are standard across business, and so are good practice to follow (things like color coding). Other formats just make the model easier to scan and review (like dollar signs, decimal places, etc).

By the end of this video, you should have a good understanding of the financial modeling process in Excel, whether it is a basic model or a more advanced one.

I hope this content is valuable – please take a look at my other videos / courses (above) if you want to keep learning about Excel and finance.

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29 thoughts on “How to Build a Basic Financial Model in Excel financial goals worksheet”

  1. This was pretty great. Pretty simple, but couldn't you have used an If statement for the tax expense? Bcz what if you're gonna go for more than 3 years? It's gonna at some point became kinda tedious having to manually check if your income is positive and then putting in a formula. Don't ya think .?

  2. Bro how are you so fast? You're like an Excel wizard knowing all the keyboard shortcuts. It's pretty cool. Idk why I'm even looking this up. I'm just importing my yearly spending into excel but then was like "wonder what a financial model looks like in excel"

  3. This channel is a gold mine… please don't stop making these videos my man!! you're bringing out so much value to the community and I hope you're going to be as successful as possible in what you're doing. Just finished my bachelor's degree in business administration here in Germany with a major in marketing and entrepreneurship and I want to start working / build my own company + support our family business. I came to the realisation that I've learned a lot about the theoretical stuff on marketing and product development and so on, but have a lack in financial knowledge – which is the key for starting a successful business. Even though I was good at accounting, I've forgot almost everything and don't want anything too complex to learn, I just want to understand the fundamental KPI's and their relationship and you're providing this simplicity in your videos!! also watched you video on digital marketing KPI's, awesome stuff man. Keep going, you're doing a great job!

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