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Online and direct to consumer

Direct-to-consumer brand financial model, built free.

A three-statement Excel model for a direct-to-consumer brand, built from your own figures and checked to balance.

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  • Usually ready within the hour

We use generative AI in parts of our process, so mistakes can occur. Every model should be checked by a person before it is relied on. Read more

The business

Sells its own branded products mainly through its website, app and marketplaces (an online format), sometimes with a wholesale range sold to retailers, trading acquisition spend for customer lifetime value.

See the sampleHow the model works

In short

  • 01

    Three linked statements

    Income statement, balance sheet and cash flow, linked in every period.

  • 02

    Valued two ways

    Discounted cash flow and trading multiples, side by side.

  • 03

    Monthly to annual

    Monthly, quarterly, half-yearly or annual periods, for up to 30 years.

  • 04

    Checked every period

    A Checks sheet shows the balance sheet balances and the cash reconciles.

The sample

The sample, as Excel draws it.

Built by the same system and checks as yours: its structure and its inputs, ready for your own figures.

Annual · 10 years · Low detail
Direct-to-consumer brand sample model.xlsx
The How It Works sheet of the sample direct-to-consumer brand model

The sample describes no real business. Yours is calibrated to your own figures, so its results are your business’s.

How it works

How the model works for a direct-to-consumer brand.

  1. How it earns revenue3 formulas
    Product-range sales · All product ranges
    Gross salesVolume soldPrice to retailer per unit
    Trade spend (gross to net) · All product ranges
    Trade spendGross salesfrom product-range salesTrade spend (% of gross sales)
    Sales · All store formats
    Subscription salesSales at full box priceLess first-box discounts
  2. What drives its costs3 formulas
    Product cost of goods and gross profit · All product ranges
    Standard cost per unitMaterials and ingredientsPackagingConversion labourPlant overheadInbound freight
    Product cost of goods and gross profit · All product ranges
    Cost of goods soldVolume soldfrom product-range salesStandard cost per unit
    Product cost of goods and gross profit · All product ranges
    Net salesGross sales (product-range sales)from product-range salesTrade spend (trade spend (gross to net))from gross to net
  3. What it invests in3 formulas
    Store capex and depreciation · All store formats
    Capital expenditureSubscription salesfrom salesCapex as % of sales
    Store capex and depreciation · All store formats
    Less depreciationDepreciation (run-off of a mix of vintages)Depreciation
    Store capex and depreciation · All store formats
    Closing net book valueOpening net book valueAdd capital expenditureLess depreciation
  4. How it is funded3 formulas
    Debt
    RepaymentsScheduled repaymentsPrepayments from an equity raise and the cash sweep
    Debt
    Closing balanceOpening balanceDrawdownsRepayments
    Debt
    Interest expenseOpening balanceAll-in interest rateshare of the year
  5. How profit becomes cash3 formulas
    Working capital
    Trade receivablesRevenuefrom statementsDebtor daysDays in period
    Working capital
    InventoryDirect costs (positive)from statementsInventory daysDays in period
    Working capital
    Trade payablesCash operating costs (positive)from statementsCreditor daysDays in period
What it covers

27 parts, each one tested.

Every part is a tested building block with its own checks: yours is put together from the ones your business needs.

  • CPI forecastConsensus curve with long-run anchor
  • Exchange rate (US dollar)Exchange rate by financial year
  • Operating expensesHeadcount build by function
  • Corporate costsFixed cost base indexed to CPI
  • Working capitalFull working capital
  • Income taxCorporate rate with tax losses
  • DebtAmortising term loan
  • Equity raisingDistribution reinvestment plan
  • Discounted cash flow valuationDCF on free cash flow to the firm
  • Multiples valuationEV / EBITDA multiple
  • Key-metric summaryLast-twelve-month and run-rate metrics
  • Budget phasingSeasonal profile of twelve monthly weights
  • Sources and uses of fundsBalanced sources and uses
  • Discount rate (WACC)CAPM at target gearing
  • Burn and runwayRunway to the forecast cash-out date
  • Unit economicsLTV, CAC and payback from averages
  • InventoryStock per store plus DC stockStock held in stores, distribution centres and in transit, and the cash it ties up.
  • Product-range salesDistribution × rate of saleGross sales of a brand, category or SKU family to retailers, wholesale accounts and export markets.
  • Trade spend (gross to net)Trade spend % of gross salesPayments and discounts to retail customers — promotional allowances, rebates, listing fees and co-operative marketing — deducted from gross sales to reach net revenue.
  • Product cost of goods and gross profitUnit cost buildCost of making or buying each product range — materials, packaging, conversion and inbound freight.
  • Store networkScheduled openings and closuresStores trading in each period — openings, closures and selling area — which every per-store driver multiplies.
  • SalesSubscription billingSales of the format — stores, restaurants, cafés or an online channel — the revenue base of every retailer.
  • Cost of goods soldProduct margin less shrinkage and freightCost of the goods (or food) sold by the format, after supplier terms, freight, markdowns and shrinkage.
  • Store and channel operating costsPer-store wages, rent and other costsCosts of running the format — store wages, rent and occupancy, running costs, or an online channel's fulfilment and platform costs (rent here is the pre-AASB 16 cash view).
  • Store capex and depreciationCapex as % of salesFit-out spend on new stores, refurbishments and maintenance, and the depreciation and book value of store assets.
  • Marketing and customer acquisitionNew customers × CAC plus retentionSpend on acquiring and retaining customers — media, catalogues, paid search and social, affiliates and CRM.
  • Store and unit economicsNew-store investment and paybackFour-wall (store) profit and the return on each new store or restaurant — the unit economics that support a roll-out, a franchise system or an online channel; reporting only.
Key numbers

The numbers it tracks.

  1. 01active customers
  2. 02repeat rate
  3. 03CAC
  4. 04LTV to CAC
  5. 05contribution margin per order
  6. 06EBITDA margin
Used for

What it is used for.

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Running a small business? Read what goes into a small business financial model.

See a finished model, sheet by sheet

The sample is built on illustrative figures and describes no real business. Models are calculations prepared from the information you provide. They are not financial advice and must be independently verified. See our terms.