Royston G KingIvy Tier · I help high school students build top 1% passion projects to significantly increase their chances of elite college acceptance

Build your financial model as soon as you can #shorts

Name: Build your financial model as soon as you can #shorts
Uploaded: 2024-02-07T14:17:53+00:00
Duration: 58 s
Channel: Royston G King
Description: In this short video, the founder of Slidebean recounts the early days of the company, noting that they secured a Startup Chile grant of roughly $30‑$35…

7 Feb 2024 · 1 min

Watch on YouTube

0:58

In this short video, the founder of Slidebean recounts the early days of the company, noting that they secured a Startup Chile grant of roughly $30‑$35 k. From the moment the business began operating, he built a very simple spreadsheet financial model that listed monthly expenses—including modest salaries—to track cash burn and estimate runway. The model showed that, at that burn rate, the company would run out of money in about six months. He emphasizes that every startup should create a budget as soon as it starts spending, even before any revenue is generated, to maintain peace of mind and avoid surprise cash‑flow crises.

Chapters

When we started Slidebean, we had, we raised like, we did Startup Chile, which was a grant of about $30,000, $35,000, which was an investment. The moment, I mean, the moment we started operating the business, I had a financial model so that I could just budget, budget when we were gonna run out of money. So it wasn't complicated, it wasn't elaborate, it was just a simple, a simple, very simple spreadsheet that just tracked a list of, hey, this is, these are all the expenses we have to make each month, including our salaries, which were not great. Uh, and then that means that at that rate we'll run out of money like in 6 months. And I would have this spreadsheet just for my own peace or not peace of mind. Um, but I guess, you know, to answer that, I'd say, you know, the moment you are in business, even if you're not making revenue, if you're just spending money, you should have a budget.