SIBM Spartina Internet Business Model: Manage Cash, Increase Revenue, Grow Profit
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1 Copyright2009Spartina Beta 1 SIBM SpartinaInternetBusinessModel: ManageCash,IncreaseRevenue,GrowProfit CongratulationsonchoosingtorunanInternetbusiness.Itisquiteunlikeanyother,withreal time feedback,andtheuniquefeatureofbeingabletoscaleandgrowwithlimitedcostsinhuman resourcesandfacilities.thisfinancialmodeladdressestheuniqueaspectsofyourinternetbusiness. Revenue&Costs AkeydifferentiatorforInternetbusinessesisthatrevenuesarebasedontraffic.Yourfinancialmodel musttakeintoaccountandforecasttrafficaccurately.therevenueforecastingisafunctionofhow thetrafficconvertstovariousmonetizationactivities,suchasauserclickingonagoogleadsensead placementorbuyingasubscription.webelieveallinternetbusinessesshouldlookattheirtotal revenuedividedbytheirtotalvisitorstoderivearevenuepervisitor(rpv).yourmissionisto growtrafficandoptimizeconversiontoincreaserpv. ThecoststructureofanInternetbusinessisalsounique.Youhavemanyadvantages:thecompany canbevirtualtostart.youmay onlyneedamacbook, astheadsays,tostartit.developmentcosts arelowwithadvancedsoftwaredevelopmentenvironments(rubyonrails)andopensourcetools readyforofftheshelfintegration.youshouldbeemployeeefficient,sincethetechnologythatyou buildtorunwebsitecanbeleveragedforusebyanyhumanresources. FinancialModel AtSpartina,ourgoalistorunabusinessatthelowestcostwithoutjeopardizingthebusiness opportunity.wehavecreatedacustomizablemodelanduseditsuccessfullyacrossmanydifferent Internetcompanies. Themodelisdesignedtohelpyoufocusandthinkabouttherightleversthatbringyoutocashflow breakeven,and,thenhelpyouscaletolargeprofits. Inthisdocument,wewillgothroughthevariousworksheetsthatyouwillengagewith.Thereare alsoinstructionswithinthespartinainternetbusinessmodel(sibm)spreadsheetaswell.the purposeofspreadsheetismodeling/forecastingyourbusinessandcreatingabudget,whichyoucan thentransferintoyouraccountingsystemifdesired. Themodelisbasedona12 monthperiod,andnotnecessarilytiedtoyourfiscalyear.youcan transfertheappropriatedatatoafiscalyearwhenyousetupyouraccountingsystem. Inthemodel,youwillfindcellshighlightedinYellow:thesearetheoneswhereyouwillbeentering information.theothercellsarederivedfromyourentereddata.instructionsareprovidedingreenhighlightedcells.inthisdocumentweboldorunderlinewordsthatrefertocellsinthespreadsheet. WhenyouarereadytousetheBusinessModel,werecommendthisorder: Step1:ForecastyourtrafficonTrafficWaterfallsheet(Row4,allacross) Step2:GotoRevenueandfilloutthenumbers. Step3:Thinkabouthowmanypeopletomeettheheadcount;FillintheHeads,forecastheadcount. Step5:GototheBudgetSheet Step6:CompleteCashWaterfall alwaysknowwhenyouwillrunoutofcash. Step7:Gotoline10ofRollupandaddgrowthrates.
2 Headcount Themodelstartswithheadcount,theHRresourcesthatyouneedtodeliveryourbusiness.The principleistobeasleanasyoucan.(seeourarticleonstaffing)leanstaff=moreefficient communication=higherproductivity. Yournumberonejobistohiregreatpeopleandwaitifyouareeverunsure.Ofcourse,every companywantsthat.butforaninternetcompany,onegreatprogrammerisbetterthanthreegood ones.one rockstar developergivestheprogrammercompletecontrol,andtheycanworkwith superefficiency.severalofourpartnercompanieshavebeencreatedwithactothatcodes, producingamazingresultsintimetomarketandproductevolution. Inoursamplecompany,weindicate3 people.adjustthisbasedonyour situation. WeincludeanoptionalBonusreserve percent.ifyouareplanningonpayinga bonusattheendofyear,youshould accrueforit,soyousetasidemoney.it s notgoingtoaffectyourcashbutyou knowthatitisatruecost.weinclude thisinthemodelandinthebudget.in addition,pleaseaccruetheamountin youraccountingsystem. ThereisalsoalineforTaxesand Benefits.Youcouldmodifythisand includeanindividuallineforeachofthe taxes(city,state,federal).inourmodel,weuseanestimateforallthetaxes.therangefortaxesis 11% 18.5%dependingonthelocation,andwhetheryouhavealocalorcitytaxaswell. Benefitscanbeashighas15 33%onceyouprovidehealthinsuranceanda401kplan.Notethatin thelongrun,therealpriceofanemployee,includingbenefits,administrativeoverhead,etc.isalmost doublewhatyouarepayingoutincash.however,asastartup,oftenthesecostsarenon cash,since youmaybeofferingstockincentives,andnotofferingbenefits,etc.(seespartina.comcompensation articles). Inyouraccountingsoftware,besuretoaccruewhatactuallygetsdebitedandwhattheforecast numberis,sothatyoucanaccruetaxesandbonusescorrectly. AllthefiguresintheheadcountworksheetautomaticallyrolluptotheBudgetworksheet,whichis thenextplaceyouneedtoentersomedata. Copyright2009Spartina Beta 2
3 Copyright2009Spartina Beta 3 BudgetWorksheet: Staff:Thefiguresforthislineareautomatically transferredfromtheheadsworksheet. Consultants:Inadditiontoemployees, consultantsareawaytogetbestqualitywork done,beefficientandnothaveemployee overheadforsomethingyoudon tneedonafulltimebasis.typicallyyouwillneedconsultants forfinance,legal,additionaltechnology,content, andwebdesign.eachofthesecategories fluctuatesintheamountthatyouneedandwhen youneedthem. Ourspreadsheetconsidersconsultantsasvirtualstaff,whichiswhytheyareupatthetopofthe spreadsheet.however,inaccountingterms,eachoftheconsultantsmightbedistributedacross categories,suchasproductdevelopment(forwebdesign)etc.weleaveittoyoutosetupthe accountingsystemtoworkbestforyou. Financialconsultantsincludeyourbookkeeperandaccountant.Expecttospend$250 $1,500/month onthiscategory,dependingonwhatishappeningatanygiventime.forexample,taxreturnswill costabout$1k $5kdependingonthecomplexity,andagoodbookkeeperforafewhoursaweekwill costabout$50/hr. Weamortizetheseexpensesovertheyear.Ifyoujustputthecostinthemonth,i.e.,taxreturnsin April,thenyoudon tgetatruesenseforagivenexpense. Ifyouaretryingtomanagethecash(i.e.,puttingyouractualsintothisspreadsheet)thenyoumight groupthemaroundwhentheyoccur.butinthebeginningit shelpfultogettheoverviewofwhatit willcosttodoyourbusiness.weencourageyoutouseyouraccountingsoftwarefortheactuals. LegalConsultants:Itisreallyimportanttodothingsright;fixingthingscostsmoreinthelongrun here.oursecondfavoritequoteseeninanautopartsstore,is Theinconvenienceofpoorquality lingerslongerthanthethrillofabargain. Getlegalhelpfrompeoplewhoknowstart upsandwilldothingswithanot to exceedquote. However,youcanstillexpecttospendafairamountofmoney,especiallyifyouaredoingafunding event,issuingstockoptions,orenteringintosignificantagreementswiththirdparties. Whenyouworkwithalawyer,getatemplateagreementsoyoudon tneedthelawyereverytime. Forexample,consultantagreementscanbedrawnuponcebythelawyer,andthenusedrepeatedly. Theoneexceptionisstockoptions.Youreallywantthemtoissueallthepaperwork,becauseifyou doitwrong,youwillpaymultiplepeopletotrytofixit. Tokeepfundingtransactioncostsdown,seeSpartina.comlinktoYCombinatorformsandourarticle onconvertiblenotes. Technology:Thislineitemisforadditionalprogrammerservicesthatareeasilyoutsourced.Ifyou aredoingeverythingwithasingleemployeeyoucandeletethisline. ContentandEditorial:ThisisalsoauniquepartofInternetbusiness.Contentdrivestraffic.Every websiteshouldhaveameaningfulamountofcontentandit sdevelopmentshouldbeon going. Additionally,aneditorialeyeisessentialforreadabilityandmeetingcompanystandardsand philosophy.bothofthese,thecontentwriting(orsourcing)andtheeditingcanbecontractedout.
4 Copyright2009Spartina Beta 4 WebsiteDesign:Priortothedevelopment,besureyouhavedesigned,andtestedseveraldesignsfor usability.outsourcethedesignerratherthanhavingafull timeemployee. Marketing:Thislineitemrelatestomarketingconsultants(othermarketingcostsarefoundbelow.) ThekeytosuccessinanInternetbusinessisSearchEngineOptimization(SEO).Assoonasthesiteis nearingcompleting,itisessentialforaqualifiedseoconsultanttolookatitandmake recommendations.thisisagreatservicetooutsource.inaddition,noneedtohaveanin housepr team.therearemanyon lineservicesactingasnewswiresthatcandisseminateyourpressrelease. Youmayalsocontractoutthewritingofpressreleasesandads.Weencourageyoutomakedirect mediacontact;ablogisonegreatwaytodothis. Marketing:PaidTraffic.Buyingtraffic fromgoogle,yahoo,facebook.youwant mostofyourtraffictocomefromseo, butyoumaywanttotestterms,or jumpstartthecompany.thispaidtraffic figurecomesupfromtherevenue Worksheet,describedinthenextpart inthisseries. Operations: Hosting:ThisisacostuniquetoInternet businesses.managedhostingsolutions arepreferableoverbuyingboxesand puttingthemsomewhere.engineyard, Slicehost,andAmazonCloudofferings areexamplesofmanagedhosting. Withco locatedhosting,ultimatelyyoupaymorebecauseyouneedmoreadministrativepeopleand youhaveabiggerriskwhenthesystemgoesdown.managedhostingsolutionsarealsoamore scalablesystem.whenyourtrafficrampsup,youdon thavetobuyadditionalhardware,depreciate it,etc.itsimplifiesthebusinessmodel.yes,youdopaymoreintheshorttermbut Phone:Ifyoucanjustusecellphones,doit.Ifyouneedaphonesystem,itcouldbeasmuchas $50/employee/month.It snotcheap!voipservicesareworthlookingat.inreality,youusethe phonelessandless,andwithaninternetbusiness,evenyourcustomerservicecanbeonline.we recommendringcentralandonebox. Rent:Ifyoudon tneedanoffice,don tgetone.it sahassle.youthinkitmightbecheapbutthenyou havetodealwithgeneralliabilityinsurance,furniture,cleaning,utilities,security.abettersolutionis tomeetwithyourpeopleatacoffeeshoporyourlawyer sconferenceroom.wefoundthatrenting thefully servicedofficespacesaretooexpensive,andyoupayforservicesyouprobablydon tneed, likesophisticatedandcostlyphones;kitchenamenities,etc. OfficeInternet:Youmaynotneedit,butifyoudoshopwithyourphoneproviderfirst,orcable company. SaaSServices:(ApplicationServiceProviders,orSoftwareasaService) thingssuchasbill.com, GoToMeeting,EarthclassMail,PayCycle everythingthatyouarepayingbythemonththatisan internet basedbusinessservices.ifyoulike,youcanaddrowsforeachproductyouareusing,or trackthemallononerow.forreviewsofsaasproducts,visitcoolbizapps.com. SoftwareLicensesareanysoftwarethatyoupurchasetorunyourbusinessorbuildyourproduct MSOffice,WebAppBuildingtools.
5 SmallEquipment:Thisisyourbudgetfortheyear,otherthanitemsover$2,000,whichcomelater undercapitalexpenses. Thenextlinesareobvious:Supplies,OfficeFurniture,Conferences/Tradeshows,Dues/Subscriptions Insurance(seearticle.)StartwithGeneralliability,under$500ayear.Asyougrowandtakeoutside investments,youwillneeddirectors&officersinsuranceat$5,000ayear. Entertainment:It simportanttohavefun.weencouragegivingthebudgettoyouremployeesandlet themdeterminethefunthingstodowiththesefunds. CapitalExpenses:Forexample,ifyoudecidetohostthesiteyourself,youwouldneedtoincludethe costoftheservers.wegenerallyexpenseitemsunder$2,000,whichincludesmostdesktop computers. BottomLines:AtthebottomoftheBudgetWorksheet,weaddafewusefulfigures.First,the standardgrossprofit,bysubtractingthemarketingcosts,andthen,netprofit.(readourarticleon BigProfits.) CashonHandisacalculationthat helpsyougaugeyourcashposition, startingwithyourinitialcash,and thendeductingoraddingtheprofitsor losses.inourexample,$100,000 wouldbeenteredbytheuser,butit willreflecttheactualstartingcash.newinvestmentiswhenyoureceivenewinvestmentmoney.it thengetsfactoredintoyourcashposition. Thenextworksheet,Revenuewillshowuswheretherevenuefigurescomefrom. Copyright2009Spartina Beta 5
6 Copyright2009Spartina Beta 6 RevenueWorksheet InanidealInternetbusiness,youwillhavemultiplerevenuestreams.Themoreyouhave,themore likelythebusinesswillsucceed.thesibm(spartinainternetbusinessmodel)allowsformultiple revenuestreams,suchasdigitalsubscriptions,advertising,affiliates,andothers. Eachrevenuestreammonetizesatacertainrate.Somemonetizebyvisitorsandsomebypageviews. Forexample,subscriptionsareusuallycalculatedbasedonthenumberofvisitors: SubscriptionRevenue$=Price*%Conversionrate*Numberofvisitors TheuniquefeatureoftheSIBMistheabilitytotrack/estimaterevenueflowsfromvisitorstoyour websitebasedontheirmonetizationaction.therearemultiplemonetizationactionsthatdescribe howvisitorsconverttorevenue. AllofthiscomplexityofyourbusinessforecastishandledintheRevenueandTrafficForecast Waterfallworksheets. Revenuebeginswithtraffic,whichcomesfroma TrafficForecastWaterfallworksheet. Inourmodel,weassumeinmonthone,youget 500visitors,andthateachvisitorvisits2pages. Thisyields1,000pageviewswheretheycould generateamonetizableaction,suchasclicking onaffiliatelinkoradsensead.theycouldalso buysomething,suchasasubscriptionorecommerceitem. Eachrevenuestreamhasaconversionrateat whichitoccurs.theconversionrateiswhere yourfocuswillbe,andyourgoalwillbetodrive therateup.ingeneral,youwouldstartyour modelatalowpercent,(i.e.,alowrateof conversions).intheabovemodel,weassume.5%ofpageviewswillgenerateaclick.asyougetactualdata,adjustyourforecastgoingforward. GoogleAnalyticscanhelpyoutrackconversions. CPM(displayadvertising)isanotherrevenuestream.Inthiscase,youwouldjoinanadnetwork (Glam,etc.),andtheypaybasedonthenumberof1,000sofpageviews.Yousellsomeonea percentageoftotalpageviewsforthedisplayadvertisingplacement.sointhispartofthe spreadsheetwearetrackingwhatpercentageofourpageshaveadsonthem,i.e.,50%(ratherthan theothernumberswhichwereapercentageofourpageviewsthatgeneratedaclick.) Asyougettherealinformation,youwillchangeyourforecast.That sthebeautyofthemodel it continuestoadaptbasedonrealconditionsthatyouupdate.(seeourmetricsdashboard,which allowsyoutowatchtheperformanceeachweekandupdateyourmodel.) RevenuePerClick Afteryouhaveestimatedtherateofconversion,youcanlookattherevenuethateachactionwill generate.inotherwords,whatiseachclickworth?(notethatwhilewecallthisrevenueperclick (RPC),youmayalsoseeitcalledCostPerClick(CPC),asitisthecostthattheadvertiserincursby havingtheadsonyoursite.)
7 Copyright2009Spartina Beta 7 TounderstandtherevenuefromAffiliates,ingeneralyouwilllearnfromexperience.Eachaffiliate paysatadifferentrate,andfordifferentactions:clicks,purchases,etc.wecancomeupwithalow average,suchas$.10andadjustasyou goalong.notethatyouaretaking conversionrateriskforaffiliate programs,sotest,test,andtesttofind goodones. Toknowyourmonetizationratefor GoogleAdSense,youwillneedtowatch yourreportsandkeepyourspreadsheet uptodateasrealnumberscomein.$.25 isagoodstartingpoint,butbesureto checkthisatleastweekly. RegardingtheCPMadrevenue,agoodestimateisthatforevery1,000pageviewsyougetsomething like$1 $5cpm.Thiscansometimesbemuchhigherifyoursiteisinahighlymonetizablecategory suchasrealestate,finance,ortravel. SubscriptionRevenueisassumingthatyousellasubscriptionproduct.Deletetherowifitdoesn t apply.otherwise,youwouldfillinthevalueofthesubscriptionthatyouareselling.youmight considernettingthepricetoreflectyourrefund/cancelrate.forexample,ifyoursubscriptionprice is$50/yr,butyouexperience20%refunds,usea$40/yrpriceforthesubscriptionprice. E commercerepresentsanydigitalorphysicalproductsyouareselling,suchasreports,books, software,etc. AfterfillingintheRevenueRates,thetotalrevenueisthencalculatedforyoubasedontheRateof ConversionstimestheRevenueRates.TheRevenuePerVisitor(RPV)iscalculatedbydividingbythe TotalRevenuedividedbythenumberofvisitors. Thebottomline TotalRevenue iscarriedbackintothebudgetworksheet. Revenue:Costs TheRevenueWorksheetalsocontainsfiguresoncostsfortherevenuesothatwegetaccuratenet results. Thefirstfigure,PaidTrafficBudget,is howmuchyouarespendingonyour paidtraffic.thislineitemshowsupin thebudgetundermarketing:paid Traffic,i.e.,itiscarriedfromthis worksheettothebudgetworksheet. TheCostpervisitorcomesfromthe reportsyougetviatheadwords dashboard.(assumingyouusegoogle Adwordstobuytraffic.)Onceyou knowthecostpervisitor,youcancalculatethenumberofpaidvisitors.inotherwords,dividingyour totalbudgetforpaidtrafficbythecostpervisitortellsyouhowmanyvisitorsyouare buying. WecanalsolookatthePaidtrafficversusfreetrafficandcomeupwithaBlendedcostpervisitor.
8 Thegoalovertimeistoincreasethenumberoffreevisitors,anddecreasethepaidvisitors,sothecost pervisitorbeginstogodown. Finally,RPVminusCPVisthenetrevenuepervisitor(NRPV).Tocalculateyournetmarginper visitor,dividerpvbynrpv. ManagingyourRevenue TheRevenuesheetoftheFinancialModelspreadsheetofferstwoimportantnumbers:Totalrevenue pervisitorsandcostspervisitor.themanagementgoalistoincreasetherevenue/visitorand decreasethecost/visitor.thisusuallyhappensnaturallyasyouattractfreetraffic. Ourfinancialmodelhastwomoreuniqueworksheets:TrafficForecastWaterfallandCash Waterfall.Wewillexplorethesenext. TrafficForecastWaterfall Awaterfallspreadsheetisanamazingcreation,andonceyougetthehangofusingit,youwill probablyturntoitformanyapplications.agreatarticleonusingthewaterfallcanbefoundon Spartina.com. OurTrafficForecastWaterfallallowsfordynamicupdatingwithoutlosingperspectiveofwhatyou thoughtyouwoulddointheyearorlastmonth.everymonthyougetabettersenseofhowthingsare progressing,andmakechangesaccordingly. Onthissheet,theverticalcolumniswhatyouthinkwillhappeninamonth,andthelastvalueineach columniswhatactuallyhappened.monthbymonth,youentertheactuallydataandreforecastthe remainingmonths.asthenumberschangehere,theywillaffecttherevenueworksheet. Theprocessiskeepingthewaterfallup to datebyfixingtheactualtrafficnumber,re forecastingthe restoftheyear,whichthenrecreatestherevenueandadjuststhebudget. CashWaterfall Thesameprocessisusedformanagingcash.Thegoalistomakesureyouarenotgoingtorunoutof money. Copyright2009Spartina Beta 8
9 Youstartwithyourprojections.Theneachmonth,takethecashfigurefromyouraccountingsystem, andentertherealcashthathasgoneout.(thisdoesn taccountfortheaccruals.) Thetoplinerepresentstheplanorforecastforyear,anditwon tchange.bylookingatthiswaterfall sheet,youcancompareactualstotheplan. RollUpWorksheet Thelastsheetoffersasummaryofthefirstyear Revenue,Expenses,andkeymetrics.Itisaway tothinkaboutthesubsequentyearswithout tryingtogetprecise.ratheryougetasensefor thetotalrevenuepotentialfor5years,andhow costsrelatetothatrevenue.theimportant principleisthatyouwanttoinsurethatrevenue growsfasterthanexpenses. Aportionofthisroll updatagoesintothe executivesummariesthatyoumightusefor investorpresentations. Conclusion Nowyou veseenalltheelementsofthespartinainternetbusinessmodel,andit stimetoputitto workforyourbusiness,soyoucanmanageyourcash,increaseyourrevenueandgrowyourprofits. Bestofluck! Copyright2009Spartina Beta 9
α α λ α = = λ λ α ψ = = α α α λ λ ψ α = + β = > θ θ β > β β θ θ θ β θ β γ θ β = γ θ > β > γ θ β γ = θ β = θ β = θ β = β θ = β β θ = = = β β θ = + α α α α α = = λ λ λ λ λ λ λ = λ λ α α α α λ ψ + α =
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