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Financial modeling for an early stage hardware startup

I'm working on a hardware startup, and have very little experience with financial modeling. We are still in the very early stages and I needed help with 2 aspects of financial modeling:

1) Coming up with a basic revenue model and some basic projections for internal use and to share with friends and family investors as we start thinking about a seed round.

2) We are also planning to launch a Kickstarter next month. How should we set our funding goal? What factors should we take into consideration? I want to make sure I have a funding target that is good enough to ensure that I am able to fulfill the orders (i know this might cause my goal to be a little high and therefore decrease my chances of getting funded, but I still think it is a better strategy?)

Any comments, resources or suggestions will be really helpful!

4 Replies

Bill Blankemeier
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Bill Blankemeier Entrepreneur
Director of FP&A at NurturMe
Hi Arnav,

I have quite a bit of experience in this field. Please feel free to reach out to me directly if you still need some input.

Best Regards,

Bill
Brian Miller
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Brian Miller Entrepreneur • Advisor
Sr. Product Manager at NZXT, Inc.
I and likely others here on FD would be interested in reading responses to this question. If there is anything that can be summarized here for the benefit of the group, please share your insights.
Mamie Kanfer Stewart
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Mamie Kanfer Stewart Entrepreneur • Advisor
Founder & CEO at Meeteor, Speaker, Change-maker
I recently bought a financial model for SaaS from Startup Financefor $60.They sell different versions and "physical products" is one of them.

Its quite a robust model - in some ways a little more complicated than what I need at this stage of my business. But its very easy to use and gives you all the important information you or investors might want.
Tony Dobaj
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Tony Dobaj Entrepreneur • Advisor
CTO at Bizzz
I like the graphic book "Business Model Generation" by Osterwalder & Pigneur. When filling in the numbers you'll need a SME for the COGS vs volume and manufacturing costs. This and market validation should be a fundamental component of your business plan. Sounds like Mr. Blankenmeier will be a great resource.
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