---
type: Note
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tags:
  - spreadsheet
  - business-plan
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    L:
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    M:
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    N:
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    O:
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    P:
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    Q:
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    R:
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    S:
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---
Refactoring business plan,3-year monthly operating model,,,,,,,,,,,,,,,,,
Start free newsletter subscribers,2500,,,,,,,,,,,,,,,,,
Monthly free subscriber growth rate,0.07,,,,,,,,,,,,,,,,,
Monthly free subscriber churn,0.012,,,,,,,,,,,,,,,,,
Paid conversion rate on incremental audience,0.035,,,,,,,,,,,,,,,,,
Paid subscription price,12,,,,,,,,,,,,,,,,,
Paid subscriber monthly churn,0.035,,,,,,,,,,,,,,,,,
Sponsorship CPM,55,,,,,,,,,,,,,,,,,
Sponsorship slots per month,2,,,,,,,,,,,,,,,,,
Average open rate,0.46,,,,,,,,,,,,,,,,,
Consulting project price,6000,,,,,,,,,,,,,,,,,
Consulting projects per month at maturity,2,,,,,,,,,,,,,,,,,
,,,,,,,,,,,,,,,,,,
Month #,Month,Free subscribers,Paid subscribers,Paid conversion,Newsletter revenue,Sponsor impressions,Sponsorship revenue,Consulting revenue,Digital products,Total revenue,Content/Ops,Tools,Contractors,Marketing,Total expenses,Net profit,Cumulative cash,Key hypothesis
1,Jun 2026,=$B$2,=C15*$B$5,=D15/C15,=D15*$B$6,=C15*$B$10,=G15/1000*$B$8*$B$9,=1/36*$B$12*$B$11,=1*50,=F15+H15+I15+J15,=1500+A15*50,=350+A15*10,=0,=C15*0.12,=SUM(L15:O15),=K15-P15,=Q15,Validate positioning and grow high-signal audience
2,Jul 2026,=C15*(1+$B$3-$B$4),=D15*(1-$B$7)+(C16-C15)*$B$5,=D16/C16,=D16*$B$6,=C16*$B$10,=G16/1000*$B$8*$B$9,=2/36*$B$12*$B$11,=2*50,=F16+H16+I16+J16,=1500+A16*50,=350+A16*10,=0,=C16*0.12,=SUM(L16:O16),=K16-P16,=R15+Q16,Validate positioning and grow high-signal audience
3,Aug 2026,=C16*(1+$B$3-$B$4),=D16*(1-$B$7)+(C17-C16)*$B$5,=D17/C17,=D17*$B$6,=C17*$B$10,=G17/1000*$B$8*$B$9,=3/36*$B$12*$B$11,=3*50,=F17+H17+I17+J17,=1500+A17*50,=350+A17*10,=0,=C17*0.12,=SUM(L17:O17),=K17-P17,=R16+Q17,Validate positioning and grow high-signal audience
4,Sep 2026,=C17*(1+$B$3-$B$4),=D17*(1-$B$7)+(C18-C17)*$B$5,=D18/C18,=D18*$B$6,=C18*$B$10,=G18/1000*$B$8*$B$9,=4/36*$B$12*$B$11,=4*50,=F18+H18+I18+J18,=1500+A18*50,=350+A18*10,=0,=C18*0.12,=SUM(L18:O18),=K18-P18,=R17+Q18,Validate positioning and grow high-signal audience
5,Oct 2026,=C18*(1+$B$3-$B$4),=D18*(1-$B$7)+(C19-C18)*$B$5,=D19/C19,=D19*$B$6,=C19*$B$10,=G19/1000*$B$8*$B$9,=5/36*$B$12*$B$11,=5*50,=F19+H19+I19+J19,=1500+A19*50,=350+A19*10,=0,=C19*0.12,=SUM(L19:O19),=K19-P19,=R18+Q19,Validate positioning and grow high-signal audience
6,Nov 2026,=C19*(1+$B$3-$B$4),=D19*(1-$B$7)+(C20-C19)*$B$5,=D20/C20,=D20*$B$6,=C20*$B$10,=G20/1000*$B$8*$B$9,=6/36*$B$12*$B$11,=6*50,=F20+H20+I20+J20,=1500+A20*50,=350+A20*10,=0,=C20*0.12,=SUM(L20:O20),=K20-P20,=R19+Q20,Validate positioning and grow high-signal audience
7,Dec 2026,=C20*(1+$B$3-$B$4),=D20*(1-$B$7)+(C21-C20)*$B$5,=D21/C21,=D21*$B$6,=C21*$B$10,=G21/1000*$B$8*$B$9,=7/36*$B$12*$B$11,=7*50,=F21+H21+I21+J21,=1500+A21*50,=350+A21*10,=2000+A21*125,=C21*0.12,=SUM(L21:O21),=K21-P21,=R20+Q21,Package repeatable advisory offers and first sponsors
8,Jan 2027,=C21*(1+$B$3-$B$4),=D21*(1-$B$7)+(C22-C21)*$B$5,=D22/C22,=D22*$B$6,=C22*$B$10,=G22/1000*$B$8*$B$9,=8/36*$B$12*$B$11,=8*50,=F22+H22+I22+J22,=1500+A22*50,=350+A22*10,=2000+A22*125,=C22*0.12,=SUM(L22:O22),=K22-P22,=R21+Q22,Package repeatable advisory offers and first sponsors
9,Feb 2027,=C22*(1+$B$3-$B$4),=D22*(1-$B$7)+(C23-C22)*$B$5,=D23/C23,=D23*$B$6,=C23*$B$10,=G23/1000*$B$8*$B$9,=9/36*$B$12*$B$11,=9*50,=F23+H23+I23+J23,=1500+A23*50,=350+A23*10,=2000+A23*125,=C23*0.12,=SUM(L23:O23),=K23-P23,=R22+Q23,Package repeatable advisory offers and first sponsors
10,Mar 2027,=C23*(1+$B$3-$B$4),=D23*(1-$B$7)+(C24-C23)*$B$5,=D24/C24,=D24*$B$6,=C24*$B$10,=G24/1000*$B$8*$B$9,=10/36*$B$12*$B$11,=450+(10-9)*175,=F24+H24+I24+J24,=1500+A24*50,=350+A24*10,=2000+A24*125,=C24*0.12,=SUM(L24:O24),=K24-P24,=R23+Q24,Package repeatable advisory offers and first sponsors
11,Apr 2027,=C24*(1+$B$3-$B$4),=D24*(1-$B$7)+(C25-C24)*$B$5,=D25/C25,=D25*$B$6,=C25*$B$10,=G25/1000*$B$8*$B$9,=11/36*$B$12*$B$11,=450+(11-9)*175,=F25+H25+I25+J25,=1500+A25*50,=350+A25*10,=2000+A25*125,=C25*0.12,=SUM(L25:O25),=K25-P25,=R24+Q25,Package repeatable advisory offers and first sponsors
12,May 2027,=C25*(1+$B$3-$B$4),=D25*(1-$B$7)+(C26-C25)*$B$5,=D26/C26,=D26*$B$6,=C26*$B$10,=G26/1000*$B$8*$B$9,=12/36*$B$12*$B$11,=450+(12-9)*175,=F26+H26+I26+J26,=1500+A26*50,=350+A26*10,=2000+A26*125,=C26*0.12,=SUM(L26:O26),=K26-P26,=R25+Q26,Package repeatable advisory offers and first sponsors
13,Jun 2027,=C26*(1+$B$3-$B$4),=D26*(1-$B$7)+(C27-C26)*$B$5,=D27/C27,=D27*$B$6,=C27*$B$10,=G27/1000*$B$8*$B$9,=13/36*$B$12*$B$11,=450+(13-9)*175,=F27+H27+I27+J27,=1500+A27*50,=350+A27*10,=2000+A27*125,=C27*0.12,=SUM(L27:O27),=K27-P27,=R26+Q27,Scale paid membership and recurring sponsorship inventory
14,Jul 2027,=C27*(1+$B$3-$B$4),=D27*(1-$B$7)+(C28-C27)*$B$5,=D28/C28,=D28*$B$6,=C28*$B$10,=G28/1000*$B$8*$B$9,=14/36*$B$12*$B$11,=450+(14-9)*175,=F28+H28+I28+J28,=1500+A28*50,=350+A28*10,=2000+A28*125,=C28*0.12,=SUM(L28:O28),=K28-P28,=R27+Q28,Scale paid membership and recurring sponsorship inventory
15,Aug 2027,=C28*(1+$B$3-$B$4),=D28*(1-$B$7)+(C29-C28)*$B$5,=D29/C29,=D29*$B$6,=C29*$B$10,=G29/1000*$B$8*$B$9,=15/36*$B$12*$B$11,=450+(15-9)*175,=F29+H29+I29+J29,=1500+A29*50,=350+A29*10,=2000+A29*125,=C29*0.12,=SUM(L29:O29),=K29-P29,=R28+Q29,Scale paid membership and recurring sponsorship inventory
16,Sep 2027,=C29*(1+$B$3-$B$4),=D29*(1-$B$7)+(C30-C29)*$B$5,=D30/C30,=D30*$B$6,=C30*$B$10,=G30/1000*$B$8*$B$9,=16/36*$B$12*$B$11,=450+(16-9)*175,=F30+H30+I30+J30,=1500+A30*50,=350+A30*10,=2000+A30*125,=C30*0.12,=SUM(L30:O30),=K30-P30,=R29+Q30,Scale paid membership and recurring sponsorship inventory
17,Oct 2027,=C30*(1+$B$3-$B$4),=D30*(1-$B$7)+(C31-C30)*$B$5,=D31/C31,=D31*$B$6,=C31*$B$10,=G31/1000*$B$8*$B$9,=17/36*$B$12*$B$11,=450+(17-9)*175,=F31+H31+I31+J31,=1500+A31*50,=350+A31*10,=2000+A31*125,=C31*0.12,=SUM(L31:O31),=K31-P31,=R30+Q31,Scale paid membership and recurring sponsorship inventory
18,Nov 2027,=C31*(1+$B$3-$B$4),=D31*(1-$B$7)+(C32-C31)*$B$5,=D32/C32,=D32*$B$6,=C32*$B$10,=G32/1000*$B$8*$B$9,=18/36*$B$12*$B$11,=450+(18-9)*175,=F32+H32+I32+J32,=1500+A32*50,=350+A32*10,=2000+A32*125,=C32*0.12,=SUM(L32:O32),=K32-P32,=R31+Q32,Scale paid membership and recurring sponsorship inventory
19,Dec 2027,=C32*(1+$B$3-$B$4),=D32*(1-$B$7)+(C33-C32)*$B$5,=D33/C33,=D33*$B$6,=C33*$B$10,=G33/1000*$B$8*$B$9,=19/36*$B$12*$B$11,=450+(19-9)*175,=F33+H33+I33+J33,=1500+A33*50,=350+A33*10,=2000+A33*125,=C33*0.12,=SUM(L33:O33),=K33-P33,=R32+Q33,Scale paid membership and recurring sponsorship inventory
20,Jan 2028,=C33*(1+$B$3-$B$4),=D33*(1-$B$7)+(C34-C33)*$B$5,=D34/C34,=D34*$B$6,=C34*$B$10,=G34/1000*$B$8*$B$9,=20/36*$B$12*$B$11,=450+(20-9)*175,=F34+H34+I34+J34,=1500+A34*50,=350+A34*10,=2000+A34*125,=C34*0.12,=SUM(L34:O34),=K34-P34,=R33+Q34,Scale paid membership and recurring sponsorship inventory
21,Feb 2028,=C34*(1+$B$3-$B$4),=D34*(1-$B$7)+(C35-C34)*$B$5,=D35/C35,=D35*$B$6,=C35*$B$10,=G35/1000*$B$8*$B$9,=21/36*$B$12*$B$11,=450+(21-9)*175,=F35+H35+I35+J35,=1500+A35*50,=350+A35*10,=2000+A35*125,=C35*0.12,=SUM(L35:O35),=K35-P35,=R34+Q35,Scale paid membership and recurring sponsorship inventory
22,Mar 2028,=C35*(1+$B$3-$B$4),=D35*(1-$B$7)+(C36-C35)*$B$5,=D36/C36,=D36*$B$6,=C36*$B$10,=G36/1000*$B$8*$B$9,=22/36*$B$12*$B$11,=450+(22-9)*175,=F36+H36+I36+J36,=1500+A36*50,=350+A36*10,=2000+A36*125,=C36*0.12,=SUM(L36:O36),=K36-P36,=R35+Q36,Scale paid membership and recurring sponsorship inventory
23,Apr 2028,=C36*(1+$B$3-$B$4),=D36*(1-$B$7)+(C37-C36)*$B$5,=D37/C37,=D37*$B$6,=C37*$B$10,=G37/1000*$B$8*$B$9,=23/36*$B$12*$B$11,=450+(23-9)*175,=F37+H37+I37+J37,=1500+A37*50,=350+A37*10,=2000+A37*125,=C37*0.12,=SUM(L37:O37),=K37-P37,=R36+Q37,Scale paid membership and recurring sponsorship inventory
24,May 2028,=C37*(1+$B$3-$B$4),=D37*(1-$B$7)+(C38-C37)*$B$5,=D38/C38,=D38*$B$6,=C38*$B$10,=G38/1000*$B$8*$B$9,=24/36*$B$12*$B$11,=450+(24-9)*175,=F38+H38+I38+J38,=1500+A38*50,=350+A38*10,=2000+A38*125,=C38*0.12,=SUM(L38:O38),=K38-P38,=R37+Q38,Scale paid membership and recurring sponsorship inventory
25,Jun 2028,=C38*(1+$B$3-$B$4),=D38*(1-$B$7)+(C39-C38)*$B$5,=D39/C39,=D39*$B$6,=C39*$B$10,=G39/1000*$B$8*$B$9,=25/36*$B$12*$B$11,=450+(25-9)*175,=F39+H39+I39+J39,=1500+A39*50,=350+A39*10,=2000+A39*125,=C39*0.12,=SUM(L39:O39),=K39-P39,=R38+Q39,Expand products and reduce founder-delivery dependency
26,Jul 2028,=C39*(1+$B$3-$B$4),=D39*(1-$B$7)+(C40-C39)*$B$5,=D40/C40,=D40*$B$6,=C40*$B$10,=G40/1000*$B$8*$B$9,=26/36*$B$12*$B$11,=450+(26-9)*175,=F40+H40+I40+J40,=1500+A40*50,=350+A40*10,=2000+A40*125,=C40*0.12,=SUM(L40:O40),=K40-P40,=R39+Q40,Expand products and reduce founder-delivery dependency
27,Aug 2028,=C40*(1+$B$3-$B$4),=D40*(1-$B$7)+(C41-C40)*$B$5,=D41/C41,=D41*$B$6,=C41*$B$10,=G41/1000*$B$8*$B$9,=27/36*$B$12*$B$11,=450+(27-9)*175,=F41+H41+I41+J41,=1500+A41*50,=350+A41*10,=2000+A41*125,=C41*0.12,=SUM(L41:O41),=K41-P41,=R40+Q41,Expand products and reduce founder-delivery dependency
28,Sep 2028,=C41*(1+$B$3-$B$4),=D41*(1-$B$7)+(C42-C41)*$B$5,=D42/C42,=D42*$B$6,=C42*$B$10,=G42/1000*$B$8*$B$9,=28/36*$B$12*$B$11,=450+(28-9)*175,=F42+H42+I42+J42,=1500+A42*50,=350+A42*10,=2000+A42*125,=C42*0.12,=SUM(L42:O42),=K42-P42,=R41+Q42,Expand products and reduce founder-delivery dependency
29,Oct 2028,=C42*(1+$B$3-$B$4),=D42*(1-$B$7)+(C43-C42)*$B$5,=D43/C43,=D43*$B$6,=C43*$B$10,=G43/1000*$B$8*$B$9,=29/36*$B$12*$B$11,=450+(29-9)*175,=F43+H43+I43+J43,=1500+A43*50,=350+A43*10,=2000+A43*125,=C43*0.12,=SUM(L43:O43),=K43-P43,=R42+Q43,Expand products and reduce founder-delivery dependency
30,Nov 2028,=C43*(1+$B$3-$B$4),=D43*(1-$B$7)+(C44-C43)*$B$5,=D44/C44,=D44*$B$6,=C44*$B$10,=G44/1000*$B$8*$B$9,=30/36*$B$12*$B$11,=450+(30-9)*175,=F44+H44+I44+J44,=1500+A44*50,=350+A44*10,=2000+A44*125,=C44*0.12,=SUM(L44:O44),=K44-P44,=R43+Q44,Expand products and reduce founder-delivery dependency
31,Dec 2028,=C44*(1+$B$3-$B$4),=D44*(1-$B$7)+(C45-C44)*$B$5,=D45/C45,=D45*$B$6,=C45*$B$10,=G45/1000*$B$8*$B$9,=31/36*$B$12*$B$11,=450+(31-9)*175,=F45+H45+I45+J45,=1500+A45*50,=350+A45*10,=2000+A45*125,=C45*0.12,=SUM(L45:O45),=K45-P45,=R44+Q45,Expand products and reduce founder-delivery dependency
32,Jan 2029,=C45*(1+$B$3-$B$4),=D45*(1-$B$7)+(C46-C45)*$B$5,=D46/C46,=D46*$B$6,=C46*$B$10,=G46/1000*$B$8*$B$9,=32/36*$B$12*$B$11,=450+(32-9)*175,=F46+H46+I46+J46,=1500+A46*50,=350+A46*10,=2000+A46*125,=C46*0.12,=SUM(L46:O46),=K46-P46,=R45+Q46,Expand products and reduce founder-delivery dependency
33,Feb 2029,=C46*(1+$B$3-$B$4),=D46*(1-$B$7)+(C47-C46)*$B$5,=D47/C47,=D47*$B$6,=C47*$B$10,=G47/1000*$B$8*$B$9,=33/36*$B$12*$B$11,=450+(33-9)*175,=F47+H47+I47+J47,=1500+A47*50,=350+A47*10,=2000+A47*125,=C47*0.12,=SUM(L47:O47),=K47-P47,=R46+Q47,Expand products and reduce founder-delivery dependency
34,Mar 2029,=C47*(1+$B$3-$B$4),=D47*(1-$B$7)+(C48-C47)*$B$5,=D48/C48,=D48*$B$6,=C48*$B$10,=G48/1000*$B$8*$B$9,=34/36*$B$12*$B$11,=450+(34-9)*175,=F48+H48+I48+J48,=1500+A48*50,=350+A48*10,=2000+A48*125,=C48*0.12,=SUM(L48:O48),=K48-P48,=R47+Q48,Expand products and reduce founder-delivery dependency
35,Apr 2029,=C48*(1+$B$3-$B$4),=D48*(1-$B$7)+(C49-C48)*$B$5,=D49/C49,=D49*$B$6,=C49*$B$10,=G49/1000*$B$8*$B$9,=35/36*$B$12*$B$11,=450+(35-9)*175,=F49+H49+I49+J49,=1500+A49*50,=350+A49*10,=2000+A49*125,=C49*0.12,=SUM(L49:O49),=K49-P49,=R48+Q49,Expand products and reduce founder-delivery dependency
36,May 2029,=C49*(1+$B$3-$B$4),=D49*(1-$B$7)+(C50-C49)*$B$5,=D50/C50,=D50*$B$6,=C50*$B$10,=G50/1000*$B$8*$B$9,=36/36*$B$12*$B$11,=450+(36-9)*175,=F50+H50+I50+J50,=1500+A50*50,=350+A50*10,=2000+A50*125,=C50*0.12,=SUM(L50:O50),=K50-P50,=R49+Q50,Expand products and reduce founder-delivery dependency