Bevel gears are high-volume parts used in the automotive industry, which are being increasingly produced to net shape by cold forging. However, complex multi-action tooling designs and long die try-out phases needed to produce a net shape part and to guarantee a robust process, result in long development times. High punch pressures can cause frequent punch failures during production, leading to unwanted downtimes. In this paper, two modelling techniques, finite element (FE) based numerical modelling and physical modelling with plasticine, are being presented as process design tools in cold forging. A strategy has been developed to allow successful 2D FE modelling of bevel gear forging. The results from the process simulation are then used as load input data for a punch stress analysis. It is, thus, possible to modify the punch geometry in order to reduce the punch stresses. Physical modelling is then applied to verify the results of the 2D FE simulations.