Tell us about Spoolee!
Spoolee is a soft, simple solution to manage your tangled earbuds. It’s a Neoprene ring, which comes in 8 different colors, and you simply slide it on your index finger, wind your cord around it, and close the velcro flap to secure.
Wait. Seriously? I won’t waste time untangling my headphones?
Seriously. I’ve been using mine for 3 years now with zero rat’s nests. Some guy just did a scientific study that predicted over our lifetimes we will waste 3.5 days untangling our headphones! So, you’re welcome...
When did you realize you needed help with the financial side of your business?
Almost immediately. I’m a designer, and I know where my strengths lie. Financials are not one of them. We’ve shipped over 8000 Spoolees to 50 different countries, and that’s a lot of logistics, shipping costs, taxes, etc.
What’s the most important thing you try to understand about your startup’s finances?
Always try to make more money than you spend :o)
How has Upsourced helped Spoolee?
Upsourced has been a tremendous partner. They’ve helped us with our bookkeeping, P&L tracking, state/county/federal taxes for our business, as well as filing our personal taxes this year. We’re a bootstrap startup and we have to watch our spending in these early months until we ramp up and open up the floodgates (sales channels). Upsource recognized that, and adjusted their rates to meet our budget. That was the beginning of what I hope will be a long relationship with this great team of people.
What advice would you give an entrepreneur who’s creating / designing their own products?
There are way too many tasks to learn and manage, so find good partners - who are experts in their field, and start to distribute the workload.
Bonus question: Where’s your favorite spot in Columbus to grab a bite to eat?
I’m a brunch guy, so Skillet.