John Hinds has been a physical therapist for more than 20 years, focusing on orthopedic rehabilitation and injury prevention. Orthotics, insoles and footwear are often a part of his patient treatment plans. Hinds realized over time that he could build a better insole to provide both shock absorption and support. So he did just that, developing Cadence Insoles to sell to running and shoe stores alongside podiatry, physical therapy, and other medical offices.
“Sometimes we had questions that we couldn’t get answers for, no matter how many Google searches we did,” Hinds recalls. “We needed advice from real people with real experiences in finance review.” SCORE workshops on finances and marketing helped Hinds gain a better understanding of those topics. He also worked with volunteer mentors Robert Azevedo and Scott Hillis to work through issues around private labeling, accounting practices, and inventory. Mentor Mike Edwards lent his expertise about margin reviews and marketing strategy, and Horace Morana shared his knowledge about private labeling.
Cadence Insoles sold more than 20,000 pairs in 2016 and anticipated another 20-30% increase in 2017. Hinds reports his mentors “Have been the go-to people for many accounting questions.”
“As the company has grown, I learned that no matter how much research and planning you may do, you still may not know what questions to ask when embarking in a new area,” Hinds says. “But follow your gut, do what’s right, and try not to settle for ‘good enough.’”