Lindsay Pinchuk is not only the CEO and Founder of Bump Club and Beyond, but also a member. She and her husband have two daughters ages 4 and 1. Through Bump Club and Beyond, Lindsay has found amazing play groups, a wonderful childcare situation and many new friends for the entire family. Lindsay hopes other moms and moms-to-be connect through and utilize all of the resources and support Bump Club and Beyond provides. Follow her at @lindsaypinchuk.
Who is your hero? (In business, life, or both.)
In business, my dad is my hero. My dad has had his own business for as long as I can remember. He was able to provide for our family but also be with our family. Growing up I have memories of wonderful vacations and early summer afternoons on the lake. At the same time, I know he worked harder than anyone to make that a possibility — working at unconventional hours and making other sacrifices. My dad taught me how to work hard, and to never give up on the mission you are trying to achieve.
In life, my hero is my maternal grandfather. A man who fought in World War II, my grandfather has been through and endured a lot in his 90-plus years. But you would never know it. His dedication to my grandmother and our family has taught me what is truly important in life.
What’s the single best piece of business advice that helped shape who you are as an entrepreneur today, and why?
It’s OK to ask for help. Most entrepreneurs think that they can do it all, but recognizing your strengths and finding someone to help you in areas where you are not as strong is what’s going to make your business grow. Wanting to do it all and actually doing it all are two different concepts. Delegating has allowed me to focus on the areas of Bump Club and Beyond that need me most and to prioritize my to-do list to better our brand.
What’s the biggest mistake you ever made in your business, and what did you learn from it that others can learn from too?
I didn’t follow my gut when hiring someone to open a new market for us. Deep down I knew that she wasn’t the right person, but it was early on in our business and I was eager to roll out our services and events in this particular city. She didn’t last very long and it was a mess to fix when we let her go. From this I learned not only to truly trust my gut when hiring (and when making decisions in general), but also not to rush into decisions. It’s important to take your time to make sure strategies are implemented properly and by the right people.
What do you do during the first hour of your business day and why?
If I can, I work out first thing in the morning as I find that it clears my head. After dropping my daughter off at school, I head to the office and am there by 8:45 a.m. I then open up my email and take a glance to see if anything has come in that needs my immediate attention. I take a look at our social media pages to see how our audience reacted to our 3 a.m. Feeding Club post from the night before (we have a post aimed at moms who are up feeing their baby in the middle of the night — it’s one of our most highly engaged posts and I love to see how the new moms respond). I then take a look at what is trending, and finally glance over the news on CNN.com to make sure I am up to date with what is going on in the world. I’m usually on my first call or at my first meeting of the day by 9:00 or 9:30 a.m.
What’s your best financial/cash-flow related tip for entrepreneurs just getting started?
Test your pricing model and adjust accordingly. Especially in a service-related business, you want to make sure you are getting paid for your time and for the service you are providing. When you are just starting out, try out two to three pricing structures before you role one out on a large scale. As your business grows and your service is in more demand, you can change your pricing. Don’t be too greedy in the beginning; if you are in a service-based business you need to prove yourself as to why people should be paying for what you provide. Often times with a service, you get one chance with the customer, so you want to make it a good experience. Once they see they can’t live without you, they will be back and a customer for life.
Quick: What’s ONE thing you recommend ALL aspiring or current entrepreneurs do right now to take their biz to the next level?
Learn to delegate. Once I realized that my money was best spent investing in the talent to help me in the areas where I was not the strongest, my business really took off. It freed up my time to focus on the areas of growth, while someone else was able to do the jobs I struggled with that took up a lot of my time.
What’s your definition of success? How will you know when you’ve finally “succeeded” in your business?
Success is helping someone else better their life. When moms come up to me or write me notes thanking me for Bump Club and all that we provide them during this pivotal time in their lives, I know that what we are doing is working and that we are succeeding. I will know that we have finally succeeded when Bump Club and Beyond is a household name and we can provide our services and information to every mom and mom-to-be across North America.
BusinessCollective, launched in partnership with Citi, is a virtual mentorship program powered by North America’s most ambitious young thought leaders, entrepreneurs, executives and small business owners.
