Interior designer creates visually appealing interior environment through furnishing and decors. If you like creativity, you can choose this as a start-up business idea. In this article, we would detail how to start your own interior design business.
Future of Interior designing business
The interior designing business is growing year on year. It is estimated that the interior designing business would grow to $ 40 Bn by 2015 across the world. You can choose growing countries like India and China for your interior designing business as several middle-class families are still aspiring to have their “dream home”.
How to start your own interior designing business
You can do a professional degree in interior design which would add value to your interior designing business. In the US, you need to have an intern designing qualification from the National Council of Interior Design to start such a profession or business.
Prior experience is preferred:
You may start your own interior designing business from scratch. However, it would be a good idea to work with an interior designing company to get good knowledge and have relationships with people before you start such a business. These would let you know how the business runs, what is the price chart, what the would-be profits, etc.
Do enough homework:
Does your locality or community support interior designing? Is there enough market in your area? Who are the competitors and is there any potential for such business in the future. Once you do some homeowners these points, you would be able to assess how your business would run.
Type of design:
You should design whether you want to do residential properties interior designing or commercial properties. While residential interior design volume would be low, the profit margins would be very high. On the other hand, commercial interior designing volume is extremely high, but profit margins would be very low. This is because there is heavy competition in commercial space.
Choose a location:
Decide whether you want to do this business from home or a rented office. If you want to rent an office, you should check for the location which is easily commutable to the general public. You need to consider the cost of rent for such an office.
Prepare the business plan:
Prepare your business plan on how much it would cost you for office premises (if any), marketing materials, business promotion expenses, etc. Assume that you would not get any revenue for the first 6 months. Prepare your plan which indicates by when you would be break-even (no profit, no loss). This would give a clear idea about what you would be the profits.
Build your relationships with Architects, builders, contractors, and realtors so that your existence is known to them which would help in getting new orders. Register yourself with the chamber of commerce, builder Association, and interior design Association. This would help you to meet other interior designers occasionally to know the latest developments in the interior designing business. Subscribe to interior design magazines, online forums, etc.
Marketing your interior designing business:
Create collaterals, brochures, etc., and prepare your marketing plan. Initially start advertising in newspapers and relevant magazines. Try to get at least 2-to 3 interior design orders. Prove yourself. Word of mouth advertising is the best advertising which comes free of cost.