INTERIOR DESIGN BUSINESS PLAN GUIDE
The interior design industry has witnessed and continues to witness huge innovations in the way interior design is done.
To start an interior design firm, a lot of creativity is needed. Creativity is the single biggest ingredient for success in this industry. An individual can be creative with designs.
However, further training is required to fine-tune these skills for maximum output.
In addition to training, certain structures must be put in place in any home design business for the smooth running of the business.
Although this business might seem easy, it requires a lot of effort to be put into the business especially during its formative years.
This article will discuss some of the requirements need to start an interior decoration business.
Creativity and Self Development
It is not enough to want to start an interior design business. Other equally important measures are required. First, an interior design business requires creativity.
An individual should be able to be creative enough to see beauty where everyone else does not. With creativity comes self-development. A lot of self-development is needed to improve on previous skills.
Self-development might be achieved through the self-study of interior design literature and videos. The other alternative for self-development is by attending interior design classes which may be found in major cities.
In any case, to attract the attention of clients, an interior design business requires a lot of creativity and self-development for maximum productivity.
Building a Website
This is an important requirement for interior design businesses. To attract major clients, an attractive website must be put in place. The website should be such that it speaks volumes on the interior design business.
There should be innovative designs that are catchy and attractive to the client.
Therefore, for beginners in the interior design industry, extra effort, and attention should be given to building an attractive website containing different interior design samples.
You may want to seek the services of a reputable web designer for a great website. The services of reputable web designers do not come cheap as they can follow every specification with the added advantage of offering useful tips that attract clients to the website.
Starting an interior design business requires adequate startup capital that will be sufficient enough to cover every expense of the business.
Provide Samples of Previous Work
The first thing a client will ask for is to see samples of previous work done for other clients. If there are no samples, then a business deal will hardly be struck.
But how can you get samples when you are just starting the business? This is easy. You can start by offering free interior design services to friends and associates, and taking snapshots of these.
These photo shoots are your first samples.
To convince new clients, the photo samples of previous work must be shot by a professional interior design photographer. Interior design businesses require professionalism in every aspect of the business.
Therefore, if you can shoot these pictures, then, by all means, do so, but if you do not have the necessary skill, consider hiring the services of a professional who knows the trending photo angles and what is needed to produce superb interior design photo samples.
An interior design business requires extensive networking with other professionals within the industry.
A great starting point for networking is through establishing contact with real estate developers, architects and joining construction-related business networks that will eventually lead to the growth of your own clients.
Doing this might take some time. However, if properly done, the after-effects can be very rewarding.
This may vary from country to country or state to state.
There may be regulatory guidelines that need to be followed. Such regulatory/professional bodies license interior designers. An interior design business will need to present some level of certification to the client.
This is because some clients may not want to do business with just anyone who calls him/herself an interior designer.
Having the certification handy when approaching clients, eliminate any doubts that may arise. This should be presented to clients even when they do not ask, as some clients may not voice out their doubts.
A degree, diploma, or any form of proof of training is essential for this job. But above all, the work (previous samples of work) will speak loudest.
Writing an Interior Decor Business Plan
Starting an interior design business without a business plan is like a ship doomed for wreckage. A business plan is the guiding light of the business which provides the much-needed direction during trying times.
At such times, the business plan clarifies the objectives of the business.
An interior design business plan should be carefully written by seasoned professionals, providing all the requirements and actions to be taken which are necessary for the sustainability and growth of the business.
These are some of the requirements any serious interior design business should possess. There are extensive planning stages to be followed which help at arriving at the much-desired result.
As earlier stated, starting an interior design business requires creativity and training which will hone the skills (creativity) already possessed.
Therefore, it is necessary to go for self-development through enrolling in interior design classes/schools and through self-study.
INTERIOR DECORATION BUSINESS PLAN GUIDE
Some hobbies can be converted into economic activities. These are the best types of business because you will be doing what you love and still earn an income from it. One of such is interior decoration.
If you have struggled as an interior decorator to write a plan of action for your business, this article is written with you in mind.
You will not only get the sense of what is required of you but will be able to follow the general structure of the sample provided. This plan has been written for guidance purposes only. You shouldn’t use this in place of your plan.
You still need to do the bulk of the work by getting out and finding out more about this business.
- Executive Summary
Warm Interiors is an interior decorating business that excels in the provision of some of the most creative interior decors for individuals, corporate entities, and events. Our joy is in creating an environment that fits the occasion.
We are located in Burlington, Vermont. We desire to become Burlington’s most sought-after interior décor service provider while also joining the ranks of 5 major interior decoration businesses in Vermont.
Interior decoration has increasingly become one of the most sought-after services in America. This demand is even greater among the middle to upper classes of society. We are not letting this opportunity slip by. This is why we have brought competence, aesthetic appeal, and attention to the little details that make a big difference.
- Our Services
At Warm Interiors, we seek to create warm and beautiful interiors for our clients. Studies have shown that the setting of a room, hall or any other space can lead to mood improvements and vice versa. We are committed to working with our clients in understanding what they need. We have catalogs of different interior settings they can flip through to select their most preferred choice.
No matter the mood, the event, or situation, we’ve got our clients covered. Apart from these, we will also offer training and consulting services as well.
- Vision Statement
We are laying the foundation for the establishment of a major interior decoration company.
This will break into the top 5 interior décor businesses in Vermont. Achieving this feat within 5 years is possible.
To make this happen, we are determined to make each of our clients happy with our work.
- Mission Statement
Our mission is to creatively help our clients get their desired interior improvements.
We will customize each of our services to fit the needs of our clients. The aim is to see the faces of each client break into a smile. This, to us, is the ultimate measure of satisfaction.
Financing for our interior decoration business will be obtained from savings. The steady but slow process of saving the required sum of $350,000.00 has lasted the last 5 years.
The proprietor of Warm Interiors Joey Clark prefers not to take loans for the initial take-off.
- SWOT Analysis
Our analysis on strength weakness, opportunities and threats seek to measure the health of our interior decoration business.
These findings will enable us to adapt to opportunities and risks in a bid to make the best of the situations.
Find further information about these aspects below;
It has taken a considerable amount of time to source funds for take-off through savings.
This gives us the advantage of not having to apply for credit as interest rates have soared out of control. This has shrunk the size of most businesses because they can’t get access to credit.
We will operate our interior décor business without having to think about the payment of interests.
The high interest rates tied to borrowing have made it very unattractive.
This limits our capacity to expand our services through the availability of cheap credit.
However as the situation improves and interest rates are lowered, borrowing will become much more attractive leading to the expansion drives.
The rising demand for interior decoration services has increased the prospects for profitability.
The outlook on demand over the next few years remains positive too. This is a great time for our business to attract more clientele.
We only need to prove our capacity to get the job done.
A dip in the economy will impact negatively demand. An economic recession shrinks the middle and upper classes. These form the bulk of our clientele. In the event this happens, we will only have a few clients to work with.
- Sales Projection
Currently, there is a high demand for interior decoration services.
This is expected to improve in the medium term (covering a 3 year period). In line with this, our study of customer behavior concerning our services over this period shows the following;
- First Financial Year $150,000.00
- Second Financial Year $290,000.00
- Third Financial Year $550,000.00
- Marketing Strategies
To sell our interior décor business to our target market, we will choose a catchy interior design name, advertise it in newspapers and home décor magazines.
We have a functional website that is easy to navigate. Visitors will find our catalogs of interior design concepts. Social media marketing will also be used as an advert strategy.
- Target Market for Interior Design Business
A large chunk of interior design patronage comes from clients within the middle and upper classes. These are our target markets. We will focus our services and marketing techniques to target these groups.
Also, we will work with event planners and corporations as well. Whenever there is a function or event, we can be contacted to offer our services.
Anyone reading through this interior decoration business plan sample should be able to flow easily. The same should apply to your business plan.
By simplifying the process and providing only relevant information, you will save yourself and anyone going through it the stress of having to understand what is meant.