Running A Successful Interior Design Business
Being An Entrepreneur
My Journey
When I think of how I started, I have to laugh because it did not happen the way I would recommend to others. It wasn’t planned! I had been working in the design industry for 6 years. Prior to that, I received my Bachelor’s degree in Interior Design at BYU-Idaho and interned in New York City. I first thought about owning my own business while I was in school. I was taking a Business of Design class, and the professor asked if anyone was interested in having their own business. I remember slowly raising my hand. That was the first time I ever considered it. When I eventually decided to go out on my own, I was very burnt out from my 9-5 job. At the end of the day, you have to do what is right for you. No one can do it for you.
I don’t think that this path is for everyone, It is hard! People see me on social media and think it’s glamorous. While I do love being a business owner, it is hard and I believe you need a certain grit to be successful.
My Test – Is this the path for you?
1. Do your research.
Before you do anything else, ask someone where to start. That is probably the quickest way to know if this is NOT for you. I read many books about being a successful entrepreneur and the business of interior design. You have to decide how you want to pursue your idea and what is going to work best for you. If you want to ask for a mentor, remember people's time is important! I have had consistently 2-3 students or designers reach out to me monthly about being mentored or picking my brain. If you are going to ask for advice, offer to pay them for their time or at the very least take them to lunch.
2. Are you self-motivated?
You are the boss. There isn’t anyone else telling you what to do. Can you be accountable and push yourself to get the work done? As a business owner, I create deadlines and stick to them. This isn’t something that comes naturally to everyone, do some self-reflection.
3. Are you comfortable talking about finances and negotiating?
This was a hard one for me! When I was working with a design firm, I would report my hours and they would bill the clients. I would get paid either way. Now I am the one hunting people down for payment. It can be uncomfortable at times!
4. Can you take risks?
I have to admit, starting my own business was scary! It is unlikely that, in the beginning, money is going to be flowing freely. People will say that it takes a solid 5 years of grit for a business to start making a real profit. 80% of businesses fail within the first 18 months. You have to be consistent and show up. There will be ebbs and flows.
5. You're always thinking about improving.
If you like to just coast at your job right now, this is not for you. You have to always push for improvement and growth in your business. Your job is never done as an entrepreneur. Constant evaluation and improvement are necessary for success.
6. Do you make decisions quickly?
Jump ship and recalibrate fast. Be bold and know what you want.
To Get You Started
Books & Other Recommended Resources:
-Pumpkin Plan Your Business, How to Open & Operate a Financially Successful Interior Design Business
Podcasts: I love podcasts! I personally have learned more from free podcasts than from expensive conferences I have attended. It’s a great way to gain knowledge in a one-on-one session. I remember listening to a podcast with Nate Burkus. He talked about how he got started and is extremely successful as someone who doesn’t even have a degree in Interior Design. I was very impressed and thought “Wow! This guy has so much confidence! If he can do it, I definitely can too.”
Get a bookkeeper! In the beginning, I thought I could do it on my own. I slowly started realizing that I am not a bookkeeper. Recognize what you are good at, and what you are not. Obtain the services of other professionals that will support your business so that you can do what you are best at.
Choose a great accountant along with your bookkeeper. Selecting an accountant that specializes in what we do is important. The interior design business model is very complex. We are not just selling a product but a service that potentially lasts for years.
Get a good attorney, and be comfortable talking with them. This was a scary one for me, but it is critical! The confidence that having an attorney brings is huge.
A Final Few Pieces of Advice
Just Jump In!
I am not exaggerating when I say that, in the beginning, I made a checklist of about 100 things I had to do to get started. I didn’t start with much money at all. As I said before, I didn’t plan to do this, so my investing funds were about $3,000. Starting a business isn’t cheap. I would say I ended up spending about $33,000 in the first year on initial costs. Everything has really taken off though and I am so glad I decided to pursue this path.
Have A Strong Support System
My husband is so supportive. He encouraged me to do this. He is the person I go to when I want to bounce my business ideas around. He is a software engineer and not involved in the design industry, but just having a person to talk to about your business is very helpful. I also have a friend who has her own design business as well. She is also a great resource for me. Find the people you can rely on.
Speaking of the support system, are you in a financial position to do this? Understand your personal finances, and be realistic. There were times when it was tight. There were sacrifices we had to make. My family and I were in a reasonable position to make these tough decisions and are now enjoying the many fruits that owning your own business brings.
Being an entrepreneur is very rewarding yet challenging. I hope these tips gave you a glimpse into the reality of owning your own business. It’s a wild ride!
XOXO,
Eden Stringham