I was just speaking with one of my IDBA student about interior design business strategy that would help her make create a profitable interior design business and I want to share it with you too:
Let’s talk about what happens when you learn about a new design job that’s inspiring and exciting. The creative juices start flowing and you just want to jump in and say ‘yes’ right away in order to make it happen.
But, if you paused for just a moment and took stock on what really needs to happen to make this project a reality, it’ll all end up working better for you, your business, and your life.
Because if you just jump in and say, “Okay, I’m going to charge by the hour, it’s so exciting and going to be really cool,” you’re not going to have good results.
Why? Well, because you know you’re really not good at 1) tracking of your time nor 2) sending invoices for really what they should be AND on time.
The other thing working against you is that the client doesn’t know what the job going to cost… meaning you won’t get to complete the job.
You know how it goes: they’ll get 2/3 of the way before they start excluding you or start buying stuff on their own and just mess everything up.
So instead of jumping right into the job, take a deep breath, and start with a budget agreement.
When you have a budget agreement, you call out your design fee and you’ll know exactly what kind of profit you’re going to have from this job.
HINT: It’s should end up being 30% – 35%
Next, you can take that fee and divide it by your hourly rate so you know how much time it’ll take to do this job.
Now, you’re in control.
You have a goal of how much time you’re going to spend and will avoid getting caught an endless job that goes on forever and ever.
If you take this strategy and start applying it, it’s going to a great deal of difference in your business and life.
Long story short:
Start all your jobs with the end of mind and you’ll have a more profitable interior design business!
It’s a great interior designer strategy for success and if you can put on this into your business, you are going to see amazing changes in all areas of your life.
Until next time design something beautiful, get paid for your work!
Terri breaks down the walls of secrecy by sharing her 30 years of professional interior design and remodeling experience to help interior designers work smarter, not harder, and get paid what theyâ€™re really worth.
She provides private and group coaching to interior designers who want both a financially sustainable business and a life outside of work.
Terri teaches wealth consciousness and business systems that simplify and streamline their business processes.
Terri received her NCIDQ certification in 1993, and is a professional member of the American Society of Interior Designers (ASID) and Interior Design Society (IDS). She also received the 2000 ASID Interior Design Award of Excellence and holds an Arizona Contractorâ€™s License.