Creating Your Successful Interior Design Business

Creating Your Successful Interior Design Business monthly cycle. Estimates will be accurate if you can get the counsel of an interior designer already in the business or someone who knows the ins and outs of the industry. Here’s a list of estimated expenses: Initial Investment Estimates 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Property Rent/Acquisition Lease Fixtures Equipment Furniture Startup Inventory Licenses Advertising and Promotion Accounts Receivable Cash Reserve/ Operating Capital Monthly Expenditure Estimates 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. Salaries of Upper Level Managers Salaries of other personnel Loan Interest Taxes Insurance Advertising Expenses Delivery Charges a. Transport b. Hired help c. Octroi d. Other Taxes Inventory Telephone Electricity Utilities Petrol and Car Maintenance Legal Fees Leases Petty Cash Miscellaneous While planning out your expenditure it is also important to plan for the following: 9

Creating Your Successful Interior Design Business a. Additional set up costs could crop up even after your business is in place. b. Some amounts are required to be calculated on pro rata basis. c. Along with credit cards, bank cheques and drafts, you will also need some amount of cash for the initial purchase. d. Some suppliers will require deposits from you e. It is key to get all the permissions and licenses before you actually start operating, even if you are working from home. f. You must get your own registration and eventually a website. g. Give a good amount to the initial advertising costs which should include logo creation, letter heads, visiting cards, banners, promotion costs and so on. h. Get a lawyer and get him to check all your legal, lease, rent, acquisition documents. i. Get your business insured. j. In a situation where you are obtaining a franchise, plan for those expenses. k. Initially, you may not get credit in the market, so plan for cash, cheques payments in such cases. l. Maintain a contingency fund for the first year or so to keep you afloat. Develop the Entrepreneur in you After you have drawn up the estimate costs of starting your own interior design business; you must concentrate on your own skills as an entrepreneur. Like any startup in any industry, it’s going to take twice the amount of time, money, efforts, and risks. You will need a group of supportive business associates, friends and above all family. You also need to take account of skill set and hone your skills as an interior designer and a budding entrepreneur. You will have to in the initial stages; understand what tasks you want to take up personally and those that you want to delegate. What makes a good entrepreneur? 1. 2. 3. 4. 5. Money management – Good Entrepreneurs are excellent in managing money. They are always on the lookout to cut costs (not corners), get bargains and deals, collect payments from clients, collaborating deals with vendors and suppliers and the lot. Competition – A good entrepreneur is extremely competitive, be it business, sports, exams, or other competitions. He may be good at multi-tasking and even work as a mere paint contractor if he really wants the assignment. Focus – Good Entrepreneurs are usually people who work with tremendous focus and operate as loners rather than belonging to a group. They may initially seek work as consultants or collaborative designers rather than working with an organization. Self-Control – A good entrepreneur will have a huge amount of self-discipline. Starting a project from scratch and seeing it pan out to a complete picture; you will need all the self-discipline you can sum up as you will be dealing with people, with artists and workers who don’t share your creative vision or your time schedule. Realistic – A good entrepreneur is realistic in that he is flexible enough to see an opportunity for success and change course accordingly, and stop something when he can see it’s not working. 10

Creating Your Successful Interior Design Business 6. Abstract Logic – A good entrepreneur can see a situation how it ought to be and can weed out problems and solve complex situations as and when they arise. 7. Leader – A good entrepreneur is a natural born leader who can group, regroup, inspire, lead and carry along people as he does so. 8. Communication – Good entrepreneurs are excellent at interpersonal skills. They are emotionally stable and great at handling stressful people and situations. They work well within groups and also are great at delegation. 9. Creative – Above all, entrepreneurs are highly creative people, who are continuous learners. Qualities of a Successful Interior Designer Here’s a quick checklist of qualities of successful designers that you will have to identify within you and hone these skills – 1. Self-Starter –An independent thinker who doesn’t wait to be assigned tasks. 2. Sociable – Living, breathing, thinking, working, and enjoying yourself amongst people who are like minded or not. You will be dealing with people from all ranks of life suppliers, workers, clients, legal authorities and the like. 3. Organized – In your thoughts, works, and plans. You will be running a number of tasks at the same time. 4. Trendy – You will have to keep up with global and Indian trends not only in the realms of interior design but also fashion, art, cinema and music. 5. Computer literate – Everything about your business, be it presentations to clients, accounting, sales etc. can be managed efficiently with computer skills. 6. Multi-tasking – You will have to manage tasks, people, funds, supplies, and other things simultaneously. 7. Salesman– You have to be a very good salesperson is you want to be an interior designer. Understanding your client’s needs, convincing them, they need what you have to offer, and other such job requirements need good salesmanship and presentation abilities. 8. Confident – You need to be confident of your talent and your business potential. When you are confident, clients will have confidence in your work. 9. Problem solving – Dealing with unforeseen issues and solving them is crucial to any design business. You have to be prepared for eventualities that are definitely going to crop up at any stage in your design or delivery process. 10. Accounting – You have to at least have a basic knowledge of accounting and be good at math’s, measuring, estimating costs and so on. 11. Healthy – Really important when you are starting up your business. Long hours of work, travelling, carrying supplies etc. needs a lot of energy. In the table below are some good pointers where you can rate yourself as the – The Good, The Bad and The Ugly and move forward therewith. 11

Creating Your Successful Interior Design Business Resolving Conflicts Diligent Meeting Deadlines Maintaining Budgets Self-Starter Creative Trouble-Shooter Goal Oriented Perseverant Mathematically Sound Organized Planning Focused Accounting Communication Giving Instructions Listener Patient Self-Control Firm but Polite Friendly People oriented People pleaser Network Point Positive Genial Host The Good The Bad The Ugly *** *** *** 12

Creating Your Successful Interior Design Business Chapter 2 – What makes an Interior Designer? In India, interior designers need certain licenses. These licenses qualify a designer to take up certain assignments that require government approval and permits. For these licenses, designers need to have some educational qualifications, diplomas, and certificates. In the absence of qualifications designers may be restricted from getting permission for certain tasks. Interior Designers could also join professional groups or forums, across India. The Essentials of an Interior Designer There are certain aspects of the design business that differentiate an interior designer from an interior decorator. The knowledge of building policies, fire codes, generator links etc., are required for an interior designer rather than a decorator. Therefore, interior designers may be required to have college education or post graduate degrees. Designers and decorators undertake similar tasks. However, the scope of a designer's work has a larger spectrum than a decorator. For instance, an interior designer can take up assignments that include changes in the architecture of a certain space, rebuild ceiling options, and build permanent fixtures or furniture. With a degree or diploma, designers have the option of working on residential as well as commercial premises like office space, restaurants, hospitals etc., Designers should have a ready handbook of codes and policies while they conduct surveys and start planning the project. These codes should reflect safety measures, standard procedures related to fire prevention and so on. Along with architectural planning or changes, designers also remodel decorate, or renovate rooms. These tasks include artistic or thematic planning of furnishings, wall paper, furniture, art décor pieces and the like. Designers also model interior spaces of homes, offices, lobbies, lounges, and clubs. For such projects, interior designers need to closely collaborate with the property owners to bring out their expression in the new designs. In such cases, designers including start-ups, manage the entire process, from meeting with prospective clients, researching the appropriate products, designing to choose fabrics, wall paper, accessories, floor panels, grills, panes, and color for the walls. Drawing up estimates, providing samples, sourcing suppliers, hiring suppliers, and streamlining the installation are a significant part of the designer’s tasks. Before you even begin to choose your favored design institute, you need to first determine if you want to work independently, considering all the risks and profits, or you want to work on a limited salary for corporate with a limited amount of risk, and a fixed income. Along with a degree or a diploma, a designer also needs to hone his artistic sense for, in many cases, they have to help clients decide on designs and themes. Designers can also collaborate with wedding planners or event managers. Here designers have a better scope of practicing their artistic sense and delving in new themes. 13

Creating Your Successful Interior Design Business To sum up the essentials of an interior designer are to be creative, have ingenuity, a degree from a reputed design institute, knowledge of policies and licenses, be good at math’s, be a great manager, a great sales person, and good at abstract reasoning and design. Operating Space Starting your own design business also means putting in long hours of work and making many sacrifices. Considering this, many designers choose to operate from home, where they create design studios while others may lease out small offices spaces. Wherever you may choose to operate from, professionalism in presentation is key. With the use of information technology designers can work from anywhere, but what works for new startups is probably operating from a home studio, and meeting clients at their properties. The designer can show the samples of furnishings, wallpaper etc., at the shops that sell them and keep an extensive stock of sample books, magazines and the like. The two aspects of interior designer are commercial and residential. Designers can evolve themselves in one particular area of design or provide services to both. A better option is to evolve in one particular area and be known for it. For instance, you could be a designer who creates marvels out of interior spaces in hotels, or offices, or salons. You could also consider your inner calling and build from thereon. If you are passionate about creating themes for offices, you could focus only on that. Alternatively, if you first wish to provide services only to locals, you could research building projects close by and provide services to those builders. For instance, if there is good scope for service apartments in your city, then you could concentrate and begin to specialize in that. The Essentials of a Design Assistant’s Job As a design assistant, your job would be to help your designer in all decoration and design projects. You may be required to help in designing some parts of the project or the entire project. Designers often collaborate with their assistants while planning and processing designs. This makes the designs eclectic. The role of assistant designers is key for the success of any design studio. Even if you are opting to become a design assistant you will have to procure some sort of diploma or education in interior design. Additionally it will help if you have basic knowledge of fabrics, paints, floor options and so on. The design assistant also undertakes tasks like measuring, ordering, etc., all within a preapproved budget. Sometimes design assistants are required to speak to clients and get information on their design ideas, through albums of their ancestral homes, visit places of inspiration and alike. Design assistants are also required to take decisions on product options which may be a little too technical for the client to understand and decide. For instance if a client wishes to install a wooden floor, then it is the design assistants job to choose the panel options, keeping in mind the client’s lifestyle and needs. One fine essential of a design assistant’s job is picking out accessories, bedding, etc. keeping in mind the central theme. They have to work closely with the client and get the exact shades, textures, shapes that the client prefers. Here, they have to know their local markets well enough. 14

Creating Your Successful Interior Design Business As a design assistant you need to carry a toolkit of sorts which includes: 1. 2. 3. 4. 5. 6. Color wheels Style wheels Measurement tools Estimation tools Drafting Templates Presentation software To sum up the essentials of a design assistant’s job are to help clients sort through the nitty-gritties of design options like floor options, wall color, wall paper, furniture pieces, furnishings, window coverings, bedding and accessories all within the client’s budget and quality needs. Scouring Local Markets and Exhibitions Most cities in India have local and specialized markets where products unique to that area are manufactured and made available. As a designer, you need to be aware of such places and have good contacts with such vendors. Also, it is important for designers to regularly visit such markets and other suppliers to keep up with changing trends. In India, there are a number of seminars, exhibitions, and consumer utsavs where innovative products are introduced and sold. These gatherings are an ideal spot for designers to gather information, collect samples, and make contacts. Designers even stock up on certain goods as good discounts are available in these gatherings. Moreover, some vendors provide free samples in terms of fabric, furniture, fixtures, and art pieces so that the designer can display them in their store, and order them when required by clients. Vendors give you good offers as they want to make the most of the exhibition. The Scope of Interior Design in India There is immense scope for Interior Designers in India, in various fields. There are some design basics that an interior designer needs to be aware of. The designer may then have to develop his own processes to deal with each of them in a distinct manner. Here are some of the fields a designer can look forward to providing their services. Office Spaces In India, offices are scattered all over cities, metros, and districts. Each industry, each state, has its own specific theme requirements. Designers can work across the board to cater to these markets. All office space needs lobbies, receptions, work cubicles, cabins, larger offices, pantries, cafeterias, conference rooms, lounges for top management, recreation areas, seminar rooms, and so on. These spaces ideally need to have the top of the line electronic, audiovisual, and leisure equipment. An interior designer needs to keep up with innovative products and brands while designing office spaces. Eco-friendly Offices & Homes There are a rising number of people who are now opting for eco-friendly homes and offices. These designs include incorporating solar energy equipment in existing spaces or installing an entire network 15

Creating Your Successful Interior Design Business in a new construction. Here, it is important for the designer to understand how the client proposes to use the space. Clubs & Resorts Clubs and resorts are the ideal getaway for most families in India. These spaces need to have designated areas for rest & relaxation, playing, swimming, gyms, conference rooms, lawns, and so on. Clubs and resorts in India also double up as wedding and party halls. Most resorts in jungle areas also provide overnight camping facilities. Here designers have to keep in mind the safety needs of the customers. Service & Studio Apartments Along with the traditional housing colony system there is now a demand for service and studio apartments where smaller families or bachelors can be comfortable and make maximum use of space. Luxurious fittings, more open spaces, built in closets, compact but state-of-the-art kitchens and bathrooms are a few more needs of modern families along with, the traditional living room, bedroom combo, that help the designers to create comfortable and trendy living, eating, sleeping, working etc. Children’s Rooms This new trend is a great challenge and opportunity for designers. A right mix of colors and shapes in a child’s room can, in fact, give a boost to their mental and emotional development.Some research in this aspect would be to find out the child’s temperament and the family’s lifestyle. Designing a child’s room which is energetic, lively, yet not distracting is quite an opportunity for any creative designer. Old-age homes There is now a trend to build old age residential home that are upscale. Designing living space for senior citizens requires considering their physical capabilities, providing for living space for helpers, designing small kitchenettes within the apartments, creating recreational areas, libraries, community halls and so on. Hospitals To design hospitals certain specialization is required. Most hospitals have designated areas li

4. Chapter 4 : Drawing up your Business Plan a. How to draw up a realistic business plan b. The important segments of your business plan c. The Business Plan Outline d. Part I of your Business Plan - A report of your proposed business e. The category of Business Structure f. Your business offerings g. Your office space and location h.