The interior design industry is booming. Worth over $120 billion globally, for those with relevant skills and a strong work ethic, there has never been a better time to start your own interior design business. But, what does this actually involve?
While we’ve previously explored the different ways to become an interior designer, in this guide we explain how you can take this to the next level. From gaining relevant qualifications to creating a viable business plan, carry on reading for all you need to know when it comes to launching your own interior design company.
Running your own interior design business is unquestionably an exciting prospect. However, it requires a lot of hard work to make it a success. While a passion for design and a go-getter attitude is often enough to secure a job in this industry, running your own business is a whole different story. To start a business and see it grow, you’ll need to do a few things first. Below we walk you through a few essential steps all interior design entrepreneurs should consider taking.
Although formal qualifications are not required to work as an interior designer, they can help you win work. As we explore in our essential interior designer skills guide, being successful in this industry requires more than just creativity. You also need to display relevant technical design abilities, trend identification competencies, and organisational and budgeting skills. By completing a qualification – such as ICI’s interior designer diploma – you can equip yourself with the well-rounded skill set and arsenal of knowledge needed to attract customers and make a success of your business.
Experience and examples of past work are also important when it comes to attracting customers. For this reason, it pays to make sure you put together a portfolio before you launch your business. This collection of your previous work, when paired with your qualifications, allows you to show off your skills and credentials to potential clients.
Obviously, in order to be able to do this, you’ll need to actually gain experience first. For example, if you have worked as a design apprentice, any project you worked on in this capacity can be included in your portfolio. Similarly, any examples of work or coursework you have completed while working for another interior design company or through your studies before going solo can be used in your portfolio of work. If you are starting your own business without examples of professional work to show, more casual samples of your talent can also be included in your portfolio. Indeed, not all examples have to be of major projects. Even small jobs, done for free for friends or family members, can be included as long as the quality of work is high.
Once you have gained the necessary qualifications and experience to go it alone, the next step you need to take is to decide what type of interior design company you want to run. Whether you want to focus on domestic interiors, or your strengths lie more in commercial spaces, decide what you want to focus your time and resources on and start to carve your own niche.
Once this business identity has been decided, it’s time to formalise it by writing a business plan. After all, a business idea that is not formalised is just that – an idea. By formally setting out a collection of actionable goals and targets in a business plan, you can start to visualise what your business might look like and what you need to do to make it a reality. While this step isn’t a legal requirement, if you are looking for third-party investment or a bank loan, it is a must. Ultimately, investors and banks will want to know how you plan to spend their money (and eventually make repayments) before they help you finance your business. A well-thought-out and fully costed business plan can convince them to back you.
Having a strong business plan in place is also good for internal management. This is especially true during the initial years of your company, where a good business plan can be referred to regularly to help with decision making. This can help to keep you on the straight and narrow, reminding you of your primary aims and objectives.
Although all business plans are unique, they should all contain a number of basic components. This includes a brief description of the business, for example. There should also be market research and competitor analysis sections. Finally, along with a clear list of goals and targets, it’s important that your business plan includes a financial overview. It can be a good idea for this section to cover projections of costs and revenue for the first few years of running your business. This gives you a roadmap to stick to. It can help you to explain how you expect your business to perform if you are looking to secure a loan.
So, you’ve gained your qualification in design, built up a portfolio, and written a business plan. Next, it’s time to make your interior design business official. To do this, you have to decide exactly what form you want your business to take and register with HMRC.
There are two common business models interior design companies operate as. The first one is the sole trader model. These companies are quicker and easier to set up than limited companies, which are key advantages. However, as a sole trader, you will be personally liable for your design business’ debts. In theory, this means your own personal assets are at risk if your business’ debts are called in.
On the other hand, you can opt to set up a limited company. While this involves paying to register your business and means you are legally required to publish your accounts, there are advantages. For example, when you run a limited company, your personal finances are considered completely separate from the business’ finances. This means your personal assets are not at risk if the business fails.
Once all of the above elements are in place, all that’s left to do is spread the word and start working. The truth is, you can be the best interior designer in an area, but if potential clients don’t know about you, your business won’t thrive. This is why marketing and self-promotion is essential.
In today’s tech-dominated world, marketing your own business has never been easier. With this in mind, think about setting up your own website that sets out your services and provides contact options. A site can also be a great place to include a virtual portfolio of work and a list of your design qualifications and credentials. Among other benefits, this online presence will help to give your business credibility.
A regularly updated website should be used in tandem with active social media channels. As an aesthetic trade, interior design is ideal for social media. With this in mind, consider setting up Facebook, Instagram, Pinterest and TikTok accounts. But remember, it’s not enough to simply set up accounts – you need to stay active too. Think about starting discussions in relevant interior design groups and communities. You also need to make sure you respond to direct comments and queries, use hashtags and follow influential people in the industry.
Finally, you should also take advantage of traditional marketing methods. After your business has just launched, think about distributing paper flyers and (with permission) putting up posters in public areas. These are great ways to get your name out there and to start picking up leads. Setting some time aside to get to know other tradespeople in the local area can also be a great way to become part of the local community and generate leads.
So, there you have it – five steps to start your own interior design business. If you think this is something you’d love to do with your life, why not let ICI help to fast-track your career dream today?
Check out our interior designer course and start picking up the skills you need to start your very own interior design business in as little as 24 weeks. Get in touch with one of our ICI professionals to help you get started.
Gladys Mae serves as the General Manager and Head of Student Services at the International Career Institute. Gladys holds a degree in Mass Communication - Broadcast Media from the University of San Jose-Recoletos. She joined ICI in 2010 and has over the past 12 years been instrumental in providing leadership and guidance to staff and students alike. Prior to joining ICI Gladys led a multifaceted career with key roles in the banking and business process outsourcing industries.
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