Interior Designing and home décor are both separate concepts, not to be mixed or confused with. Interior designing is an art of planning and executing home furnishings and accessories in the right manner. Home furnishing businesses are related to home décor and meeting furnishing requirements of specific home areas. Interior designing is considered a part of home furnishing. Interior Design business is rapidly expanding with its emerging scope and vast opportunities.
Interior Designing Business Plan
Interior Design Business Plan is a self-written document that contains all the relevant details related to the interior design business. This document or business plan should also contain detailed information related to required or invested working capital, equipment or machinery, office’s area/location/premises, employees or workers, partners or co-founders, annual budget, money invested, financials, salaries, planning strategies, marketing and advertising techniques, etc. Creating a business plan is an added advantage in getting funding support from various financial institutions, anytime during business tenure.
Further, let’s gain important information regarding; How to Start an Interior Design Business?
Steps to Start an Interior Design Business
Step 1: Determine the Specialisation or Services
The first thing to plan is the area of specialization or services to be offered to clientele. Interior can be any part of home or office like living area, dining space, kitchens and baths, bedrooms, balconies, etc. Specific lists can be created of the deliverables that shall include paint palettes, boards, 3D objects, wallpapers, accessories, etc. The list of products can be a bit different from; what studied in the interior designing course.
Step 2: Key focus to be Style and Expertise
Every individual has his/her own style to depict and here it is required the most because of the nature and requirements of the interior design business. With style we mean design types, target area or space like small condos, flats, apartments, bigger homes or bungalows. Areas of interest can be indoor or outdoor designing, as well. The other area of focus is that the designing may be performed for families with kids or just couples.
Step 3: Finalizing name and Legalizing business
Next important step is to choose and finalize a catchy name for the business and legalize the business. To legalize the business, a business owner needs to incorporate his/her business as a specific business type, such as sole proprietorship, partnership firm, NBFC, MFI, private or public limited company or Limited Liability Partnership (LLP) under Companies Act, 2013. Other important registrations and licenses to start a business include GST registration, Sales Tax registration, Business PAN and TAN and Shops and Establishment Registration.
Step 4: Create a Website and Profiles on Social media platforms
As this business is more of seeing, believing and trust, therefore all your work and experience is displayed with the help of a website. More attractive is a website, increased are the chances of getting more work. Creating a website is not enough, as nowadays social media platforms like Facebook, Instagram, YouTube, Snapchat, Pinterest, MySpace and Linkedin hold equal or more importance than websites. Creating a page or profile on each platform shall be an added advantage. Business owners need to be active on Social Media, can use SEO to promote their websites on Google, create business cards, attend trade shows and most importantly need to maintain a solid business network.
Step 5: Maintain a dedicated Work Space
If it’s just you, operating and managing interior business, still it is important to manage an office or work space. It is highly recommended to have a physical presence or existence of businesses, as it makes it more stable and trustworthy for customers and clients, as well as for business partners. Virtual or online office existence is not positively looked upon by customers.
Step 6: Look out for Suppliers and Contractors
Search for specific suppliers and contractors that shall deliver exactly what is required and within what time it is required. Timeliness is a key to being a smart and trustworthy supplier or contractor. Building healthy relationships with suppliers and contractors shall definitely make work easier for self-employed professionals, business owners or entrepreneurs. Interior designers shall look for suppliers engaged in the supply for products related to home furnishings, décor or styling.
Interior Designing is an exciting and flourishing business that is emerging as a good money making venture in the metropolitans and big cities of India. This business requires lesser investment, as compared to other small or medium scale businesses. Interior Designing is basically a work of art, style and uniqueness, clubbed together with stimulating minds can provide profitable results.