When thinking about profitable and successful business niches, some people don’t naturally assume that interior design is one of them. Yet, it’s a marked reportedly worth a whopping $40.7 billion in the United States alone!
Interior design is a service industry where businesses have clients from all walks of life, ranging from celebrities and high net worth individuals to average white-collar workers. You’re likely reading this because you want to launch a business in that niche.
However, you want to ensure that it’s a profitable and sustainable business to help secure your financial future. The trouble is, you’re unsure what are the best ways to make your startup as profitable as possible. Check out the following pro tips to achieve that goal:
The first tip you need to consider is conducting plenty of market research. You will undoubtedly have an idea of the audience types you wish to attract to your business. With that in mind, how can you make your interior design business stand out from the crowd?
What is it that your potential customers would like to receive as part of your service to them? Also, how much are they likely to pay for your services? Those questions and more are ones you need to answer before you launch your startup.
It makes sense to work with suppliers and service providers that are familiar with your niche market. These groups of people will range from accountants and attorneys to fabric wholesalers and furniture manufacturers.
When you work with suppliers familiar with your niche, you’ll find it easy to convey precisely what you want or need to fulfill each client’s requirements and turn their design concepts into a reality.
Your job is to listen to what your clients want and turn their ideas and requests into something that is beyond compare. However, you can only achieve that if you have a comprehensive supplier network at your disposal.
For example, if you read more here, you could gain inspiration for shutters and blinds that you could use in different styles you need to achieve for your clients. But that doesn’t mean you should only have one supplier for such home accessories.
Don’t just assume one supplier can be your “one-stop-shop” and provide you with everything you need. It’s crucial you have suppliers on hand that can fulfill even the most unique requests or can custom-manufacture items.
Branding your interior design startup will be the same as what you might do for businesses in other niches. You need to make your branding unique, eye-catching, and memorable. The trouble is, some interior designs completely forget this critical step when they start.
You should also ensure your branding is uniform across all mediums, such as your website, business cards, Instagram profile logo, and so forth. Don’t use variations of your branding, as potential clients will find it hard to remember who you are, in some cases.
Unsurprisingly, one of the reasons startup businesses fail (not just interior design ones) is down to a lack of vision. For example, simply stating that you want to be the best interior designer in your area isn’t a good enough goal.
You should clearly define goals such as offering a USP (unique selling point) you haven’t found in competing businesses, yet you know it is something you can offer. Another example might be to reach certain milestones before expanding into related niche markets.
As your interior design business expands, you will undoubtedly need to hire people to support your organization. Unfortunately, some entrepreneurs make the mistake of hiring people who don’t share the same visions and passions.
As a result, there is often a clash of personalities, making the working environment chaotic, disruptive, and generally miserable for all people concerned. Be sure to only onboard people that are as energetic about your brand as you are.
Lastly, interior design is a service where the fees you charge will depend on several influential factors. You can’t set a single price across the board, but what you can do is be transparent about your pricing.
Don’t leave your clients wondering what they’re going to pay for your services. Find out the cost of all materials and contractor's fees, add your markup, and give your clients a breakdown of their costs so they can sign off on the project before you do any work.
By implementing these tips you can get your interior design business off to a great start with a strong foundation.