Interior Design: A Potential Business Venture

home renovation

Interior design is the art of improving a property’s interior to create a pleasing facade. Most of the time, it is heavily influenced by the dwellers’ unique sense of style, culture, and traditions. Interior designers, on the other hand, are the people who are hired by property owners to design the place, manage the belongings, and make sure that the overall aesthetic is coordinated and pleasing to look at. If you are planning to dive into this colorful industry, here is some useful information that can help you kick-start your new business.

Register Your Business Name

If you are a first-time entrepreneur, you have no choice but to build your company from the ground up. You need to start with the basics and the backbone of every business. First on your checklist is to create a business name or entity. When deciding on the name, you have to make sure that it reflects or speaks about your services, brand, and overall vision. This way, people will have an idea of what you have to offer by just seeing your company name.

The process of registering a business name is straightforward and can be done in four different ways. First is the entity name that will protect your name at a state level. Its main purpose is to prevent people in the same state from operating under the same business name.

Second is the trademark which protects your products, services, and entire business at a federal level. This will prevent other people from having the same business name under one industry. And lastly is Doing Business As (DBA) or also known as an assumed name that you will use in the city or state that your business is located. This document is also used in filing for a business bank account and federal tax ID number or EIN.

Get a Business License

The specific type of business permit that will be issued to you will depend on what industry you’re in, your type of business, and your head office location. It is not uncommon to apply for separate permits from your local city office and the state office. To make sure that you are following the correct process, you can check the website of the U.S. Small Businesses Administration for more information.

The cost of a business license may differ based on the state you in. Generally speaking, the price for the filing fee and processing of your license will cost at least USD 50.

Determine Your Specific Scope of Service

Now that you already have the necessary paperwork, the next thing for you to do is to narrow down the specific type of service that you will offer. The word of interior design is huge, and since you are just starting, it’s better to focus on one service in the beginning and just add more as your company grows.

If your company only specializes in kitchen remodeling to garden landscaping, you need to be clear with your clients to avoid misunderstanding.

You also need to determine the types of properties or projects that you want to work on. Do you want to cater to families with kids, single individuals, or young couples? Answering these critical questions will help you build a solid foundation for your business.

Find Suppliers

Finding the right contractors and suppliers is essential to your interior design business. They will be your go-to people anytime you need something for a project. One way of finding suppliers is by word of mouth. You can ask other designers or anyone you know in the business if they have any recommendations.

You can also hit the home and living newspapers and magazines to check for service postings. Another option is to do everything in-house. You can begin with the essentials by owning a garage and closet franchise that will give you the freedom to be a designer and supplier at the same time.

Set Your Fee

You can charge your clients with a flat rate or per hour, by percentage of the overall cost, or by the number of the property’s square foot. Several aspects can affect your service fees, such as the price range of your competitors and the cost of the same type of service in your area. In general, the hourly fee of a professional interior designer ranges from USD 100 to USD 280. Companies that are already established in this field can charge their customers from USD 2,000 to USD 5,000, excluding the home furniture.

There are many universities and online schools that offer lessons in interior design. But as long as you have a good eye, wide imagination, and a good sense of style, you can definitely succeed in this industry. Like the real-estate business, interior design will continuously be in demand as long as people need a place that they can call home.

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