How To Create A Business Plan For Your Interior Design Firm
Setting up a business on your own is tough. I had to do it twice – the first time when I moved from Riga to Moscow and the second time when I moved from Moscow to Marbella. Of course, when you do it again it is so much easier – you already know what to do, how to set up your interior design studio, find new clients and promote your existent work. However, there are still lots of things to consider and despite you might already know in which direction to move, writing a business plan always helps to clarify your thinking and define the course of action.
Also, for example, in Spain – a written business plan is a legal requirement if you want to register a company or perform as an individual entrepreneur. I had to do it in order to present it to the government and get the work permit. Here are the things that I included in it:
- Description of my business and my professional background
- Services that I offer
- Business strategy
- Business organization
- Business expenses
- Estimated revenue
- Timetable for implementation
Now I would like to describe each point in detail.
1. Description of my business and professional background
Here I described the education and certificates I have got, experience and projects that I worked in the past. I wrote about my interior design style, all sources of income that I have (including this blog), current financial situations and savings that I have to set up my business.
2. Services that I offer
Here I described what I usually include in my interior design package such as:
- all technical drawings that I make for the construction team
- concept development
- sourcing of furniture and materials
- construction supervision
- home staging
- furniture design
3. Business strategy
Here I described how exactly I plan to develop my business and get new clients including these points:
- Properties I want to target (commercial/residential, size, location)
- Portrait of prospective clients (age, male/female, single/family, will they buy these properties to live or to rent?). The more detailed portrait you make of your potential client, the better can be your marketing strategy to target them.
- Investigation of my competition. Here I included SWOT analysis (strengths, weaknesses, opportunities, and threats).
- Marketing and promotion. Things to include: branding (website design, business cards, brochures), where I will advertise (Social Media, local forums, and Facebook groups), networking (with real estate agents, furniture stores, construction firms).
4. Business organization
- Things I need to organize my home office and its costs (computer, CAD programs, stationaries, car, etc)
- Where will I meet the clients? Where will I show them the samples of materials? Where will I store them?
- Where will I print out technical drawings? WIll I need to buy A3 printer or will I print it in the print shop? What will be the costs of both?
- Suppliers network – how will I build it? E.g., I will need 2-3 good supplier for every trade in case I am let down.
- I also included organizational structure of my business – e.g. I will work as a sole proprietor with the outsourcing of CAD drawings, accountant, and virtual assistant.
5. Business expenses
Provisional calculation of all expenses related to the business, including marketing, office organization, car, vehicle running costs, equipment, insurance, as well as daily private expenses that I will need to cover with my savings before the business starts to run smoothly. In case you are planning to take a loan write here how you are planning to repay your borrowings.
6. Estimated revenue
Forecast of sales and profit – the aim is to show that your business will have enough capital to survive and become profitable.
7. Timetable for implementation
The detailed timetable of how my business will be implemented in the next 100 days. This covers every aspect, including daily marketing efforts, administration, working with clients.
Hope that this post was useful! Have you ever written the plan for your interior design business? What else have you included apart from mentioned above?
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