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The interior decoration business world is growing fast; it’s expanding into too many regions, and the business is lucrative. In the United States, the interior decoration business industry generates $10 billion in revenue annually, according to the Bureau of Labor Statistics and the U.S. Census.
The scope of interior decoration is broad, and in order to become a pro, you will need to target potential clients by researching the market to get background knowledge of the various types of interior decor, the market size, specific products and services, and most importantly research your clients’ needs and expectations from the interior decoration service you have chosen as a niche.
There Are 6 Common Types of Interior Decoration Businesses
Home decor is popular in demand and most times the owners have a design or theme in mind. Interior designers are also called upon to design a home-like showroom for furniture outlet and in addition, apartment homes, multi-unit developments, small or large housing estate are in high demand for interior decorators and its lucrative for the interior decorator business.
Making the hospitality sector welcoming from the lobbies to the ball rooms, suites and restaurants, is all the work of an interior decorator and it’s a perfect opportunity to showcase an ambitious talent.
Every workplace requires a touch of decoration no matter how little and this can bring about comfort for both staff and guest.
The surroundings of an educational institution will determine if one would have a continued interest in pursuing an educational journey with that institution.
So whether it’s a primary, secondary, college or university (private or public) educational institution, they all need the touch of an interior decorator to enhance the learning experience and create a comfortable environment that will not distract or hinder the learning process of both the students and teachers.
This sector has a strait jacket life but however interior decorators have set their sight on it and the experiences of passengers are beginning to change and the lifestyle on the aircraft is becoming more smoothening with softer edges.
For interior decorators, this is particularly exciting to design as they bring glamour, luxury, and prestige on board the ships, yachts, etc. that will compete with on-land hotel decor.
Interior Design Business Ideas For 2023
The interior decoration business has many layers, and it entails a high level of creativity that includes an eye for colors, furniture, lighting, space, texture, building functions, and understanding architectural details.
- Interior Redesign
This niche of decoration is where decorators improvise with their customers existing accessories, for example repainting old furniture, rearranging the same furniture to give it a different outlook to same or new space, etc.
- Design consulting
This type of business entitles the interior designer selling their advice for a fee, they could charge hourly or per project.
In the same light, the designers are product driven, they sell client their expertise in the process sell their products, eg furniture’s, lighting’s etc.
Restoration designers can be also called conservationists, the interior designers see to the restoration of vintage artifact, furniture or features. This sector requires some level of skill acquisition or training in painting, carpentry or construction.
- Professional Organizers
This area of interior decor business helps people to increase their productivity by teaching, goal setting and time management skills, which would enhance a better work flow system for both home and offices.
Many people keep lots of junk in their homes and offices and are confused on how to get rid of the clusters, a professional organizer helps to organize a working system that suite each client’s needs.
- Wallpaper business
These papers are used to decorate public or domestic walls. They are sold in rolls and are gulled to the walls with a specific gum. Walls papers are becoming very popular in homes as many are cleanable.
- Kitchen face lift service
This business requires skill training and practice in this industry, it involves floor, doors, worktop and drawer replacement. You can help your clients by restoring some old furniture and accessories.
Everyday millions of people go online for design ideas, know your niche and educate people online how to go about do-it-yourself decoration.
The advantage of this aside making money online you will get an actual customers.
- Home office decor/plan
The whole 2020 covid-19 experience made people get to work from home and a lot didn’t have a working space in their homes. People are now converting rooms in their homes to offices, starting an interior decoration business in this area is not just lucrative but also in high demand as many people are still working from home due to covid-19 pandemic.
- Lighting installation
The lighting fixture in homes and offices is very important, for proper lighting in a room can make a small space seem very large and lighting is not a common area of interior decoration design.
- Closet Organizer
They bring sanity to a wardrobe, they offer tips and simple methods on how to maintain a clean and tidy closet.
- Faux Painting
This niche offers decorative finishes to walls, floors, accessories, furniture, and ceiling. They master the mixture of colors and are usually practiced by artists, it’s technical and it pays well.
Read Also: Commercial Interior Design: A Guide
Interior design business structure for 2023
The structure of an interior decor business is critical to the success of the business, so whether you are new or you have an existing structure and you are looking to expand your business, defining and understanding the business needs is the first type to having a great structure.
Your Creative Work is where your value lies in an interior decoration business. What would distinguish you from others in the industry is the value of your expertise, resources, and creativity.
There are 2 structures that you can consider.
This is the most common business structure for startups and larger cooperation. A company that is a legal entity separates an individual’s financial liability from that of the company and this comes with low risk. (kbeautypharm.com)
As the CEO of the company, you will be placed on a monthly salary and you won’t have direct access to the company’s profits and will be exposed to payroll tax and superannuation.
This structure is made up of two or more persons connected by a legal document that allows them to run the business a single enterprise.
Partnerships are less expensive to set up and easy to run, they are flexible which allows you to include terms and conditions, but the disadvantage would be that you and your partners in the eyes of the law are inseparable that’s why you need to choose wisely who you partner with, in addition, each partner has unlimited personal liability.
How to start an interior design business without a degree
The first step to starting an interior decoration business is by gaining experience either on your own projects or working with someone else, that is why they say theoretical learning is a waste of time if you don’t have practical field experience.
- Define your niche and know your area of strength, decide what services you are going to provide to your client, don’t expect the industry to welcome you with open arms, you will have to work for it, do a couple of free job.
- Define what your business stands for and who are your clients, build a brand style that will distinguish you from the others designer, and what clients’ problems your business will be solving.
- Costing is a huge part of interior design. You need to know the market value of your services and how long it will take to execute a project, pricing is an integral part of your targeted client, and this will invariably affect your office running cost.
- Name your business this is very important, you need to register the name, and if you can’t just add “interior design” to the name.
- Get the necessary permissions needed for operation in the local state where you intend to start from and get the license for operation.
- Start, you can work from home, build a portfolio, let people know you are open for business and you make your presence visible online.
- Join groups related to your niche, be part of the interior decoration association, and connect with vendors and contractors, this will help you find potential clients, attend nigh class functions and be ready to dish out your complimentary cards.
- Put your brand online by building an attractive website linked to social accounts (Facebook, Instagram, Tiktok, etc), build a website, keep a catalog of done projects, and promote your business online.
Interior decorating business plan sample
This is the blueprint of how an interior decoration business functions, a business plan is a road map and it helps all the departments of a company function properly.
There are 7 parts to a business plan
- Company Description
This contains the info of the business, it enlightens the reader on the services your company renders, and it clearly defines the industry and clients’ needs you cater.
- Executive Summary
The executive summary comes first in a business document and provides an overhaul glimpse of the company especially if you are looking to fund this crucial and it must be concise.
If you are new in the industry your Executive summary should contain your company background and the loophole you have studied in the business and how you intend to fill it.
While running a customary style of business ensure to have the following, mission Statement, Progress Highlights, Company Info, Products/& Services, Monetary Information, and Future Plan Synopsis.
- Market & Competitive Analysis
All your research and finding must be stated inclusive of the shares held by competitors, the most beneficial chances which would mark an entry for you, the distinctive facets, size of the market, price, gross margins, progress, and features.
- Organization & Management
Build an organizational chart describing rolls and it should be in the simplest form. The legal structure of your company should be clearly stated.
The management team profile and the board of directors’ qualifications should be enlisted. This proves that your company is reliable and dependable.
- Products & Services
Interior decor has more to do with the visuals, colors, and composition, this segment depends on what you intend to give your present and intending clients. It will include what sort of interior design services you offer and how your company will be advantageous to clients.
- Sales & Marketing
Building a client base is dependent on marketing and this segment details your marketing strategy which would be approached in different ways like modes of communication, various allocation channels, progress route, and targeted market.
- Financial Factors
This area is where you place your present finance requirement, the term and conditions would you prefer to apply, future buys out, financial factors, future sell out, future debt repayment plans, cash flow reports, balance sheet, budget capital expenses, etc. you will need to employ the services of a finance expert to help with projection and detailed documentation.
How to market interior decoration business in 2023
No matter the area of interior decor you are into in 2022 make the most of online and off opportunities.
- Facebook Business
- Set up a website
- Get a logo
- Get a real Email, eg G[email protected] and not [email protected]
- Set up all social media accounts knowing that not many will visit your website and distribute all your content on social media.
- Email marketing.
- Ask for reviews from clients and contacts, having a 5-star on Google or Facebook and other reputable apps will do great for your business and build your rating.
- Use virtual staging this allows you to combine colors and access endless accessories.
- Always send a thank you note to a prospect or a satisfied client.