Last week we had five experts in the interior design field share their knowledge on finances. Here’s a recap of what we learned:
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All month we’ve been talking about being smart about your business finances. Just because you are a creative you are not excused from the good financial habits that will help you create a profitable interior design business. In fact, not knowing and understanding your numbers is a sure sign that your business won’t be a success.
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How to pay yourself in an interior design business? How much? How often? From what accounts?
When you’re hired as an employee, you don’t have to worry about getting paid, paying withholding taxes, or when you’ll get your paycheck. But as a self-employed business owner, these are all considerations.
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Today I am going to share with you the financial workflow that I use for interior design clients. This is just one way of doing it and many interior designers do it differently - and some probably do it the same. In fact, please share your workflow in the comments!
First, as I mentioned in last week’s post: How Often to Bill for Interior Design Services, I bill my clients every two weeks for time billing (my hourly fees). Reimburseables get billed once a month and sent with the time billing invoice. So that is two invoices per month for clients and my design fees.
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{Warning! Do not read this if you can’t take some tough love.}
Is your business financially strapped? Is your financial life a mess? Can you not afford to invest in your business? Are you taking whatever measly work comes your way just to make ends meet? Living paycheck to paycheck for years?
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One of the things that you must deal with when running an interior design company is the cyclical nature of the business. Some times of the year are naturally slower than others. Depending on where you’re located seasons, holidays, school schedules, and daylight savings time (I’m not sure about that last one, but I wish it would go away) can have an effect on the flow of work into your design firm. This means that we all likely have to deal with income ups & downs.
As a smart business owner, you must plan for this. So what can you do when you’re dealing with inconsistencies with your income?
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