One major thing I don’t see enough on interior design websites is pricing. Pricing should be on your website. Pricing must be on your website. You’re probably losing good clients without it. Read Should You Put Pricing on Your Website to know all the reasons that you should include pricing on your website. #capellakincheloe #interiordesignbusiness #interiordesignpricing #interiordesignwebsite #interiordesignceo #businessofdesign
Read MoreDesigners can be obsessive about pricing. As you probably know, I write about things that I see designers struggling with. And pricing is probably the number one issue that designers THINK they have trouble with. But pricing isn't the problem. Trouble usually comes from the issues surrounding pricing like confidence, billing, and time.
Read MoreMany people think making money is dirty or bad (especially women). And even worse, sometimes we’re not even aware that we carry around this belief - it just shows up in how we conduct business and life. If you feel unsure about your pricing or keep spinning your wheels on how to price - there are ways to overcome it.
Read MoreHow 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.
Read MoreWhile we still have a few more months left in this year, it is the time for you to start thinking about how you can charge more next year.
Read MoreToday, I’m going to touch on some accounting principals, markup and margin. These are two terms that you may have to think about when you’re calculating profit and pricing in your business. These are numbers that you should be familiar with and how they play into your business because they can help with your profitability.
Markup and margin are not the same, even if occasionally you may hear them used in the same way.
Read MoreHow much do you want to make this year? Specifically, what do you want your business’s gross profit to be? Do you know how you’re going to get there?
Read MoreAs a business, you deserve to be profitable. Running a business is a challenge and too often we settle for “just getting by”. We shouldn’t settle. We shouldn’t compromise on profitability. We shouldn’t allow ourselves to forget that we’re running a business and the goal of any business is to make money.
Otherwise we’re not running a business, we just have a hobby.
Read MoreWhen you buy retail, you buy at an inflated price. Yet, more and more clients want to buy retail. They want their furniture quick and easy. Not to mention cheap. But what they (and you) may not realize is that you're likely paying a much bigger "markup" on retail compared to the quality that you get than to-the-trade sources.
Usually when buying to-the-trade the cost to quality ratio is much better. Clients get more for their money. They'll be paying a smaller markup to the designer rather than a large markup to the retailer.
Read MoreA fee schedule is just a list of client fees that could occur in your business and charge to clients. It is not necessary to have one, but if your pricing structure is complicated and you want to be transparent in pricing this is the way to go. I'm 100% for clear, transparent, and simple pricing.
Read MoreAs we are about to enter a new year, this is the perfect time to raise your rates. If you feel like it is time to increase your fees or feel that maybe your rates are a little too low the new year is when you'll want to change that.
Read MoreI see this question a lot. So I'm going to share with you how I handle returns. Remember, this is how I do it, that doesn't mean that it is the right way to handle it for your business. It's just one way to do it.
The first thing you need to do is accurate set up your client's expectations. This means that you put a refund policy in your contract, not only for product and orders, but also for the markup on that product, for your time procuring and expediting that product, shipping and freight fees, install costs, and restocking fees.
Read MoreI've written many articles on pricing and created a free course to help designers figure out their sweet spot. I thought I could round them all up for you in one convenient place. Want to get really clear on what works for me and what I've seen work for other designers? Read the articles below.
Click Read More to Get 10 of the Best Articles on Pricing Interior Design
Read MoreCreating more than one way to make money in your interior design business is like diversifying your portfolio. If something takes a downturn you have other places where money is coming in.
On the other hand, I don't want you to complicate your business so much that it becomes unmanageable or overwhelming. Too much on your plate and business becomes messy and you won't be able to do anything well.
Below are some ideas on how to add multiple revenue streams into your interior design business. A caveat, if you want to add anything, you should be able to create it and then set it and forget it.
Read MoreAt the end of my course, The Golden Blueprint, I do review calls with participants. In the last session of the course I had several review calls every day and I found myself giving the same advice most every call. So what was the question that everyone was asking about? Pricing. Or more specifically, how to make money as an interior designer.
We would talk about how they priced their services and how they charged their clients and ultimately there was one glaring mistake everyone was making in their design business that was costing them valuable income.
Read MorePsst. Designer. Do you want to hear the biggest trade secret of all time? You can't share it with anyone. If I tell you, you are sworn to secrecy. Other designers will ask. Don't tell them. This is just for you. I'm going to give you the Super Secret Magic Pricing Model. MPM for short.
I'm sure you know the Magic Pricing Model I'm talking about. The one where clients readily accept your fees and buy all the product you select without question. It is the one where your bills and invoices are always paid on time. The one where you make a ton of money easily. It is the one that is so easy you never have to have an uncomfortable conversation about money with clients. The MPM is the one that you make the most amount of money with the least amount of effort. I know you want it. Everyone wants it.
Read MoreLet's go back to a time pre-internet. Cue the fog and crackly old-time radio. Generally, the wealthy were the only ones who could afford to hire a decorator. HGTV didn't exist. Correspondence was done via letter or the phone. Orders were placed with checks. Cell phones didn't exist or were giant bricks kept in the car "for emergencies". Shopping was all done in-store or from a mail-order catalog, you had to literally mail-in or call in your order. Things that couldn't be sourced would be designed and custom made in a workroom. Clients had no access to trade-only sources.
Read MoreHow do Interior Designers price their services? How should you price your services?
Unlike architects or realtors, there is no regulating body for interior designers. Therefore, there are about as many different pricing structures as there are interior designers. There is not a one size fits all for designers or clients, the bottom line is do you feel comfortable and confident in your pricing model?
Read MoreWhen you discount your services, you are undercutting the value of the entire industry. Ever bought a Groupon for a discounted exercise class, but then never went again for full price? If you pay less for something it is really hard to fork over more money later. When you lower the price of something, it sets a precedent and people don't want to pay more for it. The perceived value goes down. This may not matter when you are first starting or if you are in a slump and need whatever clients you can get, but it will matter when you are wanting to get paid more for your services or want to work on higher budgets. It also matters to all the other designers out there working their butts off and growing their businesses.
Read MoreOne of the biggest challenges facing interior designers today is getting shopped by clients. This means that a designer proposes an item to a client, only to have them find that same item cheaper somewhere else.
I hear designers encountering this with clients all the time. But getting shopped by clients is not going to go away because I'm pretty sure the internet is here to stay. It is human nature to want the best price and the best deal and the internet makes that a lot faster and easier.
So what should we do about the inevitable? Here are some options and ideas to help you overcome this challenge.
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