You may enjoy staging your home and ensuring the decor of your personal space perfectly matches your design requirements, however this does not necessarily mean you will be successful if you start your own interior design business in the London area.
Check out these 15 pitfalls that you could face if you do plan to run your own interior design business:1. If you don’t hold professional interior design qualifications or extensive experience working in this area you will struggle to find customers when you start off in interior design in London.
2. Consider whether you will be a sole trader or limited company, this will have implications which need decision making prior to starting in business. Further, if you intend to start a partnership you need to think about what could happen in future in the case of any disagreements. Ensure a legal agreement is in place if you do move into a partnership scenario.
3. Retail premises in central London are expensive and you will need showroom premises or rooms to display to potential clients. You won’t necessarily want them visiting your home each time they want to check out your expertise, neither will your former customers!
4. It costs a great deal of money to prepare glossy brochures, websites and pamphlets to promote your interior designers London business venture. Do you have the necessary capital to inject?
5. You need to plan your business professionally and create cashflow projections and proposals for at least two years into the future.
6. When you find suitable premises you’ll require extensive stock rooms to hold all your interior decor products which are likely to include all decorating equipment, products, as well as fabrics and a variety of furnishings and objets d’art. As your business expands you’ll need ever increasing space for this stock.
7. Fussy/faddy customers may well adore your interior designs on paper or computer, however when they see your part-finished or finished decor they could quibble at pricings or even refuse to accept the finished job. Make sure your contractual arrangement with the customer is locked in at the time of any agreement to carry out jobs.
8. Making a name as an interior decorator can take time, be prepared to accept low paid jobs or even work for free to get your brand known.
9. When you sign for commercial leases you are responsible for the rent for the complete term of the lease. Even if you assign your lease to another person if your business moves or comes to an end you could ultimately be responsible for paying this rental if your sub-lessee reneges on the assignment. Make sure you understand all the legal ramifications of commercial leases prior to signing up for one.
10. When you work out your cashflow projections ensure you cover every potential item of expenditure with flexibility for higher prices than anticipated/quoted.
11. Most people now use the Internet to find suppliers, you need to be Internet aware and understand just how much time you need to put into keeping your business at the top of search engine results if you want to attract custom to your interior design London business.
12. You can expect to spend long hours in the evening and at weekends administering your interior designers London business. Quotes, invoices, visits to potential customers and ordering goods, products and services all take time and detract from the time you can spend working on your core business.
13. Keep on top of business records and receipts to ensure your annual returns are filed at the correct time of year.
14. Research all necessary information and legal requirements if you plan to take on employees. You’ll also need to find out about payroll and statutory holiday and sickness entitlements.
15. It’s not all that bad running your own business. Just take time to plan your interior design London (http://decor8blog.com/) business properly and you’ll be fine! Start off small first, if you plan to begin working from home then make sure you have plenty of room to keep all your samples, products and equipment tidily and that you have designs and staged rooms to show to your potential clients.Good Luck!