There is a MASSIVE OPPORTUNITY in Interior Design due to the rise in new home builds and people moving into new houses. You can take advantage of this by starting an interior design business. See guide below:
What are the cost associated with starting an interior design business:
- Website
- Samples for design consultations
- Software for renderings
- Total Projected Cost Annually: $2,000
How much can you make as an interior designer:
- Average Revenue per project:
- Bathroom: $1,000
- Livingroom: $500
- Kitchen: $1,500
- Bedroom: $500
CASHFLOW:
If every month we do the following projects, here is how much we make:
- 2 Kitchens
- 3 Bedrooms
- 2 Bathrooms
- 3 Living Rooms
= $8,000 for the month.
For the year, this would put us at $96,000.
Subtracting our $2,000 in expense, that puts our Cashflow at $94,000.
That is pretty good money, but I believe the opportunity would be operating as a general contractor as well. If you can be the general contractor you can charge a design fee and make money on subcontracting out all of the work.
Example: Bathroom Remodel. Total Cost: $15,000 - Design Fee: $1,000. As a general you go find sub contractors to do the work for $13,000. You make $2K on the work and $1K on the design.
How can this business fail?
- No Sales: You didn't network, you didn't market, you didn't get out in the community, you didn't create a website, you didn't create a social media presence.
- Your work is bad: You need to do research and maybe do work for free until you can gain knowledge and skill.
- You provide bad service. Your projects take to long. You don't communicate with your customers.
After all of this, you need to legal up.
- Create an LLC for an interior design business.
- Buy Interior Design business insurance.
- Create an interior design customer contract.
How to Start an Interior Design Business ($96K a Year)
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