If you successfully complete your education in interior design, you have several options available to you when it’s time to start making an income. While some students are happiest finding agencies and traditional businesses to work with, others prefer the idea of launching their own venture from scratch. After all, starting your own business means you have complete control over everything from your pricing to your schedule. While going self-employed can be a lucrative option for some, it’s not without its challenges. First and foremost, you’ll need to find the funding required to bring your new company to life. Here’s what you need to consider before you get started.
The Common Costs to Think About
Starting any business, whether it’s in interior design, furniture creation, or anything else you can think of, comes with variable costs. The exact amount you’ll spend to form your company will depend on multiple factors, including what kind of services you want to sell, and what kind of business model you’re going to be pursuing. Consulting services offered online are often less expensive to set up than full design agencies. When you’re planning how much you’re going to need to spend, remember to consider:
- Real estate costs: If you’re going to have your own design office, you’ll need to pay for real estate, as well as in-office equipment, furniture, and overheads like gas and electricity.
- Online presence: Almost every business needs an online presence today. Think about the costs of designing and hosting a website, as well as running marketing campaigns.
- Materials: If you’re going to be responsible for certain design tasks, like painting rooms and applying wallpaper, you’ll need to take these costs into account.
- Hiring: Are you going to have contractors or professionals working with you in your business? Make sure you know how much you need to pay them.
- Legal costs: Most design businesses need to pay for insurance and certifications which establish them as being safe to work with.
How to Find Extra Funding
Regardless of the type of interior design business you choose to build, there will always be some costs you need to consider. If you’ve taken some time to build your savings before you jump into your new venture, you may be able to handle some of the expenses on your own. However, there’s a good chance you’ll also need to seek out extra sources of funding, such as:
- Refinancing student loans: A student loan refinance strategy could be an excellent way to free up some extra cash in your budget. Switching to a solution with lower interest payments and fees can give you more money in your pocket at the end of each month.
- Part-time employment: Initially, it may be a good idea to start your business as a side gig. This way, you can earn a consistent income from your traditional career, while also finding extra clients to help build your business.
- Find the right support: Alongside your own money, you might be able to get extra support for starting your company in the form of grants, and investments from partners and shareholders. Just be careful about giving away too much control over your business.
While launching your own company can be a daunting, and sometimes expensive process. If you plan carefully, you should be able to create an amazing venture, boost business profits, and earn a great income long-term.