Planning
On this page I will be sharing the planning I will be doing for my interior design business as a whole rather than just the project.
Swot analysis
Strengths
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Creativity and Design Skills: I have a love for creativity and as part of that I have amassed a lot of design skills in 2d and 3d mediums allowing me to help the client visualize the space. This isn’t just limited to interiors. I have other skills such as drawing, web design, and photography. These extra skills will help me be able to market the business.
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Passion for Design: I’ve always been drawn towards interiors as a design medium because it allows me to create environments that are both functional and reflective of the clients personalities.
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Attention to Detail: As a designer I enjoy diving in to the details to make sure every part of the design is perfect/
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Versatility: I’m very versatile when it comes to creative mediums and design styles as I cater all my projects to the clients wants and needs.
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Networking Abilities: I love people and find it easy to interact with new people so I'm hoping this will let me be able to easily network with potential clients
Weaknesses
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Limited Resources: Starting a new business will mean I have limited resources to work with. This can potentially limit the potential clients I can accept.
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Limited Brand Recognition: A big issue I'll have over the existing companies in the interior design space will be a lack of brand recognition.
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Limited Portfolio: Without an extensive portfolio, convincing potential clients that I'm the designer for the job will be hard until I can build up a portfolio of happy clients.
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Skill Gaps: I will have a lot of areas where I'm not the strongest that I will have to improve to make sure my business is successful. For example, I don't have much experience with the management side of running a business and will have to learn a lot on the job. There may also be skills that I'm not currently aware of that come up.
Opportunities
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Niche Markets: I have a passion for unconventional interiors styles.
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Digital Marketing: Leveraging digital marketing channels such as social media and online platforms help me reach a broader audience..
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Partnerships: I’ve already had some positive feedback from complimentary businesses I've been in contact with.
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Potential leads: I have a few potential leads already in the pipeline for when I finish the course and can fully commit myself to them.
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Continued Learning: I plan on continually upskilling so when the industry inevitably changes I will be able to adapt. Continuous professional development will be vital.
Threats
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Competitive Market: The interior design industry is highly competitive, with numerous established firms and freelancers vying for clients' attention.
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Economic Downturns: Economic recessions or downturns can lead to decreased consumer spending on non-essential services like interior design.
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Changing Trends: Rapidly evolving design trends and preferences may require continuous adaptation to stay relevant and attractive to clients.
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Price Sensitivity: Some clients may prioritize cost over quality, posing a challenge in maintaining profitability while meeting budget constraints.
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Legal and Regulatory Compliance: Ensuring compliance with local building codes, zoning regulations, and licensing requirements adds complexity and potential legal risks to the business.
SMART plan
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Develop a website and utilise social media for self-promotion, show what you do, and attract buyers.
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Register your business and obtain necessary licenses and permits.
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Secure a client within the first 3 months of launching my business.
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Achieve a monthly revenue of two thousand pounds by the end of the first year.
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Increase my social media following.
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Attend at least 2 industry events or workshops per year to expand my knowledge and network.
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Collaborate with a designer to create a professional website within my budget.
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Leverage your existing network and ask for referrals to secure my first few clients.
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Find a part time job as stable income until my business can gain traction
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Be prepared to adjust my pricing and services based on market demand and client feedback.
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Launch my website and social media accounts within 2 months of finishing uni.
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Secure my first client within 3 months of launching your business.
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Conduct a thorough review of my business performance and make necessary adjustments every 6 months.
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Achieve my first-year revenue goal of two thousand pounds per month by the end of month 12.
Business model canvas
Version 1
Here you can see a detailed outline of my plans for my business after I finish with University.
Version 2
After doing the dragons den presentation and the feedback on my wallpaper was so positive I have altered the business model canvas to reflect an addition of custom wallpaper as a service.
