If you’re ready to turn your interior design side hustle business into an official one, it’s time to draft your first business plan. Don’t worry, it’s not as scary as it sounds, and with a few quick steps, you can write the perfect business plan for success.
The startup phase of any business is the scariest. After all, you begin with a blank slate with plans to create something big and beautiful. To start this type of business, begin by asking yourself many questions. This should include how you plan to copyright your interior design business name, whether or not you should form an LLC, and if you’re ready to put all your time and energy into your new business.
Business Plan: A Roadmap Of Your Success
Once you’ve answered the important questions and are ready to go, your next step is writing a business plan. If you’re unsure what a business plan is, know that it is simply a formal or informal document describing the interior design of your company. It will include information on how you’ll earn money, how you plan to get your name out into the public, and your overall operations model.
There are nine basic steps involved in writing a business plan. These are:
Writing an executive summary. Your executive summary is the first page, essentially an elevator pitch. In this, you’ll include your mission statement, which BigCommerce asserts should be concise and powerful, and a brief and broad description of your products, services, and growth plan.
Describing your company. Your interior design company description should include your registered name, location, and a quick rundown of your key staff.
Stating your goals. Your business goals should be clear and actionable, including marketing through new channels, reaching a new demographic, or product development.
Outlining your products and services. This section details what you do, the types of customers you sell to, your supply chain, and your distribution strategy.
Marketing research. Marketing research involves knowing your competition and how your products or services serve your market better.
Sales and marketing plan. Leave the sales and marketing up to PosterGirl Marketing. For one low monthly cost, you’ll have access to everything from business branding to evaluation and hefty discounts on merchandise and digital marketing services.
Performing a financial analysis. This section should detail your profit margins, measure your liquidity, and offer potential investors a bird’s eye view of your accounts turnover. Bonus points if you can include easy-to-read charts and graphs that showcase your business’s financial health.
Making financial projections. Your financial projections are what you can reasonably expect to earn within the next 36 months based on sales and future goals.
Adding supporting information to an appendix. Do you have a uniquely experienced project manager on board? If you hold permits or specialized equipment others don’t, this is a great place to offer supporting documentation. You’ll also want to add additional information on debt, contracts, and credit history.
There are many different markets you can serve as an interior designer. As an independent business owner, you can work with all these, hire additional designers, and create a brand that showcases the best of your business. But you have to start somewhere. Take the time to learn how to start your business, and don’t be shy about drafting your future with your very first business plan. While it’s possible to run a business without one, having this crucial document in place helps you maintain your goals and shows investors that you are serious about your success.
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