Home décor is a thriving business. Most people want their house to reflect their tastes and preferences. The house is a very personal space. It is where people relax, unwind, and feel safe. In fact, during the COVID-19 lockdowns houses became a place of work and recreation as well.
The Business Of Home Decor
People like to spend money on home décor to make it comfortable and welcoming. Research shows that residents of London spend £5,781 each year on home decorations. The home decoration business is a profitable one. This, however, does not mean that anyone can start a home decoration business and make a living.
As profitable as it may be, a home decoration business is a business at the end of the day. Businesses fail. It does not matter how much skill you have as an interior decorator. You should know how to run a profitable business.
In the UK, interior decoration is a £1 billion industry. Grow rate is expected to be 1.3% for the year 2021. While this sounds good, it is not so simple. Home decoration is an unstable industry. People can put off spending money on home decorations in favor of more urgent expenditures.
Things To Know Before Starting Your Home Décor Business
Home decoration is a luxury and as a business owner, you need to realize this fact. Let’s discuss a few things that you need to know before starting your home décor business.
1. Plan And Research
You may be a very creative person. Running a home decor business, however, is much more than understanding the rules of design. You need to be a savvy businessperson to make it work.
It starts with a plan. Create a business plan so you can define the business model and set targets. Defining the goals is critical to monitoring success.
Furthermore, conduct research. Gather data on the market and figure out the demand. Be sure to survey the competition as well. Assess opportunities and threats and determine your strengths and weaknesses.
2. Know The Rules Of The Game
Every business has its legal requirements. Figure out what you need to set up your home decorations business. You may need to consult a professional to guide you on this.
You need to know which documents to file and which permits to get. It is important to familiarize yourself with related industries as well. You should know that rental properties are required to get gas safety certification each year. This way you can be sure you are working with someone who knows and follows the rules.
3. Developing Industry Relations
As a decorator, you will be buying a lot of things. Furniture, flooring, paints, and other fixtures to decorate a space. This means you will regularly buy home furnishings.
To get the best deal and service it is good to develop ties within the industry. Friendly relations with distributors his very important not only to get discounts but also to get good quality products.
4. Building A Portfolio
If you want your business to be successful, you need to create goodwill. Get your name out there. This means taking on projects that may not pay much. It is fine if you get jobs that merely break even initially. In this manner, you can build a portfolio to show to clients later on.
Another reason why you need to take on any job you get at first is marketing. Word-of-mouth marketing is very effective. This is especially true for services like home decorations.
5. Decide The Services You Offer
Home decoration is a vast industry. It includes a whole range of services, from interior design to home renovations. You must streamline the services you offer to determine whether you can do a job or not.
Streamline your services so clients know exactly what they will be getting. Home decorations is a vast field. You may include home renovations along with home decorations. Make it clear on your website so there is no confusion.
6. Create a Winning Team
Running a business requires a team effort. Home decorators need to work closely with other professionals, like carpenters. Having a team will help you get specialized services without any issues. Networking is a skill in itself.
You are only as good as the people who work with you. Outsource if needed. Hiring outside professionals can help you save money as they offer expert services.
7. Develop A Niche
As an individual, you have your preferences. There are certain styles and designs that you may feel comfortable with. There is nothing wrong with developing a signature style.
This way you can play to your strengths. It will also help attract clients with similar design preferences. Having a niche also helps with developing a brand. It makes your work recognizable. It is best to pick a style and add your flair to it to stand out.
8. Market Yourself
Effective marketing is necessary to get the word out. You do not need to resort to expensive promotional methods either. Social Media has made marketing more content-driven. Be sure to create a social media presence with good quality content.
Consistently posting on social media is important. Many people think posting frequently is the only way to increase engagement. That is not true. You must post content that your audience finds interesting.
Invest in making a great website. Make sure it is presentable and reflects your style. It should also contain your complete portfolio to display previous work done. Additionally, request past clients to provide reviews to attract potential clients.
9. Be Prepared
Owning a business is never easy. A home decorations business, in particular, is very unstable. There may be times when you will be making a lot. However, at other times you might not even be breaking even. Brace yourself for everything.
Making A Living Out Of Your Home Decorations Business
The home decorations business is a highly competitive one. It is not easy to stand out. However, you can make success a possibility through constant hard work. The right kind of promotion and a distinctive style will take you a long way.
You may not make much when you start. But with time, as you gain experience and develop contacts, the business will grow. It is possible to make a living with your home decorations business if you know what you are doing and are business savvy.
