Many people think making money is dirty or bad (especially women). And even worse, sometimes we’re not even aware that we carry around this belief - it just shows up in how we conduct business and life. If you feel unsure about your pricing or keep spinning your wheels on how to price - there are ways to overcome it.
Read MoreConsistency in business is important for morale, cash flow, and professionalism. Yet, so many designers aren’t sure how often they should be billing for interior design services. And because of this uncertainty - I see designers struggling with confidence and cash flow.
A while back we had an electrician over to do some work on the house. We didn’t receive the bill that month or the next. Admittedly, I half hoped maybe he forgot about the invoice altogether. But finally, 3 months later we received the invoice. And even though it was a bill that I anticipated I was still a bit frustrated that it took so long.
Read MoreToday, I’m going to touch on some accounting principals, markup and margin. These are two terms that you may have to think about when you’re calculating profit and pricing in your business. These are numbers that you should be familiar with and how they play into your business because they can help with your profitability.
Markup and margin are not the same, even if occasionally you may hear them used in the same way.
Read MoreAs a business, you deserve to be profitable. Running a business is a challenge and too often we settle for “just getting by”. We shouldn’t settle. We shouldn’t compromise on profitability. We shouldn’t allow ourselves to forget that we’re running a business and the goal of any business is to make money.
Otherwise we’re not running a business, we just have a hobby.
Read MoreAs we are about to enter a new year, this is the perfect time to raise your rates. If you feel like it is time to increase your fees or feel that maybe your rates are a little too low the new year is when you'll want to change that.
Read MoreI've written many articles on pricing and created a free course to help designers figure out their sweet spot. I thought I could round them all up for you in one convenient place. Want to get really clear on what works for me and what I've seen work for other designers? Read the articles below.
Click Read More to Get 10 of the Best Articles on Pricing Interior Design
Read MoreAt the end of my course, The Golden Blueprint, I do review calls with participants. In the last session of the course I had several review calls every day and I found myself giving the same advice most every call. So what was the question that everyone was asking about? Pricing. Or more specifically, how to make money as an interior designer.
We would talk about how they priced their services and how they charged their clients and ultimately there was one glaring mistake everyone was making in their design business that was costing them valuable income.
Read MorePsst. Designer. Do you want to hear the biggest trade secret of all time? You can't share it with anyone. If I tell you, you are sworn to secrecy. Other designers will ask. Don't tell them. This is just for you. I'm going to give you the Super Secret Magic Pricing Model. MPM for short.
I'm sure you know the Magic Pricing Model I'm talking about. The one where clients readily accept your fees and buy all the product you select without question. It is the one where your bills and invoices are always paid on time. The one where you make a ton of money easily. It is the one that is so easy you never have to have an uncomfortable conversation about money with clients. The MPM is the one that you make the most amount of money with the least amount of effort. I know you want it. Everyone wants it.
Read MoreLet's go back to a time pre-internet. Cue the fog and crackly old-time radio. Generally, the wealthy were the only ones who could afford to hire a decorator. HGTV didn't exist. Correspondence was done via letter or the phone. Orders were placed with checks. Cell phones didn't exist or were giant bricks kept in the car "for emergencies". Shopping was all done in-store or from a mail-order catalog, you had to literally mail-in or call in your order. Things that couldn't be sourced would be designed and custom made in a workroom. Clients had no access to trade-only sources.
Read MoreHow do Interior Designers price their services? How should you price your services?
Unlike architects or realtors, there is no regulating body for interior designers. Therefore, there are about as many different pricing structures as there are interior designers. There is not a one size fits all for designers or clients, the bottom line is do you feel comfortable and confident in your pricing model?
Read MoreMany of you have expressed the desire to get away from Home Goods crowd and start mingling more with the Baker crowd. I believe that you need to earn your right to charge your clients for premium pricing by delivering a premium product and service to your clients.
Much of the ability to charge premium pricing is in appearances. It is best to offer premium products/services from the get-go than to try to climb your way up the price ladder.
You may want to consider the following factors in rebranding your company to attract more premium customers.
Read MoreAs more and more of the world becomes digital, whether or not to take credit card payment has become a hot topic for interior designers.
For me, taking credit card payments has always been off the table, mainly for one reason: disputes. It is easy to dispute a charge with your credit card company for really any reason and this can cost the designer time and money to prove the charge. For me, it has been best to create a blanket policy of checks or cash only.
However, since I started my business, taking credit cards has become much simpler for small business owners with services such as Square and Payscape-Studio Webware integration. It is also quicker.
Read MoreHow do Interior Designers price their services?
Just writing this question makes my head want to explode. This is a daunting question. Since there is no regulating body, there are about as many different pricing structures as there are interior designers. There is not a one size fits all for designers or clients, the bottom line is: as the client do you feel comfortable and do you understand how you’ll be charged. Do not be afraid to ask the designer to explain further before you sign the contract. Alright, let's get into pricing.
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