7 WAYS TO MAKE MONEY IN THE DESIGN BUSINESS

There is much talk and confusion nowadays about how to make money as an interior designer.

So I thought I would define most common ways which can bring you money.  In no uncertain terms.  Without commentary or opinion.  Just straight up list – clear, succinct, and to the point.

1.      Hourly rate only.  National rates usually fall within the $75-195 range.  The rates usually differ based on the service rendered:  design work, architectural work, shopping, project management, construction management

2.      Product – cost plus, where the designer adds 30%-100% to the cost supplied by the manufacturer, supplier, or subcontractor.

3.      Product – discount off of retail, where the designer takes 10%-50% off the retail prices supplied by  manufacturer, supplier, or subcontractor

4.      Flat, project-based fee.  Designer charges one fee for the entire project.  This requires clear identification of the scope, previous knowledge and experience for accurate calculations,  and tight management of time.

5.      Tiered pricing.  Viewed by some as a subset of project-based fee, I break it out here because these are predetermined packages based on time, complexity, and attention involved.

6.      Per square foot.

7.      Combination of all of the above.

While on the surface all of these ways seem straight-forward, like anything in design, the devil is in the detail.  Some the ways are complex, fraught with pitfalls, and are potentially costly if not done right.   And in this lies the confusion, frustration, and anxiety mentioned by me earlier in the article.

If you’re tired of feeling frustrated, confused, and anxious, you must get ALL the knowledge you can get in the subject of pricing.  And your first step is the Business of Design: Smart Pricing Strategies in the New Economy – a 3-hour virtual tele-panel of experts speaking about this very subject.  Get more information herehttp://www.kickstartcart.com/app/?Clk=4012460