If you can identify five types of drape patterns but can't balance a ledger, you may need some help to start an interior decorating business. More than a keen eye for furniture is necessary to successfully build your company; but with enough guidance, you can be well on your way to starting an interior decorating business.

Earn Strong Credentials

The Bureau of Labor Statistics warns that the competition in the interior design world is fierce: those who shell out thousands of dollars for a designer's input on their new kitchen seek a designer with both experience and in some cases, a degree. As such, the Bureau of Labor Statistics strongly suggests earning a two- or four-year degree, especially since the courses explain legal requirements for interior decorators. Credentials can also be generated through experience. If you are new to the business, ask your friends or relatives if you could design a room (or ideally, home). You could even design weddings. Treat them as if you would a new client to gauge how well you respond to their feedback---while you may love the art deco look, your friend could want a shabby chic bedroom. You need to gain experience working with people of all different preferences to put on your resume. The more different designs you work with, the more versatile you become. Work experience, even pro bono, will help launch your interior decorating business.

Build a Portfolio and Website

In the process of working with clients, take plenty of high-quality pictures for your portfolio. Consider investing in a high-end camera for this reason. The Princeton Review explains that hiring decisions are based on experience, but an emphasis is placed on one's portfolio. Potential clients will immediately want to see past work; you could have amazing taste, but if that hue of chartreuse in the picture is dull and lifeless because of the photo quality, the client will likely pass. Make an online portfolio as well. How you design a website is equally as telling to potential customers, so invest in a good web designer and use those high-quality photos from your décor. Note: unless you have a web designer friend, expect to shell out thousands of dollars for this service.

Devise a Business Plan

To run a successful business, start with the end in mind. This translates to understanding your long-term vision and implementing steps to get you there. The end goal of "making a lot of money and designing homes for celebrities" will not suffice. Cover your business needs in the area of management, marketing, finance and accounting. To do so, devise a business plan that outlines the following: start-up costs (office space, equipment, business cards, software, etc), loan options if you need capital, cost of your services, number of clients you can handle in a given month before hiring additional hands, hiring costs of non-related functions (unless you plan to be your own accountant and admin, pay attention to this one), how you'll market and how your finances will be managed and allocated. Your business will evolve over time, and with it, your business needs. While the dusty printer in your bedroom may suffice initially, at some point you may need a thousand-dollar copier for your 4 employees. You must start your business with thoughts of expansion.

Source:

Bureau of Labor Statistics