Mohammad Khan Yusufzai is Masters in Management, specializing in Economics, Finance and Marketing, with corporate & lectureship exp.
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Interior designing or home décor is one of the most challenging yet fulfilling businesses. The opportunity to unleash creativity and bring ideas from vision to reality drives a lot of people towards home décor. But sadly, it’s not all peaches and cream.
Here are the six major challenges that every home décor firm faces:
Keeping Overhead Costs Low
Managing cost is one of the biggest struggles for almost every business. Home décor is not an exception. Labor, supplies, marketing, and even your monthly phone bill add up!
When you are running a business, all these cumulatively result in a considerable amount of money.
Managing the cost of supplies or materials is the biggest challenge for most home décor firms. Interior design materials are costly.
Secondly, if the project gets delayed or takes longer than planned, this will result in an out-of-control labor cost.
And inefficiencies in procedures also result in both increased cost and time. A lot of firms have taken online platforms such as Online Check Writer to manage their operations and take strict control of their costs.
Maintaining Cash Flow
Steady cash flow is another huge problem that home decors struggle with. This is the precise reason why a lot of interior designers ask for deposits before they commence their work.
They need considerable cash to purchase materials and pay workers to do the job. Clients are usually hesitant to pay the deposits. But deposit acts as a safeguard against non-payment of the bill.
While such types of clients are rare, being safe is what most of the home décor prefers. For steady cash flow, it is necessary to efficiently manage your accounts receivable.
Online Check Writer allows you to keep ahead of your accounts receivable by giving a lot of features such as automatic invoicing, getting paid by form, e-checks, etc.
Finding People with the Right Skill Set
Interior designing employs a variety of skills. Apart from being creative and aesthetic sense, you will need a workforce that knows, among other things, woodworking, paint job, carpentry, and metal works.
The problem here is to find the people with the right skills for the job. Not every employee you hire will have the same work ethic and passion as you. Next big issue is the decision of whether you will have contractual workers or full-time employees.
There’s no guarantee that you will find the same worker every time if you are used to hiring people on a contract basis. On the other hand, full-time employees might prove to be very costly during off or low season. Giving salary without making any profits is a huge disaster after some time.
Moreover, if any of your workers fail to meet the deadline, it results in jeopardizing the tenure of the entire project.
Meeting Clients Expectations
Customer satisfaction is essential for the growth and long-term survival of any business. Home décor especially involves a lot of interaction with your clients. Oftentimes, clients come to interior designers, because they have a vision in mind, but are unable to put it in reality due to lack of resources.
Other times clients shy away because they are afraid it would cost them a fortune. In both cases, the interior designer must understand and educate the clients about what is feasible, functional, and practical for them.
Sometimes, clients have unrealistic expectations of project time. They ask for something very complicated to be done in a very short time and at a very low cost. The popularity of home décor ideas over the internet is also partially responsible for this.
That being said, managing your client’s expectations is still a huge part of interior design. It is always going to be challenging, no matter how old your firm is.
Time Management and Deadlines
Home décor involves a lot of mental work and juggling between various roles. From visualizing the new project to finalizing it and handing it over to the client, there are hundreds of activities that require your attention.
And if you have more than one project running simultaneously, your day becomes a lot more hectic. Thus, ensuring that your workers and colleagues are managing time efficiently is very important.
In most home décor firms, creating and following a schedule is always a challenge. There’s a lot to do and very little time to do it.
On top of it, clients have zero flexibility to stretch the deadline. All of these combine to result in a tough time management situation for interior designers.
Giving Consistent Quality
Quality is another issue that a lot of home décor firms struggle with. Unless you are an industry leader with mountains of resources, you are always going to order materials and hire contractual staff as and when you get a new project.
And this variety of sources for materials and workforce is the reason behind the lack of uniformity. Non-consistent quality is bad for the reputation of the business.
Still, to the extent it is controllable; you should put some scientific standards to ensure the quality does not drop below a certain level. Home décor requires considerable investment from your clients. Your output must at least serve them for a few years.
The home décor business will continue to thrive as long as people demand creativity and aesthetic beauty for their living spaces. Gone are the days when home décor was just a thing for the ultra-rich. Everyone wants their house to look beautiful and presentable without compromising on its functionality. That’s why it is continuously growing even with the issues discussed above.
This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.
© 2022 Mohammad Khan Yusufzai