Some designers are feeling a slowdown in their business because of inflation and the effects of concerns about an upcoming recession. Some say that we are already in one, but we thought it would be the perfect time to give you tips on how to navigate your design business through an economic downturn. Some of these suggestions can be applied well before a recession is present and others during one.
1. Keep your overhead expenses as low as possible. Cut out the unnecessary expenses and decrease your overhead.
2. Reach out to past leads and inquires that were made to your business that didn't progress into clients.
3. Asking current or more recent clients for referrals or about another space they might need help with.
4. creating new a la carte services. Like designer for a day or mini virtual services that someone with a limited budget can still hire you for.
5. Be open to other types of design services. If you were strictly commercial perhaps offering some residential services or If you were only full-service how about adding e-design services.
6. Increase marketing efforts with social media, ads, google my business listing, blogs, interviews etc.
7. continue to make connections with other designers for support. The Interior design business college community is perfect opportunity to connect.
8. Network with trades such as architects, contractor, real estate agents.
9. Take advantage of slow times to cleanup or reorganize your business files, and process. Need help? Schedule a business organizing coaching session with us.
10. Get into some interests you haven't had time to explore before that can enhance your design business. For instance, I am also an artist and during the covid shut down I was able to get back to art and explore a new art form and sell to my clients.
11. Lastly, I will mention if you are having to get back to a 9-5 job if your efforts haven't succeeded, do not see it as a failure and create a strategy to get back to what you enjoy doing in some capacity. While you work for a company you can still have your business scaled down to just e-design services on a part-time basis for example.
Watch our video linked below on this subject for a more detailed breakdown off these suggestions. I hope you find these strategizes helpful for navigating your business during a recession or an economic downturn.
Welcome to the interior design business college formerly known as the YL Designs business school. For those of you who are new my name is Yannette Lebrun Owner of YL Designs Interiors and business coach at the interior design business college. I would love for you to join our community.
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Interior Design Business College