The term “interior design” refers to the method of improving the interior space of a structure to create the appearance of a beautiful and attractive space for its inhabitants. In this article you will discover how to begin an interior design company in Nigeria.
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How do I start a successful Interior design company in Nigeria
Here’s how to begin an effective interior design business in Nigeria:
1. Pick a specific area of expertise and gain some experience
There is no longer a time that the same person or company could create churches, homes and restaurants, as well as museums or even work spaces.
Nowadays, the interior design industry is special, as is every other type of business. The field you select can be made up of the abilities and abilities. Once your interior design business is established, your chosen area of expertise will determine what products you’ll offer to your clients.
Once you have decided on your desired specialization, you must receive sufficient training in the area. Begin by meeting with fellow experts and follow them each time they receive an request to design a space. It may take a while depending on how quickly you can learn.
2. Develop a business strategy
The business planning process is important to any business that is just starting out. It will guide you in what you should do. You’d plan for everything that could be possible, and then take it in a notebook and on your personal computer.
After having figured out everything, and you are confident that your business is now an effective and well-planned strategy, you can proceed by launching an interior design company in Nigeria. When you begin, adhere to your business plan that you created earlier and then implement it in a sequential manner.
So, you won’t overlook anything or not make a critical choice. Here are some points your business plan must include when you begin an interior design company in Nigeria.
- Executive Summary
- Company Overview
- Analysis of customer behavior
- Competitive analysis
- Market research
- Marketing Plan
- Operations plan
- Start-up costs
- Financial plan, and much more
3. Fund the startup capital
Next step would be to find an investment for your firm in interior design. The business plan you create will outline the costs of starting and operating You will be aware of the amount of money you’ll have to put at the top of your game.
You can make use of your personal funds to start your own interior decoration business , before seeking for other sources of funding. You can convince wealthy individuals to invest in your company or talk to venture capitalists.
If you’re willing going to microfinance and commercial banks to take out a loan to fund your interior design business.
4. Brand your interior design business
Branding is an important marketing and business strategy which helps differentiate your company from those of your rivals. So those interior designs you provide will be able to gain their own name on the marketplace.
Start your branding process by selecting the name of your interior design company. Your company name must be short but meaningful, and should be in some way related to your services as well as appealing visually as well as easy to recall.
The next step is creating your logo. However, it doesn’t stop there. Although many entrepreneurs believe that branding is just a matter of business name as well as logos, it’s actually not. There are many more aspects that go into branding, among which include:
- Advertising format and marketing
- Customer service style
- Uniforms for staff
- Business cards for business
5. Start your own interior design business through the CAC
Your brand for interior design is now up and running. Although it isn’t a requirement but it can help in numerous ways. In addition to avoiding legal issues later on, this can make your company and your services appear more credible to prospective customers.
The Corporate Affairs Commission (CAC) is the body responsible for the registration of companies in Nigeria. It is possible to access the website and also visit any branch near you.
It is important to have decided on the type of company structure you’d like to run before you begin to start your interior design business. Sole proprietorships are the easiest to set up, and an LLC is more challenging.
In the long term in the long run, this is more secure in the long run than the first. An LLC can safeguard your personal property even in the event that your business fails to make it through or shuts down because of bad credit.
6. Set your pricing
How do you charge your customers as an interior design company
1. A fixed or flat cost
When a customer has spoken to you on the details of the task and you’re certain of what you’ll do and what you won’t then you can propose an amount that is fixed.
It will include all construction, specifications, layout and installation costs as and your own profits.
2. Time-based fee
In this scenario you’ll offer a fee that is based on the amount of weeks, hours, or months that you spend doing the interior design task.
3. Project Percentage Fee
You’ll receive an increase in the costs of your project. It will also include all furniture and artwork bought as part of the design for client.
4. Retainer, with the balance due after conclusion
A prepayment is made to your interior design company. Once you have completed the project to the satisfaction of your client then the balance of the amount will be settled.
5. Cost plus
This only works only if you are selling interior decoration items in addition to your interior design services. The items you purchase for the project at a wholesale cost and then bill clients the retail cost.
6. Per square foot, the cost
It is based on the kind of interior design project requested by the buyer. In this instance the cost is calculated based on the area of the space to be constructed.
7. Market your interior design business
There are numerous ways with that you can advertise your business in the field of decoration and draw prospective customers. Here are a few.
- Meet with local publications and local papers
- Make a website and study the basics of SEO
- Create an email list, and then use emails to market your products
- Register your interior design company with local businesses listing websites
- Request your customers to recommend to you new customers.
- Start a blog for your interior design business
Conclusion
Beginning an interior design business in Nigeria may seem like a daunting task. It’s actually not too difficult if you follow the guidelines within this post.
You could be employed to design offices as well as luxury hotels, luxurious houses museums, churches as well as other buildings which are used by humans. In the interior design firm you may concentrate on residential and commercial interior design or both.