Interior Design Business Podcasts - Episode 26
Interior Design Business Podcasts November 23, 2022 - Episode 26
Hey interior design nerds…I’ve got some great podcasts for you today. Tons of great tactical info with a touch of “holy crap, I should be doing that” thrown in for good measure.
Enjoy…then get to work…those interiors aren’t going to design themselves :)
The Interior Design Business CEO - Desi Creswell - The Power of Constraint - 22 min
Designed by Wingnut Social - Darla Powell - How Much Should I Pay Myself as a Business Owner? (with Tara Newman) - 42 min
Trade Tales - Kaitlin Peterson - How Meg Lonergan became both a team leader and a team player - 47 min
The Interior Design Business CEO - The Power of Constraint - 22 min
Whether you’re working towards income goals, building a team, or you just want to create more calmness and joy in your business, constraint is what’s going to allow you to start taking consistent action toward your goals, instead of getting caught up in the start-stop of doing something new. This week, I’m showing you how to create a strong agreement with yourself to constrain your core projects, what this looks like in my business, and how to try on the idea of constraint for yourself in your own interior design business.
What goals are you working towards in your business? Whether you’re working towards income goals, building a team, or you just want to create more calmness and joy in your business, constraint is what’s going to allow you to start taking consistent action toward your goals, instead of getting caught up in the start-stop of doing something new.
If you cringed at seeing the word constraint, you NEED to listen to this podcast episode from Desi Creswell.
Desi know that there’s a common misconception that limits or constraints are confining. But this is about focusing your time, energy, and attention in the right places, so you can create more abundance, freedom, and fun.
Tune in this week to discover how to use the power of constraint to create anything you want in your business. Narrowing your focus is going to help you move forward faster, so she’s showing us how to create a strong agreement with yourself to constrain your core projects, what this looks like in her business, and how to try on the idea of constraint for yourself in your own interior design business.
Highlights:
How & why many people believe that constraint means slower progress.
Why overwhelm is a capacity issue, not an issue with your actual to-do list.
Some of the ways Desi sees her clients setting their goals from a place of pressure and rushing.
How constraint will support you by giving you a framework, and freedom within that framework.
Why constraint leads to more fun, easy, effective action in your business.
Your role as the CEO of your business, and how to deal with the discomfort, disappointment, and self-doubt that comes up when you start saying no.
How to start applying constraint in your business, eliminating distractions as you work towards your goals, even when you have a lot going on.
You can check out this podcast episode here:
Designed by Wingnut Social - How Much Should I Pay Myself as a Business Owner? (with Tara Newman) - 42 min
How much should I pay myself as an interior design business owner?
Do I need to have a million-dollar business to be a millionaire?
And what does profit-first mean?
Host Darla Powell has brought in Tara Newman to help us calculate our revenue goals, figure out how much we should be charging for our services, and learn what percentage we should be paying ourselves as the business owner.
Tara Newman is the Founder and CEO of The Bold Profit Academy where she teaches service-based business owners how to sell premium services and programs without the emotional stress of launching, worrying about ads, overwhelming social strategies or complex funnels.T ara hosts a weekly podcast called The Bold Money Revolution and has been featured in publications like Money Magazine, Yahoo Finance, and Huffington Post as well as other publications and podcasts.
Highlights
Tara says that $250,000 per year is what allows you to pay yourself $10,000 a month. It’s not necessarily a factor of whether we should be looking things at an annual basis or monthly basis. Tara works with many business owners, particularly established female experts running service-based businesses. One of the big moments for these women who are experts at what they do, but not necessarily experts at business when they get started, is when they realize they need to replace their traditional salary (which is often around 6 figures). Tara says if you want to be paying yourself $100,000 a year, you need to have business revenue in excess of $250,000 a year. If you’re running a business bringing in $250,000 or less in revenue, in profit-first theory, you should be able to pay yourself 50% of that revenue.
When you’re scaling your business and hiring employees, how do you keep on track with paying yourself adequately within the profit-first formula? As business owners, it’s important to get into a habit of asking yourself, “How can I simplify?” Ask yourself these questions on a weekly basis: What can I delete? What isn’t adding any value to my customer experience? Tara says if it’s not adding to your customer experience, then it’s not adding value to you in the long run. Another thing to ask yourself is what you can automate. There are some great technological options and simple tools that allow businesses to automate more and still maintain a high-touch business. Tara finds that many business owners don’t understand their operation well enough, and they just start hiring employees because they feel overwhelmed. Instead, Tara recommends you stop and check in on how to reduce the overwhelm not necessarily through adding a person. Can better boundaries be established? Is there some clarity we can have around our process? These things need to be addressed before scaling, otherwise you run the risk of complicating your process in a costly way. The ultimate goal of scaling is to increase revenue without adding equal amounts of expense.
How do you know if you’re charging enough for your services, and how do you find out your goal revenue? We all have our own magic number that we need to hit based on our personal financial goals and situation. Tara created a revenue goal calculator that allows you to reverse-engineer your particular needs. When using the calculator, you’ll put in your personal financial needs and then it will calculate what revenue goal you need to hit in order to pay yourself. Check out the revenue goal calculator at theboldleadershiprevolution.com/revenue.
You can check out this podcast episode here:
Trade Tales - How Meg Lonergan became both a team leader and a team player - 47 min
When Meg Lonergan embarked on her design career, it seemed that her biggest hurdle was demonstrating to the rest of the design industry that despite her non-traditional education and early career experiences, she was just as talented and qualified as any other successful firm owner. Then, a near-total firm meltdown during the pandemic led her to a stunning realization: The biggest obstacle standing in the way of her firm’s growth was herself.
You can check out this podcast episode here: