Do you dream of your own interior design business launch? Are you near the end of your time in college and wonder whether you should start to make plans? Do you currently work for clients part-time and want to take your business to the next level? Starting a new business can be difficult at best, whether you have years of experience or if this is your first step on the career ladder. However, if you are nearing graduation and want to start your own interior design business, it comes with some pros and cons, so we’ve listed our findings below to help you make a decision.
Your Interior Design Business Launch from College; the Pros and Cons
The Pros of a Design Business Launch
As a new graduate, you might not have the responsibilities of a spouse, children or a current job. That makes this one of the best times in your life to start a new business. Because, at this point in your life, in addition to the premium time available to you, you are full of the energy and enthusiasm necessary to take on the business world.
You might also have debts to deal with, which includes the cost of a student loan. Therefore, it’s important to understand how the student loan repayment works and what you actually pay over the life of the loan. The repayment of this loan is an item to factor into your budget.
Also, consider the many resources available at your university for counseling, mentorship, and education for entrepreneurs. For startups, these resources are a great place to get expert feedback on your business plan. Take advantage of these excellent resources while you have them right in front of you.
“Design transcends agenda. It speaks to the politics of optimism.” –Paul Bennett
As someone just graduating from college, you don’t have the fears to hold you back like someone with more years in the business world. For you, anything is possible and this is an optimistic state of mind from which to begin your journey as an entrepreneur.
Moreover, when you start a business of your own, you get first-hand business and life experiences while the long-range bonus is that it always looks good on your resume.
The Cons of a Design Business Launch
One of the biggest downsides is the struggle to secure finances for your startup. However, a new business doesn’t always mean you need to worry about overhead costs. For example, a service-based business requires little more than an internet connection and a website to run. Never-the-less, when you first start your business you might need to look for investors.
What do you envision when you think about working from home? Do you think about the occasional happy visit to a coffee shop for networking? Do you think the cash will flow freely so that all your bills get paid on time? That sounds fantastic, but neither of these scenarios is the reality of most new business startups.
In the real world, there are long, arduous hours of work. Moreover, you wear a variety of hats that include sales, marketing, billing, collections, and customer support. So, be certain that you are comfortable and able to tackle all these different roles before you commit.
One last downside worth mentioning is that nine out of ten businesses fail within the first five years. Just because you’re starting a business doesn’t automatically mean it’s going to be a success. In addition, for some businesses, it might be a while before any revenue is earned.
Starting a new business venture straight out of college requires tenacity and determination. We recommend that with your research, you do everything possible to promote your success and never let go of your positive outlook.