You ARE a Happy Business Owner (Whether you know it or not!)

Did you know that, as a business owner, you're happier than your employees? That’s right, the latest research indicates that despite the trials and tribulations of starting and running your own business, “entrepreneurs are happier and healthier than employees”. OK, so what?

Well, we love to work with happy entrepreneurs; creative people who find joy in the work they do because they’ve discovered a variety of ways to help and support clients who need them. And, according to more from Inc.com, “Despite the uncertainties of starting up, entrepreneurs on the whole actually report higher mental well-being than those comfortably ensconced in a steady job.

That said, however, we’ve also found that entrepreneurs who are forced into unfamiliar areas of running their business are far less happy. Just a few examples of these might be strategic marketing, lead generation, and writing a blog.

In fact, experience tells us that, once a new business reaches a certain level of success, these areas can become overwhelming and can suck the energy and joy from running your own business. In other words, if your expertise lies in designing and realizing spaces for living more comfortably or filling those spaces with luxury furnishings, it’s highly unlikely you’ll have the time (or inclination) to learn the fine points of say, online marketing.

That’s why we’ve been sharing a few business practices that we, and Ted, believe can help to smooth things out for you!

Ted Fall’s #1 Practice for Small Business Owners

It’s not at all unusual for a highly focused, energetic entrepreneur to suddenly feel overcome and defeated by the demands of promoting their business. Even those who recognize and accept that they can’t be everything to everyone will often try to do it all themselves. (Remember, you also can’t be all things to yourself!!!)

And so, we’re forced to ask, as a business owner, do you feel like…

• Your endless to-do list is getting the best of you, robbing the joy out of a business you once loved.

• You are drowning in projects you know you should do, but can’t find time for.

• You need help but don’t want to try one more mediocre design apprentice, only to be disappointed.

• You’re tired of the revolving door of support, where you’re the only one who can really run your business.

First and foremost, Ted’s advice is this: stick to what you love and do best. If you hire good people to support you while focusing on client acquisition and satisfaction, your revenue and profits will take care of themselves.

We would never claim that we could do what you do better than you, but we can confidently declare that we can support you by doing the things you either can’t or do not want to do. The things that are critical to your long-term growth and success – and which will enable you to focus on the things you do best – servicing clients, designing gorgeous spaces, offering the best home furnishings money can buy, and increasing profitability.

Learn More from Ted Fall Consulting

Virtually every interior designer and luxury furnishing dealer will experience frustration from the demands of running their business. This is normal. However, that does not mean you can’t find the support you need that will enable you to focus on the reason you started your firm – helping your clients live better, more comfortable lives.

If you’re struggling with the daily demands of building or running your business, Ted can help. Simply… Contact TD Fall today for professional business consulting to the trade.

Business Practices – Dealer and Designer Priorities to Make Life Easier

Among all the possible business practices to choose from, what is your Number One: either your greatest headache or your greatest joy?

It should go without saying that for interior designers and luxury furnishing dealers, helping their clients reimagine and realize a space brings them the most satisfaction. Yet, there are so many other aspects to running a business that make doing so possible. That is, the business practices and procedures specific to your needs that cannot be ignored by any business owner to be successful.

To illustrate just a few of these, our Hero and Mentor Ted offers a short list of things to consider:

• Hiring/recruiting the right talent for the right position and fit

• Systematizing and Creating manuals for each part of the business

• Creating strong relationships with reps and vendors

• Software for workflow

• Rates and how much to charge as well as how to justify it

Oh yeah, these look like fun! And remember, this is Ted’s shortlist!

Practice Building Value in Your Goods and Services

For as long as people have exchanged goods and services, whether by barter or coin, a basic truism has existed: Price is what you pay while value is what you receive.

Whether it happens regularly or just occasionally, if you have clients questioning your interior design rates or furniture pricing, you’ve failed to convey the value of what you have to offer. Now, while it’s true that some folks simply enjoy negotiating the cost of everything, overwhelmingly the above is true. In other words, it is up to you to convince them of the value they will receive from doing business with you.

To make the sale, the value must exceed the price, or they simply won’t buy. Stated even more simply, you must address their Number One concern by answering the question, “What’s in it for me?”

Frankly, if you can make a client or prospect understand the value of your reputation and the quality of the work you do, as well as the quality durability, and style of the furnishings you are recommending, you should receive little or no resistance to the cost of a project.

Designers Who Stress Value to Justify Their Rates

We found further insight into this question in an article at BusinessOfHome.com. Titled “4 ways to respond to a client questioning your rates”, and written by BOH contributor Marina Felix, two of the four designers she spoke with stressed their value specifically, while the other two did so implicitly.

For example, “If a potential client is trying to haggle, they probably can’t afford my rates or the additional furniture, décor, and contracting, either, and that is a preview of a rough client relationship. I also want to work with clients [who] don’t just love my work, but also see my value and respect what I bring to the table. That means paying my rates. The price is the price. Period.” - Amber Guyton, Blessed Little Bungalow, Atlanta

She also emphasized her willingness to say "No" to a potentially difficult client: “Once you have the experience and confidence to stand your ground, you’re OK telling those potential clients no, asking them to consider executing their design in phases to meet their budget or just wishing them well [and moving on].”

The same is true for Melinda Trembly of Rincon Road Design Studio in Carpinteria, CA, who shared her thoughts thusly: “I typically run into two types of clients: those that value what I bring to the table and trust me to be the expert – those [who] are happy to pay for high-level services and product – and those [who] second-guess themselves at every decision. They don’t trust themselves enough to trust me, which inevitably runs into extra time and costs. Those are the clients who tend to come to me with unrealistic expectations, including pricing.”

Learn More from Ted Fall

Virtually every interior designer, as well as luxury furnishing dealers, will experience questions about the cost of a remodel, furniture, floor coverings, and wall coverings. If you’re struggling to answer such questions or with building the value intrinsic to your work, Ted can help.

Simply… Contact TD Fall today for professional business consulting to the trade.