7 Designers Share What They Wish They’d Known Before Starting Their Firms

Original article posted at Business of Home by Haley Chouinard.

There’s so much to know when starting a business, and there are bound to be surprises along the way. We asked seven designers—Michelle Cortizo, Swati Goorha, Natalie Kraiem, Denise McGaha, Steve Pallrand, Ana Claudia Schultz and Cherline Shea—what they wish they’d known before striking out on their own.

“I wish I had known how important it is to manage your finances with a business manager. A tax accountant isn’t enough, and you need to have budgets and forecasts so you can plan for spending, hiring and investing in your business. Just reconciling your credit cards and paying your taxes isn’t enough.”

“I wish I had known the importance of building my business credit while still in school. At that point, I had fewer expenses to manage and it was the perfect time for me to build up my business credit. Nonetheless, my school didn’t tell me about the monthly expenses that are necessary to run a business in order to become a successful and profitable designer, and I [missed out because] of that.”

“I wish I had known how other designers structure their fees and how much to charge for a job. I think it’s sometimes a taboo topic and it would have been helpful to know the way to structure flat fees, retainers and initial design fees. I would have loved to see the invoicing process at other design firms, as well. It would have also been useful to see how other designers manage the transition from a one- or two-person team into a larger company.”