How to Build a Multi-Million-Dollar Interior Design Firm
Lisa Gilmore walks us through how she built her multi-million dollar interior design firm.
Lisa Gilmore watched HGTV late at night when her mother thought she was sleeping. As she watched Candace Olson from “Divine Design” put these incredible designs together, she realized she could do the same thing. She went to design school right out of high school.
When she started her business, she focused on networking. Her goal? When anyone heard the word “interior design” she wanted them to immediately think “Lisa Gilmore.” 11 years later, she’s been featured in Forbes, Business of Home, Coveteur, Better Homes & Gardens, and more.
Lisa is recognized for her bold use of color, functionality, and “liveable glamour.” She’s built a multi-million-dollar interior design firm from the ground up. But her journey wasn’t without setbacks. Listen to this episode of Wingnut Social to learn what she did to build a thriving multi-million-dollar interior design firm.
What You’ll Hear On This Episode of Wingnut Social
- [1:20] Housekeeping: Check out this month’s webinar!
- [2:05] Mini News Sesh: YouTube, Instagram, or TikTok for video?
- [6:07] Learn all about the extraordinary Lisa Gilmore
- [10:25] How Lisa became an interior designer
- [15:34] Is it important to work with an established interior designer?
- [17:27] Becoming a multi-million-dollar interior design firm in 10 years
- [22:22] The changes Lisa made to her pricing structure to achieve growth
- [26:00] What percentage of Lisa’s business is furnishings and accessories?
- [28:34] What Lisa learned from hitting financial rock bottom
- [33:45] How to prepare your interior design business for a recession
- [38:00] Don’t be afraid to get uncomfortable to grow to the next level
- [39:25] Lisa experiences the What Up Wingnut Round!
- [42:52] The Wacky Wingnut Blooper Reel!
Connect with Lisa Gilmore
Resources & People Mentioned
- Scarlet Thread Consulting
- Profit First by Mike Michalowicz
- MasterClass episode with Sara Blakely
- Divine Design
What Lisa learned from hitting financial rock bottom
Lisa grew up in a blue-collar family in a small town in Florida. She had what she needed, but she didn’t have a lot. Her family never talked about money. So when she started her business, she avoided conversations about money. But she notes that passion only gets you so far. She couldn’t ignore it anymore.
She was going through a divorce, trying to stand on her own two feet, but she couldn’t. She went to Africa on a sort of “Eat, Pray, Love” sabbatical. It was the experience of a lifetime. But a lack of confidence coupled with poor financial management culminated in the perfect storm. Lisa logged into her bank account and realized it was empty. That was the moment she realized she needed to get her life together.
Becoming a multi-million-dollar interior design firm in 10 years
A close friend introduced Lisa to Profit First, which quickly changed her mindset about money. It took Lisa 3–4 months to recover from rock bottom. Thankfully, she’s never had a shortage of clients, so she was able to put her nose to the grindstone and implement Profit First quickly. It was a painful process. But she dug them out of debt and started saving money.
Her experience forced her to look at her business as what it could be. It needed to be her livelihood. She had to get uncomfortable with money and learn to understand profit margins. And once she focused on a Profit First mentality, her confidence grew as a female leader and business owner.
She was no longer intimidated. She sat in front of her wealthy clients with confidence and knew she could provide what they needed and make a great living.
The changes Lisa made to her pricing structure to achieve growth
Lisa raised her hourly rate to $275 an hour and now requires a higher retainer up front so clients have skin in the game. They need to be invested. She can say without hesitation that it turned her business around. She emphasizes that if you allow yourself to face your fears, you can turn your financial mistakes around quickly.
Lisa shares more about her incredible interior design firm and her path to success and financial freedom in this episode. Don’t miss it!
Connect With Darla & Wingnut Social
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