Interior designers often find managing the financial side of their business challenging because they are primarily focused on creative work rather than financial planning and analysis.
Many start their careers with a passion for aesthetics, design, and problem-solving for clients’ spaces, not necessarily for crunching numbers. This makes dealing with finances—like budgeting, pricing, and understanding profit margins—feel less intuitive and sometimes even overwhelming.
So if you are an interior designer struggling to manage the financial side of your business and wish you had a trusted advisor to guide you, this episode is for you.
Today, I chatted with Michelle Williams, owner of Scarlet Thread Consulting and Metrik Solutions, who specializes in helping designers take control of their numbers. She shares practical ways to read financial statements, price your services, and understand what your numbers really mean. With easy-to-use tools and strategies, she helps business owners make smart financial decisions—whether it’s setting prices, hiring, or planning for future growth.
Michelle also shares insights on setting up a clear financial strategy and tips on adapting the Profit First method.
Don’t miss this opportunity to gain the financial confidence and tools you need to take your business to new heights. Tune in now and start owning your numbers!
Why you’ve got to check out today’s episode
- Learn practical steps to help you understand your numbers and make smart decisions that support your growth
- Discover how to create a solid strategic plan tailored to your goals
- Apply the Profit First method to manage your cash flow, pay yourself, and keep your business financially healthy
About the Guest:
Michele Williams is the dynamic owner of Scarlet Thread Consulting and Metrique Solutions, two companies focused on empowering creative professionals in the design industry including interior designers, workrooms, and window covering professionals. With an eye for detail and a passion for innovation, Michele has carved a niche in providing strategic business coaching and financial analytics to help designers and workrooms navigate the complexities of entrepreneurship.
At Scarlet Thread Consulting, Michele utilizes her extensive experience in finance and business management to offer tailored coaching and mentoring services. She is dedicated to helping her clients achieve financial clarity and operational efficiency, enabling them to make informed decisions that drive their businesses forward.
Through Metrique Solutions, Michele offers a unique blend of technology and consultancy, providing cutting-edge software solutions designed specifically for the owners of small businesses. Her expertise in financial metrics and data analysis empowers her clients to optimize their pricing strategies and enhance profitability.
Michele’s commitment to excellence and her unwavering support for her clients have established her as a trusted advisor and thought leader in the design community. Her work not only transforms businesses but also inspires creativity and growth, making her an invaluable asset to the industry.
Connect with Michele Williams:
Website
Check out these episode highlights
03:06 – Mission of Michele’s Two Companies
Scarlet Thread Consulting offers tailored coaching and mentoring services, focusing on financial clarity and operational efficiency
Metrique Solutions provides technology-driven consulting with cutting-edge software solutions for small business owners
04:45 – Michele’s Journey and Coaching Philosophy
Her coaching aims to empower business owners to make informed decisions and optimize their pricing strategies.
Began her coaching journey in 2009, teaching classes on managing numbers and pricing work
Developed a trademarked course called “Pricing Without Emotion” to help designers understand pricing beyond just markups and hourly rates
Created courses like “Understanding Your Financials” and “Master Your Profit” to teach clients about financial statements and profit management
06:20 – Metrique Solutions As Financial Modeling Tools
Offers a SaaS-based product with a subscription model for inputting financial data and modeling various business scenarios
Includes tools for hiring analysis, employee cost modeling, and startup costs to help designers make data-driven decisions on profitability
14:11 – Strategic Planning for Longevity
The importance of building a strategic plan not only for business success but also for stability and direction
How she created strategic plans for her consulting and podcast
The importance of understanding your financial practices and making necessary adjustments to align with your strategic plans
18:55 – Setting Financial Goals and Strategy
Write down your goals to create a roadmap for business success
Align your goals with a strategic plan that considers cash flow, revenue goals, and company growth
27:11 – Writing Down a Strategic Plan
The importance of documenting goals, strategies, and action plans for achieving them
Compares it to planning an interior design project, working backward from a clear goal
Set up a quarterly review of your plans versus achievement
33:08 – The Role of Daily Habits
How daily financial practices contribute to long-term business success
Recommendation: Read the book Atomic Habits by James Clear
35:59 – Implementing Profit First in Interior Design Businesses
The importance of identifying your strategy for recognizing revenue
The benefits of separating money into different accounts for operating expenses, profit, and taxes
Recommendation:
Read the book Profit First by Mike Michalowicz
Business owners must understand their financial practices and make necessary adjustments to align with their strategic plans
45:32 – Final Advice for Interior Designers As New Business Owners
Embrace learning; you won’t have everything figured out initially
Stay curious; knowing more leads to doing more and doing better
Start developing a financial strategy even if it’s just a rough outline
Next Steps
Grab your freebies:
- Furnishings Investment Guide
- Remodel Budget and Timeline Guide
- Your Roadmap to a Career in Interior Design
- 3 Things I Wish I had known when I Started my Career
Take a Quiz!
- Find Your Perfect Interior Design Style if you are curious about your design style
- Find Out What Type of Interior Designer You Should Be!
Join the Design Mentor to kickstart a successful career in interior design!
Check out the best books every interior designer should have here.
Email me at [email protected] if you have suggested topics
DM me on Instagram at @rwarddesign if you have a burning question
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Links Mentioned
- Find the books Atomic Habits and Profit First here
Thanks for listening! I hope this helps you discover if interior design is the career for you. See you next week…