In this solo episode, we're honing in on what it takes to build a business legacy. That may sound like nailing jello to a wall, but there are specific, actionable steps you can take to make this happen!

We're not just talking about scaling your firm or making a name for yourself. We're talking about creating something that lasts well beyond your time in the industry. Because building a business legacy is about shifting focus from those short term wins—and instead planning for impact that resonates, endures, and even gives back to the community. 

This episode is crafted especially for interior designers ready to elevate their business, create meaningful impact, and set the groundwork for a lasting legacy. And you won’t want to miss the bonus insight in this week’s Coaching Corner!

In this episode, we cover:

• How business legacy differs from business growth

• Questions to shift your focus from short term wins to building a legacy

• The 3 most critical components needed to build a lasting business legacy

These are valuable, organic ways to grow your brand and establish a business that isn’t just financially sound, but that also gives back in ways that matter deeply to you.

Remember, creating a business legacy is not something that happens overnight, and it's not something to rush. Think about it strategically. If it's going to last into the future—which is the goal here—it's going to take time to create.

Say hi on LinkedIn and share the first step you’re going to take to build your business legacy!

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More about Success by Design: Mastering the business of interior design

As an interior designer, do you struggle with balancing your passion for creativity with the practical demands and hopes of running a successful business? Whether starting a new venture or scaling an existing firm, the complexities can be overwhelming. Welcome to “Success by Design: Mastering the Business of Interior Design,” a podcast designed to bridge the gap between creativity and entrepreneurship. 

This masterclass is hosted by the dynamic Katie Decker-Erickson, a seasoned expert with nearly 20 years of experience in interior design, a Master's degree in Business Administration, and creator and owner of a multimillion-dollar interior design firm. 

Each episode offers innovative and actionable business strategies, engaging conversations, and practical guidance to help you build and grow a successful design business. Tune in every other Friday on YouTube or any of your favorite podcast platforms to ignite your creative spark and sharpen your entrepreneurial skills. (Topics and language are kid/family friendly.)

This post may contain affiliate links, so I may earn a small commission when you make a purchase through links on my site at no additional cost to you. 

This episode of Success by Design: Mastering the Business of Interior Design is brought to you in partnership with Leah Bryant Co.

The unedited podcast transcript for this episode of the Success by Design: Mastering the business of interior design follows

Do you love interior design but can't make the business side work? You've come to the right place. Welcome to Success by Design, mastering the business of interior design. Whether you want to elevate in your current interior design firm, start your own firm, or move the needle when it comes to your existing firm's trajectory, this is your masterclass and I'm your host, Katie Erickson.

Learn from my mistakes as I built a coast-to-coast multi-million dollar interior design firm. I share nearly 20 years of serving as a university professor of undergraduate and graduate business courses with you. And best of all, I bring in experts in all things business and interior design.

Class starts now. Hey everyone, welcome back to the Success by Design podcast where we get to explore strategies to take your interior design business from good to extraordinary. And we are diving right into it today because I get to talk to you directly, which I absolutely love.

Don't get me wrong, I love having the conversations too, but today I get to talk to you about a really important topic that at first blush may feel like we're kneeling jello to a wall, but there's actually actionable steps that apply to you and your business. We're talking about a topic that transcends traditional business goals. Today we're honing in on building a legacy.

We're not just talking about scaling your firm or making a name for yourself. We're talking about creating something that lasts well beyond your time in this industry because building a business legacy is about shifting focus from those short term wins and instead planning for impact that resonates, endures, and even gives back to the community. So this episode is crafted especially for interior designers ready to elevate your business, create meaningful impact, and set the groundwork for a lasting legacy.

Let's break it down into three strategies. First of all, redefining success beyond the bottom line. When you're building legacy, the metrics of success are much bigger than project completion or annual revenue.

That's right. This isn't just about profitability, although that's a part of it. Legacy is built on influence, reputation, and impact both within and outside of your business.

This means thinking beyond the next contract and instead you're looking at what your firm will be known for in the industry. Ask yourself, what will people remember about my work and my business years from now? To shift your focus from short-term wins, start by identifying what values you want to stand for. Many interior designers are moving towards eco-conscious designs, community involvement, or even education as ways to differentiate themselves.

Consider what your values are and how you can weave them into the foundation of your business. After all, your reputation is a huge part of your legacy. Second of all, let's talk about philanthropy.

It is an extension of your brand. Philanthropy is not just about elevating your firm's image. It creates real impact, or at least it should.

Imagine being recognized not only for your beautiful designs, but also for your contributions to the community you live and work and even raise your kids in. What about industry causes or global initiatives? This is about weaving philanthropy into the fabric again of your business. It should feel authentic and it should feel like a natural extension of what you do and who you are.

I was coaching a client the other day who was talking about where her clients would be, and it involved a swimming pool with kids. And I said, do you want to hang out there in the summer and work with that? And she goes, absolutely not. That is the last place I want to be.

And I thought, good for you on being honest. Let's go find a better client that is more in line with who you are, that's doing what you want to do. So think of causes that resonate with your brand and your values.

For some firms, it might mean supporting art programs and underfunded schools. For others, it might mean contributing to sustainable building initiatives. The key is aligning your philanthropic efforts with your brand's mission and values.

Once again, authenticity will deeply resonate with clients, partners, and your community. There's also a really great practical side. Philanthropy needs to be budgeted and managed just like any other part of your business.

Consider setting aside a portion of your revenue, even if it's a small percentage, for charitable efforts. One thing we do at Colorworks is we empower each of our teammates to go spend a day volunteering in their community, and we pick up the tab on their hourly rate. Another approach could be launching a specific design initiative where the proceeds go to a cause.

Whatever creative idea you can come up with, because one thing I've learned, you all are far more creative than me, by building philanthropy into your annual budget, you're going to ensure that you are giving is both sustainable and impactful. This is really about putting your money where your mouth is and making sure you have the resources to back it. The third component of legacy, mentorship and developing future leaders.

This is so powerful. As interior designers, we have so much expertise and experience that can really benefit the next generation. As I sit here recording this on my 45th birthday, I am reminded it is our job to give back and leave the world better than we found it.

Training emerging designers and teaching them not only the art of design, but also the business acumen needed to succeed is a profound way to leave a lasting impact. This is one of the reasons why I went and spoke at High Point Market in the fall at Universal and sat with some brilliant business brains as we sit and try to build the next generation of those who come after us and hopefully do much better than we have. For some, mentorship could mean taking on interns or mentees and sharing your expertise in business strategy or even client relations, or even an innovative way you handle design.

The reality is you're helping to shape future leaders and this extends your influence and grows the industry as a whole. It's so valuable. For others, it could mean developing internal mentorship programs within your firm to grow talent so your team can be trusted and that your brand can be carried forward by your teammates.

If mentorship is part of your legacy plan, I recommend building a structured program with clear goals, milestones and check-ins. This creates a more formal commitment to mentorship, ensuring it's sustainable even when things get busy. Fourth, financial strategy for legacy building.

Building a legacy requires a clear financial strategy that's aligned to your goals, right? This is where you'll need to make decisions around long-term investments, perhaps in property, building your brand, philanthropy like we talked about, or those educational components. This isn't about a one-year budget. It's about a much larger commitment because when you're looking beyond short-term wins, cash flow planning and investment strategies become critical.

So if you have the resources, and I realize this may not apply to everyone, consider setting up a legacy fund within your business finances. So this could include investing in assets that contribute to your long-term goals. Have you ever thought about developing property that will house a future headquarters or funding scholarships even for design students? Those are really gutsy goals, right? But when it comes to building legacy, they matter.

Having a dedicated fund ensures that you have a financial foundation to support legacy initiatives without disrupting your day-to-day operations. Also, don't hesitate to work with a financial advisor. If this feels like more than you're ready to bite off, go see the professional who understands the unique needs of a design firm and can help you create a sustainable plan that balances cash flow with growth.

It has to make financial sense, right? Ideally, your legacy effort should be set up to continue even if you're not actively involved day to day, and that requires strategic planning to make sure that you are funded well into the future. Finally, elevate through those partnerships. We say it over and over again, there's plenty of ugly houses for everyone.

Legacy building often involves strategic partnerships that amplify your reach. Collaborate with other brands, other designers, non-profits, government programs. Find the people that are doing business like you and align with your mission.

So this can expand your influence way beyond what your firm could accomplish on its own and create a greater combined impact. Let's go back to the idea of the scholarship. Maybe your firm can't fund a scholarship in and of itself, but what if you went to your local IDS chapter? Or what if you have a pool of designers you work with and reached out to them and said, hey, would we be interested in doing something like this? Imagine the marketability of a project like that.

Imagine what you could create as far as good brand will in your neighborhood and in your community. And once again, it's really about raising up that next generation of designers. Also, if sustainability, for example, is a core value of your legacy, partner with organizations focused on green building or maybe environmental advocacy.

These partnerships not only bolster your philanthropic impact, but they are also, and this is really important, giving your brand credibility in areas you want to be known for. These are valuable, organic ways to grow your brand. So let's bring it all together.

Creating a business legacy is not something that happens overnight, and it's not something to rush. Don't feel like you have to do it tomorrow. Think about it strategically.

If it's going to last into the future, it's going to take a minute to create, as you know. This is about laying one brick at a time over years, maybe even decades, and building something that is truly lasting. This journey of legacy building will likely stretch you beyond the boundaries of what you thought possible.

Maybe some of the ideas that I've been talking about are way beyond the scope of what you ever thought might be doable. But here's the thing. There's infinite rewards, both personally and professionally, that really make it worth it.

At the end of the day, building a legacy is about creating meaning and impact, influencing your community, and setting the next generation up for success. By looking beyond short-term wins and thinking about the long-term impact, you're creating a legacy that people will remember and respect for years to come. In fact, let's go right into this week's coaching corner as we're talking about the next generation.

For many of us, building a legacy isn't about the immediate impact on our communities or clients. It's about creating something meaningful that our families can be proud of too, right? So let's get personal. I think often of the legacy I want to leave for my daughters.

My goal is to build a firm with the strength and resilience to stand on its own, just like I want my girls to do, right? Whether they decide to take over the firm one day or if we choose to sell it. This is about establishing a business that isn't just sound, but also one that gives back in ways that matter deeply to us. This perspective shifts everything, doesn't it? When we approach business with this kind of long-term vision, it's not just about individual projects or short-term growth.

It's about creating a foundation for something that it can endure and continue to make a difference in people's lives. This type of thinking transforms the choices we make now, inspiring us to build systems and values and processes into our business that will allow it to thrive well beyond us. This is part of being humble, right? We should get to the point as owners and leaders where we are a cog in the wheel and we are empowering those around us to do more and be more.

In fact, what's the most rewarding part? Yeah, this kind of legacy can give our children a source of pride and purpose, whether they choose to continue the business journey or not. And I don't know what my kids will do, but I want to position them for success if they want it. If the idea of building legacy resonates with you and if you'd like guidance on how to create something lasting for your family, your community, those you love around you, let's talk.

Book a personal strategy session with me and together we'll map out how to elevate your business to stand the test of time, something those you care about can be truly proud of. Also, if you're ready to take your business to the next level and start seeing real results, join our premium channel. As a subscriber, you'll gain access to exclusive, actionable steps on a deeper level that are designed to help you elevate every aspect of your business from strategy to execution.

This is with insights tailored to your needs. You're going to find tools, templates, and targeted advice to make your next big move with confidence. And best of all, it's ad-free.

So just remember, your business should be working for you, not you working for it. Until next time, take care. And that's the closing bell.

I hope you've gathered valuable insight from our conversation today, equipping you to thrive in your interior design business. Don't forget to hit that follow button to never miss an episode. And if you have burning questions or specific topics you're curious about, explore our episode library or better yet, book a strategy session directly with me at colorworks.coach. Until next time, see you in the studio.

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