With whispers of a recession on the horizon, we asked principals who have weathered an economic downturn what it takes to ride out the storm.
DON’T PANIC
“The first time you hit a downturn, it’s terrifying—it sends you into the depths of despair, and you think about firing everyone, selling your condo and moving back in with Mom,” says Georgia- and New York–based designer Elaine Griffin. “But like all creative businesses, interior design is cyclical. Just like spring always follows winter, after a famine there’s always a feast. Business slowly builds back up and then things take off. The second or third time it happens, you know what to do.” To stay busy and calm during a slowdown, Griffin advises designers to button up systems, develop content for social media and learn new skills: “Use the time. It will get busy again, and you won’t have time to organize your closets and update your branding when it does.”
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