158: How to Get Unstuck in Your Interior Design Business

Michele  00:01

Hello, my name is Michele and you're listening to profit is a choice. Joining me on the podcast today is misty Malloy of CoCreative Interiors. Misty began her design business a little over a year ago, and she has had rapid growth both in the development of her business and in her designs. After working through her financials, Misty experienced some overwhelm, which led to her getting stuck with how to move forward. Listen in as we dissect her challenge, remove the obstacles and make a path forward for her.

Michele  00:39

Every day empowered entrepreneurs are taking ownership of their company financial health, and enjoying the rewards of reduced stress and more creativity. With my background, as a financial software developer, owner of multiple businesses in the interior design, industry, educator, and speaker, I coach women in the interior design industry to increase their profits, regain ownership of their bottom line and to have fun again in their business. Welcome to Profit is a Choice. 

Michele  01:09

Hey, Misty, welcome to the podcast. 

Misty Molloy  01:11

Thank you, Michele, I'm so happy to be here. 

Michele  01:14

Yeah, I'm happy to have a conversation with you. I know that, um, we work together in The Designers Inner Circle, and you were willing to come on and talk through a business challenge so that not only that you could help get some clarity, but that we can help others who might be struggling with something very similar. So I really appreciate you being willing to do that. And before we jump into all that, though, why don't you share with the listeners a little bit about your background, and what brought you to design and about the company that you have today?

Misty Molloy  01:45

Sure. So I have been, like many designers a design lover for my entire life. And I worked in the nonprofit world, and left to raise my two babies when they came along. And during my time with them at home, I began working with entrepreneurs as a virtual assistant and a project manager which completely opened my eyes to the entrepreneurial world. And I had never even thought about being an entrepreneur prior to that even though I 100% have an entrepreneurial spirit. So being on the back end of a business fascinated me and made me want to run my own. And I played around with a lot of different ideas before deciding to jump into design. Because for me, and I think this is partly due to how I grew up design wasn't a real job. And I finally came to terms the fact that I really wanted to be a designer and took the plunge officially in late 2019 and have continued to try to figure out how to run this business the best way I know how since then. 

Michele  03:07

That's awesome. And you are located where? 

Misty Molloy  03:10

We are based in Lake Norman, which is just outside of Charlotte, North Carolina. 

Michele  03:16

Awesome. Alright, so didn't you just celebrate? Or aren't you close to celebrate in your first full year in business? Are you going into your second full year?

Misty Molloy  03:25

My first full year of business officially came around in February of 2021. So just over a year? Yeah.

Michele  03:34

Okay, perfect. All right. So with that, you've been in business just a little over a year. And you do retail? Correct. I'm sorry, not retail? What am I trying to ask you? You work with homeowners you do residential? Of course you do retail? But you do residential? Mostly right?  Not commercial. Okay.

Misty Molloy  03:58

Yes, correct.

03:59

All right. And when you started, it was just you tell me a little bit about the team that you currently have working with you. 

Misty Molloy  04:06

The two team members that I have are a virtual assistant. And she has primarily been helping me lay the systems and processes within my business. And I have a design assistant. And at this point in time, she is primarily in charge of managing our inventory, which essentially includes accessories, styling items, things of that sort, anything related to installation, she manages our coordination. She does all of the prep work and is on site for installations. At this point, her role will continue to grow as we work together, but that's where we're starting at this point. Both of them are part time for the time being, although my virtual assistant is already up to about 30 hours a week. So we're keeping her quite busy, which is good.

Michele  04:57

It is good. Okay, so been in business One year, you have two part time assistants virtual and a design assistant to help you and you are doing residential design. And what is the challenge that you're facing right now I know one of the things that I have you working on in the program is building out a three to five year strategic plan. We've been working a lot on building your business foundation, really understanding your why and your values. And what it is you want to put out into the world, how you want to work, how Misty was created, and you know what your skill set and strengths are, and kind of what your dreams are, because everybody has maybe a little bit of a different dream for their business. So I know that you've done a lot of foundational work trying to get that kind of that groundwork laid so that we can build upon it. And so with that it of course, like anything you do one thing is slight Shrek says there are layers, right? And so we've been working through these layers, I think you even mentioned that in our pre conversation. So where are you? And what do you think is the biggest challenge to the next place you want to go? Or do or be?

Misty Molloy  06:11

I think this is where my background comes in. As a part of figuring out how to move forward because having worked in the entrepreneurial space for almost six years prior to beginning my own business journey, I had a front row seat to what it took to run a business. And I was the project manager in most cases. So I knew that there needed to be a strong foundation. And I started my business with the foundation in mind, which is one of the reasons that I decided to sign on with you so early, because I recognized how important the business principles and the foundation are to the success of a business. And I often say sometimes for me design is the icing on the cake. Because I enjoy the business side, as much as I do the design side. 

Michele  07:05

That's cool, though. I mean, I've worked with others that were like I really want to own the business. And I wanted to be a business of design. And then some come at it with I only want to do design, I do the business because I have to. 

Misty Molloy  07:16

For me, it's definitely the former, I love the business side. And for the most part that serves me really well. Because, again, I have that insider information, so to speak. But I will also say it is in many ways paralyzing. And the foundational work that we've done together with putting together a strategic plan. And uncovering my values, that was probably my favorite exercise, because everything builds upon those values. And I had never stopped to really think about what those values were previously and narrow them down to four. Rather than saying these are all my values. So once I nail down those values, and it really helped me plan for my big picture vision, which I have always had a very specific vision for my business. That was fantastic. But then I found myself stuck. So for the most part, within the past year, I focused on the foundational pieces of understanding my values, building out a vision, and even taking that information and putting together my branding, my website, my photography, all of those things. And as you and I have spoken about before I, I kind of got a little bit stuck, because the very thing that gives me a little bit of an advantage of having that business knowledge is the very thing that is actually asked my paralysis because I looked at, I looked at the numbers. And once I looked at the numbers, it scared me pretty badly. I'm like, oh, there's a lot to do to make a business run. And I knew that but now I find myself stuck because I can't quite figure out the best way to create a plan for getting myself from your one to year five, and making smart decisions along the way. Finding the balance between keeping the business running and planning for the future and building something I want to build at the same time. 

Michele  09:35

I've looked at a lot of work from a lot of my clients and you took the information in the this foundational piece very seriously. And you gave a lot of time and attention in detail to your answers. Even when I'm looking at your ideal client. You are going as far as telling me the exact store, they're shopping in how they shop, what their habits are. And so that tells me that you have certainly given this a huge amount of thought, no doubt. So let me ask you this, you came in with the idea that you wanted your business to ultimately be more than just you. I mean, that's even what informed the way that you named your business, correct?

Misty Molloy  10:27

Yes, that naming of my business with CoCreative interiors is twofold. It's co creative. with clients, I believe in a collaborative design model, which does not mean I let my clients take the reigns, far from that. But helping to make the design process fun for them and feel as though they've been able to put their stamp on their home. And I am the facilitator of the process to get them from start to finish. The other part of CoCreative is working with other designers who are a part of CoCreative interior. So this is not necessarily a coaching model. This is me wanting to have a larger team of designers who can carry out the CoCreative vision within a co creative umbrella. And I've termed that CoCreative Collective. So kind of both hands. 

Michele  11:25

And so that is part of what is playing into your strategic plan. Now, one thing that I noticed, even in some of our conversations, is when you started in the program, you wanted to do things very quickly. Do you think that your timeframes and your expectations are in alignment with each other? And when you first started, and how do you think that they are now

Misty Molloy  11:53

I am an action oriented person. And I think that is good. For the most part, if I have an idea, I either want to execute that idea or get rid of that idea. And I think my expectations may have been somewhat unrealistic, as related specifically to figuring out how to run my business, in terms of the design services that I offer. And figuring out how to make that work with the business I wanted to build. design has a huge learning curve. And I always tried to do things 100%. So when I jumped in, I jumped in with both feet, and I went full throttle. Right and take of information was a lot. And I think that is what caused the difference between what I expected and what actually happened. So if you look back over what I've accomplished in a year, I am very proud of how far I have come. I think the part that is challenging for me is again, why I started working with you, I want to be profitable, I do not want this to be a hobby, I want to be a designer who has her own respected business. And figuring out how to get from point A to point B has proven to be challenging, but I think some of the reason I have not had, I don't think I know some of the reason I haven't had quote unquote profitability is because I have funneled every single penny I have made back into the business to keep it growing. Because I would rather it grow faster and get to where I want to be faster than dragging it out over the course of several years. 

Michele  13:45

Right. And I think that's one of the big differences here. Because I would say it's not that your company hasn't been profitable. I think that it is the choice of how to spin the profit back into the business, and the choice of speed of execution. So I would absolutely agree with you on that. And I think at first I mean you are action oriented, you have. I mean, you've definitely got that achiever, get it done, maximize it, make it great, all of that going for you. And when you add that in, it's easy to think that it should be done a lot quicker and a lot faster. But I think what's also important is you are trying to equally spend your time on building an extremely healthy foundation in business, and an extremely successful interior design practice. And those can I mean, those can be two different things, right? Some people spend just a lot of time getting the design down. And then they come back and build the business. Some are spending a lot of time on the business and then getting the design. You were trying to focus on both, like out of the gate, galloping, trying to get them both done. So that kind of you would get to that point where they would collide. You could take a breath.

Misty Molloy  14:58

Yes. Then now I feel like I don't when I'm actually going to be able to take a breath.

Michele  15:02

Right. And so one of the things that I would say that you probably need to consider, if we're looking at the challenge of how do I realize the grandness of my plan, my strategic plan, and almost four short years at this point four and a half years at this point, right? Because we're halfway into this year, how do I recognize that without exhausting myself and killing myself and getting there and thinking, well, I got there, and now what and I'm exhausted? So what I would think is, have you given thought, and I think you have that have you given thought and written down what you want your home life and your personal physical self balance to look like or life to look like? And then build this business? Because it could take somebody heads down doing nothing but this to build the business? And I know, that's not what you want to do you still have young boys. So what have you given thought to what your home life personal life would look like, in these next four and a half years,

Misty Molloy  16:09

I've given thought to what I would like it to look like. Okay, yeah, that's good. And I knew that out of the gate, I began working as a virtual assistant, myself and a project manager, because I wanted to spend time with my boys. And that was a very intentional decision that my husband and I made together. And this grew out of being aware of the possibilities of working for myself. So that was always one of the keys to starting my own business. And, again, I feel like that's where I'm not quite sure how to take a breath. Because figuring out how to not even necessarily keep the momentum going. In terms of growth, but keeping the momentum going to maintain what I have built this bar covering the expenses that I have, this bar is challenging for me. 

Michele  17:09

Okay. All right. So a couple of things. One, we have to keep the business at a minimum, where it where it is or enough to keep you paid, your team paid and work coming in, then we have to create bandwidth and capacity to build the next piece and the next part, right. So I know that you have done a lot of modeling of your finances, you also hit one of your big sales goals pretty quickly, which was amazing. And I think it's interesting. Have you changed what your ideal client ideal project is from when you started a little over a year and a half ago to now? Or would you say it's the same,

Misty Molloy  17:55

I don't think that my ideal client has changed, I think what has proven to be challenging is I am getting bigger and bigger project requests that are more involved. And I think that's part of where the stress begins, is wanting to take on bigger projects, but also realizing those are the ones that really stressed me out. And it's, they're not necessarily in line with my big picture vision. But at the same time, it's hard to say no to work to keep the business running, even if I don't do that work long term. But to sustain what I've developed so far, knowing that I will continue to refine the type of client with whom I work as I continue. And I also have not really done a lot of marketing. And that's been pretty intentional, because I wanted to make sure that when I turned on the marketing channels, they were marketing to the right person. So most of the people who are coming to me are by referral or word of mouth. And from a few of the media things that I have been fortunate to land up to this point.

Michele  19:10

Of the projects that you love doing that you enjoy that don't stress you out. Do you know how many of those you need? And at what size within a year to maintain your business?

Misty Molloy  19:23

The answer is no. I know how to calculate that information. But you and I have also talked about how the idea of putting together financials freaked me out so quite frankly, I just chose to ignore it. 

Michele  19:40

Okay, so because here this is going to be some of the missing pieces, right? This is let's don't try to look at the overwhelming thing. Let's just look at if this is what I need to do to cover my salary, my two part time assistant salary, you know, just make ends meet and this is the size The projects that don't stress me out that I like, I would love for you to do that work and to say what would it take? Because then what you could do is ask yourself, do I want to just go after it? Let's just say that it's 12 projects a year just for kicks and grins right now. Okay? So let's say it's 12 projects a year at whatever the, you know, the at 20,000, ah, I'm just spit balling here. So $240,000 in income a year, that's what it's going to take to get it done. For the current plan that you have, okay, fine. 12 projects a year $20,000 each 240,000 and total revenue, subtract out your cost of goods, whatever, then the question is out of 12 projects a year that that would mean that you know, you need to start bringing them on earlier in the year so that you can have that money. Is that what you want to do? Then you can look at, say this, these bigger projects that you would maybe like to take one or two, you just can't take them all? Because they're stressful, right? How many of those Could you take? And what are they at? Huh? Maybe I'll take one of these really big projects that set 50,000? Well, if I took two of those that might cut out, you know, five of the others, but you don't have to do anymore? Well, then you may not have as much stress. In other words, look at these down as building blocks. And is there more than one way that you could put this together so that we could alleviate the stress? You can say yes to some of them, and you can still say no to some of them, then, I mean, if these other projects that are paying you more are absolutely stressful for you, and they do not fit into your ultimate goal. You know, you're right, do you really want to build up your name brand? And that particular area and won't not so much. But we do have to have enough cash flow to keep us going. And it's not that they're bad, bad projects or bad clients, right? They're just requiring more of you in the season? So have you given thought to anything like that? Like how to break it down into? What could I? How many do I need? What do I need to onboard so that you're more you know, I love to say it, but that you're more intentional about going after the projects you want? Instead of just kind of feeling like you were strong armed into saying yes, when you don't really want to.

Misty Molloy  22:27

I have the area I started was taking the expenses that I knew I wanted to have for the business, which I think probably sounds backwards. But for example, from day one, I wanted a team. And that's one of the reasons I hired so quickly, aside from the fact that I needed help alleviating some of the work itself. But having them on my team is very important to me. And it's actually one of my values as leadership. So being sure that I have the ability to have that type of setup is important. So that's what I mean by starting with my expenses, kind of what are the foundational things I need to operate and figuring out from there, how much I'm going to need to bring in to sustain that business model. That's really as far as I've gotten. And perhaps what I need to do, and this could be some of the conflict is when I begin marketing, which is actually my q2 and q3 focus, then that the leads that I want, will start to come and balance this issue by itself, because right now I'm really just taking what's coming and what's coming happened to be these big projects, which kind of sounds great, but it's not necessarily in line with the vision that I began with.

Michele  23:53

Right. And the thing is, if you've done one of these types of projects, for one person, that's what they're going to recommend you for. Right. So the more you tend to do those jobs, the more you're going to be recommended for those types of jobs, which is why it is important if you don't love them not to let it take up too much. And honestly, there's just a mental issue with or a mental challenge with all of us when the work that's coming is not is considered in air quotes, good work, but it's just not what we want, then there's this guilt feeling that kind of comes with it. Like, I shouldn't be thankful This is coming. I'm just not loving it. It's not what I want to do. And then because we've already told ourselves, we don't want to do it, we almost have a negative going into the project in the first place. Right? And so it just kind of becomes a self fulfilling prophecy of I'm now doing work that's not in my strategic plan and that I don't want to do and it changes our relationship with what we're doing. 

Misty Molloy  24:49

Very true. 

Michele  24:50

So what I would suggest is instead of looking at the overall financials and having it overwhelm you, I want you to take a step back, step back from that and I want you to like turn to the other side, and I want you to look at some of the projects that you have either done Misty, or that you anticipate doing that are right in your wheelhouse that are what you love to do. That are what you want to be known for that fit into your long term strategic plan. And I want you to just chew on that a little bit, I want you to ask yourself, what the same way that you've created, here's my ideal client, here's all of this, what is your ideal project? How much money would you make from it? How many of them would you do a year, and then that's what you want to market to, I want you writing your marketing copy, I want your pictures, I want your you know, here's your problem. And here's all your issues. And here are your challenges. I want them centered around your idea of what you want as an ideal project. And then we create an ideal budget for the ideal project now is every one of them going to be cookie cutter and fall into it? No. But the more that you know, and recognize what you are perfectly poised to do and your company with ease, the more you're going to recognize it when it hits your you know, your desk or when it comes across and you get to talk to the client about it. That is going to make you feel more in control of your yeses. Instead of feeling like I'm hoping it's going to come that's where we're going to start to go after it. So then really look at how many projects what is our capacity to take on these projects between you and your two team members? How many can we take on? And how many do we need at what size to sustain?

Misty Molloy  26:35

I never actually thought of it from that perspective, which is funny that I hadn't done that yet. But it makes sense.

Michele  26:41

Yeah, because sometimes we get so and listen, I've been exactly where you are right even in my own business, where I can get so caught up in what is already happening and coming to me and what's like I changed my business model a few years ago, because I noticed that I was I kept changing my business to serve the needs of my client, and not instead saying, This is what I do really, really well. This is what I'm going to focus on. And I know this is what you think you need. And you may really need that. But this is what I do well, and I want to sit in the place where I'm strong, I want to sit in the place where I have the ability to transform businesses and lives. And while I could do what somebody else is maybe asking me to do, it's not what I love to do. And it's not what I want to be known for. And so I want to really encourage you to dig into what you want to be known for, and what projects are going to help you be known for that now and later. And then how many of those do you need to take and at what size do they need to be. And then as your business grows, you'll be able to take less and less of those projects with higher and higher values, because you'll be known and be brought into those circles.

Misty Molloy  27:58

So going back to what you said about having to look at your own business model. I think one of the things that is interesting is this idea of balancing what you want and what the market wants. And that's part of where I get stuck is just because you build it doesn't mean they will come. So that I think is part of my internal hang up is probably goes back to the scarcity mindset of what if what I want to do isn't necessarily what needs to be done, and making sure that I'm building something that is profitable, which kind of like you said, becomes self fulfilling, right.

Michele  28:41

And you know what i do think, I mean, I get the whole build it and they will come I really do. But I think in this day and age that we sometimes have allowed that to have a space it shouldn't have. In other words, I can sit over here and build the best coaching program in the world. But if I don't go out and tell everybody what I'm doing, how I'm doing it, the problem I solve, you know, define their need. Explain how we can help saw that if I don't do that they don't know I'm there. So I think there's this idea of we build that nobody comes from must be something wrong with it. And what it really might mean is, I mean, there could be some truth and you build it and nobody partakes in it or you have no client conversions. But I would really push back and say if you're building something and you know that it works, and you've done it with a few clients, then there are others out there. But the the real challenge, then is are you marketing to the right people in the right places at the right time. that then becomes a marketing issue. It's kind of like saying, I filled out my resume. It's great. I'm awesome at this. I'm a living on the kitchen table if a recruiter rings our doorbell handed to them, and then wondering why they didn't come. You know, it didn't make any sense. We have to go out we've got to promote ourselves. We got to be there. Kind of like what you're saying that you have had an opportunity, you know, to have some marketing, and it's automatically brought people in. And so I want to encourage you to listen, I think there's going to be, you'd have to do something really weird and design for nobody to need it. And what you're looking to do is not weird in design. It's just not. So I know that there are people who need what you have to offer, the big deal is making sure that you are getting in front of them. And so if you're taking what's coming, it might not be what you want, which is really what you're saying. So I see this more as a marketing challenge. I would agree, I would agree. Right? Then I build a wrong model challenge. I think your models, right? I think that the marketing that has been done by either word of mouth, or by publication or whatever, was based on projects that you've done, and that's what people now know you for? And that's what they're calling you for. Yes, I always say this, what if somebody were to put up a billboard misty for co creative interiors, or a co Creative Collective whatever you're building? If they were to put up a billboard? What would you want it to say? What would you want it to do? What would you want it to look like? Because whatever that is, should be what you're working to build. And if the work coming in, and the pictures that you're taking, and the things that you're doing are not in alignment, those are the things that are screening on your billboard.

Misty Molloy  31:23

Right? Which is so funny, because I feel like all the foundational work I've done should not make this part this part. So sometimes perhaps it's just sticking to what you've already done. And going forward with that plan, instead of allowing other things to take you off course.

Michele  31:40

Right. And that thing, you know, here's something that you noted a minute ago, you said, I've not really been doing any marketing, I've been taking word of mouth. Well, that is a it's coming to you versus you going to get it. And that's two different things. I'll give you an example. When I was doing draperies, I would have people come to me and ask me if I hem a pair of pants, because they knew that I sewed. Now, could I hem a pair of pants? Yes. Do I enjoy that? No! Did I even hem my own husband's? Heck no, I sent him out to the tailor. I wasn't doing that. I didn't hem mine. I didn't hem his I didn't do those things. Yes, I had all the industrial machines in the tables. I didn't want to do that work that was not work. And forbid, don't bring me a prom dress or a wedding dress. Don't bring any clothing over here. I didn't want to touch it. But if I had just taken what had come to me, I promise you, the minute I did one person's pants, they would tell somebody else take the pants to Michele and then they say take Michele to prom dress. So even though it's not what I wanted to do, and I had the ability to do it, that was the word that was coming because word of mouth would have taken it over. But the minute I said no to those things, even though they would have been extra money. So and on all the Girl Scout badges and Boy Scout badges and all the stuff. And I said no to it and send them over to the tailor, then what I had to do was go out and get what I wanted to get and then put pictures of what I was making up on the internet or in our picture of trail back on the, you know, 20 something years ago, I had to do those things so that that's what I would be known for. And that's what people would come, you know, try to engage with me to do. And so I think that's kind of where you're getting a little bit stuck. You also have grown so much in one year, right. And a lot of people to be honest, when they start their business, they're still trying to fill out what they like to do. I mean, there are so many ways you can go in interior design for yet just building the business piece or business model. But there's so many things that you could do some people just like a renovation, some people like whole house bills, some people prefer just to do specifications, some want to do more of the decor or the interior design only without renovation, like there is like, and there's even, you know more and more and more venues that you can take in there. And so with that a lot of people are taking the first year to just trying to figure out what they love doing and light and doing the fact that you already have some idea about that within the first year, year and a half, in addition to the amount of work that you've spent on building your business is actually incredible. 

Misty Molloy  34:09

And I think that's why I dove headfirst into building the business because I knew it would help me gain clarity around what I wanted to do. And then at the same time, part of me has taken on some of these other jobs because I wanted to see if I actually liked it. And turns out I don't. So every opportunity is a learning experience. And I think now it's just a matter of being really aware of what I do enjoy doing and the kind of business I do want to build. And because I've been so busy I'm a busy bee by nature. I haven't really taken the time to stop and consider this part like the jobs just are continue to come so I just keep plowing through the jobs and Now I think I'm going to have to start slowing down to get to the next level. So I don't I think at the I'm going to get stuck.

Michele  35:07

Right. Because you are actually in some ways at a point of people that have been in business a few years, and have intentionally tried different types of you would never know. Let's say that there was one type of design that you enjoyed over another, you wouldn't have known it until you did it, you would always go Hmm, I wonder what it'd be like to do a renovation or I wonder what it would be like to do a whole house build or I wonder what it would look like to do a furnishings only job, the only way we're really going to know those things is to do them. And so I want you to take a step back. And instead of looking at it is like you said plowing through of you know what I really fast track my learning, so that I can quickly ascertain what I love doing and what I don't love doing what brings me joy, what does not feel like it is pulling teeth, what feels like I'm working with ease. And so it's the thing that I can or the area of design, that my team and I can build a process for that I feel like I could make more scalable than another and I actually enjoy it. So you have just fast tracked that so I don't think you're really as stuck as you think you are. I think some of this is playing into your personality that go getter, busy bee get up, do it make a decision move, go. But you had so many decisions to make that it almost shuts you down, I was sharing with you before we came on that by the time this airs, we will have already gone on vacation, but that I was even struggling this year, myself and I'm the decision maker. But between making all the decisions to run and maintain my business making decisions to help my son and his new wife get married decisions for you know, wedding showers and all the event planning and the things by the time it came the point of planning my own vacation this year, I was like I don't even want to plan, I just want to go with what I know something I've done before, and just put my head down and go. And I think that in our businesses, we can hit that same wall, like I've made so many decisions, I just don't want to make the next one. And then whatever comes up, we put a block up against it. And instead of taking a step back and going Wait a minute, give yourself a break, you've made a heck of a lot of decisions in a very short amount of time. You've come a very long way and a year and a half in you have insights into your company. And to the firm. You're building this, some people don't have for three to five years, right?

Misty Molloy  37:25

Yeah, it's hard for me my personality to stop and take stock of everything I've accomplished. I do not do well with that. And I know it's one of the things that you encourage us to do within the inner circle is make sure you celebrate what you've accomplished. And I do not do that. Well, mainly because that's great. I'm glad I accomplished that. But what's next.

Michele  37:47

So as you know, I share this in there too, there is an exercise that I got from another coach and author called the exercise of the gap in the game. And I really want you to do this exercise. And so the way that you do is the gap is where you're honestly, it's what you're looking at in your strategic plan is where you are right now and where you want to go. And so all you can see right now is that gap, right. And if all we look at is that gap, then misty, it's going to bring depression, it's going to feel overwhelming, it's going to feel like oh my gosh. But what I need you to do before you do that is I need you to stop. And they usually go back. And then you did reflect upon where you started, what you knew how far you've come, what you've done, what you've accomplished, what you now understand the constructs and the business that you've built, that is your gain. So that kind of puts it into perspective of this is where I was, this is where I now am. Now let's look at where I want to go. Because you're using the insight from the past to influence the decision making in the future. And if we're not doing that, and we're only looking at what we've not accomplished what's yet to be done. It always gives this feeling of being behind, or this feeling of not doing enough or this feeling of I'm not where I want to be. And honestly the joy of running our business part of it is enjoying the whole process, not just getting there, but in the building and the execution and the knowledge that it took to attain that. And I don't want you to miss the beauty of that because I can promise you by the time you get to where you think you want to go, you've already probably built plans three to five years out.

Misty Molloy  39:36

I think for some perspective as well. Part of the reason I'm so eager to continue pushing is not just because I'm an achiever, but because I feel like I need to continue to be able to make space for the reason I started in the beginning not necessarily the only reason but to be able to spend more time with my family so I feel like I continue to try to push to get to the point, because until I get there, it's really hard for me to see how I can achieve that goal. So that's my primary goal and vision. And that's where I get stuck. It's almost like I'm working so hard to get to that point that I'm defeating the entire purpose.

Michele  40:19

So there's actually a couple of ways to look at that. One is, what some people do is they, they come in and monastic community come into business, right. And their idea is, I'm going to take the business slowly while the children are young. And I'm going to let the business grew with the children, you are coming at it in a different way, you're coming at it from the perspective of let me jump in here and build this quickly. So that then I can take a step back and have some time, right, let me build it, so that I can manage it. And then I can take a step back. And the challenge with that is, is that it is really having to put in a heck of a lot of resources upfront at the beginning, to grow quickly, to get to that point, because it is a much larger point, right? In business, when you're building a whole team of people to do things so that you can be more relaxed. I'm going to challenge and ask you, do you think you'll ever really get to the point where you can relax and take a step back? Or do you think it's just what you want to do? 

Misty Molloy  41:24

Want to do and compelled to do I think are two different things.

Michele  41:32

Right, as and that's what I'm asking. Because, again, by the time you get to what you've written in your strategic plan, and I'm looking at it by the time you get there, the question is, would you not have already built a bigger idea for what you're building? Like? Are you an idea builder? Are you? Or are you confirming with yourself that if I get to this point, I will take the step back or do whatever it is I want to do?

Misty Molloy  42:00

And I actually think I have a pretty good handle on that. Okay. I do. I think once I get to that point, well, at the same time, I think that the ultimate goal is big enough in and of itself, but there's a lot of room for growth within it. But I do think that I will be able to do that once I get there.

Michele  42:18

Yes. Okay. Perfect. Perfect. Okay. So then, here's what we have to do. First of all, remember, when we create a strategic plan, we're not going to know all the details of the five years out, what we want to do is focus on the details to get us from the year one to year two. So when you look at your strategic plan, we don't have to get you from 2021 to 2025, we need to get you from 2021 to 2022. And so what that means is then doing some of the work that we talked about a few minutes ago, identifying right now, what are the jobs that we want to use as groundwork for what it is you're building? What do they look like? What size are they? How many do you need? And then if you were to look at in 2022, you know, hiring another person are getting ready to do that in 2023? What would then need to happen between sustainability for where you are and getting to that point? What does that next Jumblatt? Like? Is it a jump in number of projects, and size of project or in what? Right? So it's kind of finding, if you will, your niche within the interior design world, for the projects that you think fit the scope, and the identity of the CoCreative brand. And going after those, because the more of those you do, the more you're going to be, you know, word of mouth for those particular types of jobs.

Misty Molloy  43:49

Correct. So the planner in May, the action oriented person inside says, what's next. So essentially, to boil it all down this year, figure out the type of job and what it's going to take to sustain what I built a next year. I already know that it's going to be a jump in number of projects and not a jumping the type of projects, right. So once I can get that initial piece in place, the rest should follow. 

Michele  44:18

Correct. Then what we do is we look at Okay, so now if we want to hire the next person, what or you know, bring anybody up on full time? What is it that is needed to take that next step? Right, right, because you're 2023 is to hire another full time person, right? And so if we're doing that, while also making sure that we have enough work for you to be paid for your other teammates to be paid, and at some point, some of your admins and assistants might have to move to full time when they've got two designers running around here, right? So though, it might be hiring one more, but it might be increasing the hours of something else that you already have. What does that look like? So take it in little bit. The steps don't try to go all the way out to the end, all we have to do is make sure for this first year that we can end the year with the net profits that you need get the bonuses and the pay that you need to get what does it look like doing your ideal work, then if you in the middle of it, when to take a project, that's not your ideal, at least you do, you're doing it knowingly. But you also know that if you were going after your ideal in any of your marketing, or if it comes across your desk, it's a yes. And it's this amount. It's having an idea that like every time I step out of the house and go to these big projects, like if it's your ideal, let's just say it's that $20,000 project, you have an idea that for it to fit into what you would really love to do that, you know, in a perfect world, it would be $20,000. You know, as they move up into their 50,000, you get to do a lot less of them, right. But I think really digging in to your ideal project and ideal budgets and ideal gross profit margins of the project the same way that you have of your ideal client, if you gave that amount of detail to ideal project, like you have ideal client, I think the world's going to open up for you. I mean, I think that the block that you have, is going to fall away because now you've got puzzle pieces that you can put together. Okay, I’ve got to find the energy to do that much. work again. Right? Well, and just start little, you cannot again, you can do it layered Mister, you don't have to sit down and do it all at one time. Sometimes I have a hard time doing that. So maybe one day you just sit down? I mean, again, you've got time. No, the only person who's created this timeline is you. And nobody knows what the timeline is except you. And so give yourself grace around the timeline. Okay. So initially, if you have to just sit down and say, You know what, today, I just want to dream about what my ideal project is, what do I love? I think back What have I done that I love? What have I done that didn't feel like it was so much work? What do I think felt like it was easy or came easily? Or that we have a great process for? Or I feel like internally, we're structured to handle really well? Like, what is that just define it, just write down stuff about it, and then walk away. And then you know, a couple of days later, when you feel like you can handle it and go back to it and look at it again and go. Okay, how much did I sell all those projects for? What were the cost of goods? What were our profit? How many? How much time did we have for design, and just write it down, don't even analyze it, just document it, you've got the information, just document it walk away. A couple of days later, when you have clarity and mind come back to it. Okay, now let me look at the spreadsheet. Let me start doing some comparisons. What did I do for my first job versus my 15th job. And let me look at the differences and how I've grown and what I would have done differently, just start working through a little at a time. Don't tell yours, it's kind of like when you get overwhelmed if the whole house is dirty. But if you could set a timer and just do a few things in one room and walk away and come back and come back and come back. So give yourself some space to do this. This isn't so action oriented, that you got to get in and get it figured out in a week or in a day it can this could take a little bit of time, especially if there's some pain around the initial financials that you did. So just I want you to remember what you're trying to build this quickly, is what some people take long time planning to build. You're trying to build very quickly. Yes, okay. And nothing wrong with that. 

Michele  48:48

But I just don't want you to compare that with somebody else taking a little bit longer time when you're, trying to fast track a lot. And I get it I'm a fast tracker myself. So I absolutely recognize it. And where yours the financial shut you down, the marketing shut me down. So I know what that looks like. And I know how that feels. But believe it or not, the piece that has a shut down almost always is the piece we have to tackle if we want to have a breakthrough, right? I just don't want you to come at it the way you came at it before. Because it's going to shut you down. So now what I want you to do is to come at it from a place of enjoyment from a place of the things that you love to do. So first, just document what you love doing what aspects of design you have learned over the last year and a half, look at it as lessons learn. Then come back and gather the next level of information. What did I do? What did I charge? What did I spend, then come back at it one more time and start analyzing the numbers. Okay, I can do that. I know you can do that. Look at everything else you've done. Then all that's going to do is it's going to start taking these building blocks ideal client idle Project ideal budget, now we're going to put them together and say I need X number of these to sustain. And I need X number of these to grow. And this is what I want to be known for. So now I'm going to use all of this information that I just gathered. And that's going to inform all of my marketing is going to inform the way I take pictures. The story I tell with my pictures, is going to inform the copy that I put out there is going to inform the way I describe co creative interiors is going to inform everything that my team and I do to move us forward because this is our billboard that we want to be known for. And this is how we charged for it. All right. Sounds like I have my marching orders. How does it feel though? Does it feel better? Does it feel like you I mean, really, I know you say you can do it. I don't doubt that. But does it feel like it's something that you can break up into some bite sized manageable pieces?

Misty Molloy  50:51

Yes. And I think that's what I needed was a framework, I do really well when I have structure, which is why I strive to create structure because it helps make sense of my business and my chaos, right. So having it broken down is helpful, because that's what I need to move forward anyway. But even though it sounds so simple, when you say it, it's challenging for me to say focus on this next, and the rest of it will fall into place.

Michele  51:17

You know, so like, for me, if I was on the receiving end of this conversation, the way that my brain works, I would happen to Asana, and I wouldn't create a either a task or a project, however you want to create it that says this is what I want to figure out. And then I would put in either all the sub tasks or the different project tasks. And I would lay them out that way when I do it. Because I like to check things off, I can go in and check every little piece and part off. But it makes me think about what it is I need to do. And I don't have to do it at once. And when I don't have when I come back to it later, I don't have to stop and rethink about what should I be doing? What does I think I was doing? Where was I, I have it all right there in front of me, I just pick up at the next place and keep moving, right? And you get the unicorn that flies across when you check it off. And that's important. It is important, very important, very satisfying, right? If I need a unicorn to fly across my screen, I'll put a task out there and check it off. So there you go. See as the little things misty, that keep us going like the unicorns flying a girl should rate 100%. So I do hope that has helped you. And you know, certainly you know that you can put some of this information out in the Google folder that we share. And I can give you some feedback on that. And then ask questions. If you need help going through any of that in the program, and I'll help you. I know where to look and keep you on task with that. Okay. And let's make sure on our accountability calls that we follow up on this, Kathy is very good at keeping me in line. That's right. We all need all the help, right? Absolutely. Well, Misty, I really do appreciate you coming on and working through a business challenge and allowing others to take a brief Listen, and you know, we all have these, like I said mine was with marketing nurses with the financials. And it's not that you don't know how to do it is that sometimes when you look at the goal, it feels big and daunting and overwhelming. And if we don't have it in perspective, it absolutely can shut us down. And I I want to honor the fact that, that you said it, instead of just not doing anything about it that you said, Hey, this is shut me down. And I need another way to approach it. Because I know that I've got to do something with it. And so I highly respect that you recognize the shutdown. And, you know, even if you sat in it for a little bit, that's okay. You knew that you couldn't stay there, though. And so I appreciate you reaching out for help.

Misty Molloy  53:46

I think that's the ultimate value of coaching is having someone who can help identify the roadblocks and create that framework for busting through those roadblocks. And I honestly attribute a lot of my fast tracking to bringing in people who could help me learn and see things from a different perspective, to keep me from hitting roadblocks. So often a big believer in coaching love it. Yeah. 

Michele  54:25

And you know, I mean, I have my own coach for the same reason, because why would I sit and take the slow path right into everything, it's going to cause me the same amount, by the time I make all the mistakes is if I were to just pay somebody to help me fast track around them, because I'm going to make my own set of mistakes around them anyway. Right. 

Misty Molloy  54:41

Exactly.

Michele  54:42

Exactly. Well, Misty, thank you again, and I hope you have a great day and I'm looking forward to following you in the program and just seeing how you work through this. I can't I can't wait to see what you come out with on the other side. 

Misty Molloy  54:54

Thank you so much for everything. 

Michele  54:56

You're welcome. Have a good day. 

Misty Molloy  54:57

You too.

Michele  54:58

Thank you so much. for sharing your business challenge, often, you know, we can look at the big picture and it can be very overwhelming, as opposed to breaking it down and looking at the individual building blocks. I really love strategizing with my clients to help them gain and attain all that they want out of their business. To check out our latest case study, go to www.ScarletThreadConsulting.com and look under Resources, and then reach out if you want to experience the same things as our clients. Choose to be profitable in your action taking because profit doesn't happen by accident. Profit is a Choice is proud to be part of the designnetwork.org where you can discover more design media reaching creative listeners. Thanks for listening, and stay creative and business minded.