Trade Tales Podcast Summary: Michel Smith Boyd on Why a Flat Fee Lets Him Focus on Creativity [Rebroadcast]

Podcast Information

• Title: Trade Tales
• Host: Kaitlyn Petersen, Editor-in-Chief of Business of Home
• Guest: Michel Smith Boyd, Renowned Interior Designer
• Episode Title: Michel Smith Boyd on Why a Flat Fee Lets Him Focus on Creativity [Rebroadcast]
• Release Date: January 15, 2025

Introduction to Michel Smith Boyd's Journey

Early Inspirations and Career Shifts

Michel Smith Boyd begins the conversation by tracing his early inspirations back to his mother, a "design junkie" who frequently changed their home's decor. This environment fostered Michel's initial love for creativity and design.

"I immediately think about my mom because I think she was a design junkie... So maybe that was the beginning of it."
— Michel Smith Boyd [02:12]

Michel's career path was anything but linear. He transitioned from a nursing program to beauty school, acting classes, and modeling, seeking the right fit until a pivotal moment shifted his trajectory toward interior design.

"After that experience with the designer, we, I think, got enrolled in school inside of a year... It felt so exciting. Like there was this ball of energy inside."
— Michel Smith Boyd [03:22]

Establishing His Interior Design Business

Building a Clientele Through Networking

Upon graduating from the Art Institute of Atlanta, Michel faced the common fears of starting anew in a creative field. Despite these anxieties, he quickly began building his clientele, leveraging networking opportunities at charity events, art shows, and auctions.

"The networking for me was huge. I didn't want a website, I didn't want cards. I wanted to be like this best kept secret."
— Michel Smith Boyd [05:51]

His breakthrough came when he secured a project designing a party for a marketing executive, which catapulted him into a circle of high-profile clients, including doctors and attorneys.

Transitioning to a Flat Fee Model

Challenges with Traditional Billing

In the early stages, Michel struggled with traditional billing methods, such as charging a percentage over budget or hourly rates, which often led to financial strain and excessive time spent on non-creative tasks.

"I was grossly taken advantage of because I... just throw that in there. Like it was just crazy."
— Michel Smith Boyd [07:36]

Adopting the Flat Fee Approach

Realizing the inefficiency of these models, Michel transitioned to a flat fee structure. This shift allowed him to streamline his billing process, reduce financial stress, and allocate more time to creative endeavors.

"We tore apart projects and, like, down to the penny... simplifying what we did as far as billing and so forth allowed me more time to be creative."
— Michel Smith Boyd [09:48]

However, the pandemic introduced new challenges, such as unpredictable shipping delays, which made setting fixed timelines more complex. Michel continues to refine this model to adapt to evolving circumstances.

Balancing Business Growth and Brand Development

Choosing Brand Over Firm Expansion

Michel faced a critical decision: grow his interior design firm by hiring more designers or focus on building his personal brand through product development and media presence. Ultimately, he chose the latter, driven by a desire to contribute creatively on a broader scale.

"I leaned more to the latter. So it really became really important that I streamlined as much as I possibly could on the client side."
— Michel Smith Boyd [08:26]

Fear of Scaling and Maintaining Authenticity

Despite recognizing the necessity to staff up, Michel grappled with the fear of losing his personal touch and authenticity. This hesitation led him to initially decline opportunities like participating in design competitions.

"The fear piece... I traded one for the other because... becoming a more public person or a more public designer is beyond what I could have ever expected."
— Michel Smith Boyd [16:02]

Evolving Design Philosophy: From Maximalism to Minimalism

Self-Reflection and Design Refinement

Michel reflects on his past work, acknowledging tendencies toward overcompensation and maximalism. Through self-reflection and client interactions, he has shifted towards a more balanced approach that incorporates both positive and negative space.

"I was writing in my notes last night... that's overcompensating... becoming a better and better editor is probably the thing I'm most grateful for."
— Michel Smith Boyd [17:11]

Implementing Minimalist Principles

In his current projects, Michel embraces minimalism, ensuring that each design element serves a purpose without overwhelming the space. This approach not only enhances aesthetic appeal but also respects the homeowner's intelligence and preferences.

"I just incorporate into the conversation... I have to leave room for them to be creative too."
— Michel Smith Boyd [19:21]

Defining Luxury in Interior Design

Philosophy of Accessible Luxury

Michel's concept of luxury centers on personalization and accessibility. He believes that luxury should be defined by the client, whether through experiences or specific design elements that evoke desired moods.

"You get to control that narrative... My job is to create a mood that will evoke said experience."
— Michel Smith Boyd [31:10]

Manifesting Luxury Through Practice and Education

Michel actively teaches clients and peers about his definition of luxury, aiming to empower them to appreciate and define it on their own terms. This philosophy is gradually being integrated into his television show and other media ventures.

"It's my practice and philosophy... it's going to evolve into something right now."
— Michel Smith Boyd [33:01]

Success and Personal Fulfillment

Redefining Success as an Ongoing Journey

For Michel, success is not a fixed destination but a continuous journey marked by milestones and the ability to impact others positively. He values the ability to support his lifestyle while feeling fulfilled and responsible with his talents.

"I think that for me... there won't be any landing pad. I think there are these, you know, celebrations along the way."
— Michel Smith Boyd [30:22]

Balancing Personal Ambitions with Professional Responsibilities

Michel acknowledges his appreciation for financial success and material comforts but emphasizes that true fulfillment comes from serving others and enriching their lives through design.

"But I feel like being able to support those crazy habits are truly a result of... my desire to be so perfect."
— Michel Smith Boyd [31:35]

Conclusion and Forward Look

Michel Smith Boyd's journey illustrates the delicate balance between maintaining creative integrity and adapting business practices to sustain and grow a design career. His shift to a flat fee model and focus on personal branding have enabled him to prioritize creativity while navigating the complexities of the interior design industry.

"I can see it so clearly, guess what? It's changing again."
— Michel Smith Boyd [13:45]

As Michel continues to evolve, his commitment to redefining luxury and fostering authentic client relationships positions him as a thoughtful leader in the world of interior design.

Notable Quotes

• "I was grossly taken advantage of because I... just throw that in there. Like it was just crazy."
  — Michel Smith Boyd [07:36]

• "I wish I knew that whatever I thought... I could still be the shit and not get it all right."
  — Michel Smith Boyd [28:35]

• "I want to create a mood that will evoke said experience... educating people on what luxury actually is."
  — Michel Smith Boyd [31:49]

This summary encapsulates the essence of Michel Smith Boyd's insights on nurturing creativity through strategic business practices, his evolving design philosophy, and his vision of success in the interior design industry.