Are you a Muslim entrepreneur thinking of starting your own halal business?
Or maybe you already have your halal business idea and just need some tips on where to start and what to do?
In this article, we will share with you 7 top tips on how you can start a halal business, or turn your halal business idea into reality!
1. Find a problem and solve it
This is where the greatest ideas come to life.
This is where we realize that there’s a certain need in our communities and we start asking ourselves, “what’s causing this problem to happen and what can we do to fix it?”
In our latest Ummahpreneur Live Podcast episode, Hamzah Almasyabi (co-founder) shared that Minted – a revolutionary app for investing in gold – was born during a time of uncertainty when the UK was threatening to leave the EU.
The co-founders, looking to invest their savings in gold so they could safeguard their wealth against the uncertainty surrounding the British Pound, found it very difficult to do so.
They asked around and realized they weren’t the only ones to have this problem, so they decided to solve it by creating an app that makes investing in gold easier than it’s ever been before!
That’s how great ideas come to life.
2. Building a halal business doesn’t happen overnight.
Building a business can involve many steps including registration, branding, design, marketing, product development, funding and more.
It’s important to trust the process as we go through it, and put our trust in Allah SWT.
Anything great takes years of work and dedication to build.
Focus on what you can do TODAY to move forward in your business and give your absolute best, Allah SWT will take care of the rest.
3. Don’t strive for perfection, just keep making progress.
Almost everyone you meet is going to have at least one great business idea.
But unless you actually put in the work and start building, nothing will happen.
Our job is to take that first step and do what we can, and only reach out to others when we need help and support.
Start with a minimum viable product – a version of your product or offer with just enough features to satisfy early customers and get their feedback.
Conduct research in terms of design, features, functionalities and continuously develop the idea over time. as opposed to just trying to do everything before launch.
4. Don’t try to figure it all out on your own.
As entrepreneurs, we are forced to wear different hats – the CEO hat, the sales hat, the marketing hat, the designer hat, the accounting hat, the legal hat etc.
Sometimes, it can get a little overwhelming.
It’s very easy to fall into the trap of thinking that we must do everything ourselves if we want it to be done right.
But remember that having too much on your plate is not only difficult, but it can be dangerous for your business.
If we can’t manage our own workload, we can’t hope to manage anything else.
So, if we are able to outsource repetitive tasks, we can reduce our workload so that we can focus on activities that grow the business.
Delegating is absolutely essential to become successful in anything that we do.
5. Find strategic investors
One of the things we need to think about when finding a suitable investor is not just who’s willing to invest their money, but also who will bring extra value to the business.
Minted, for example, landed an investor who runs a successful tech company that helped them build the platform for their mobile app. And another one who was able to connect them with a refinery for their core product which is gold.
Now, that’s just as valuable as money if not more.
Strategic investors are those who will bring the experience and network that will ultimately propel your business forward.
6. Your network is your net worth
Just look at the Prophet SAWS and the quality of the companions he kept close to him.
It’s important to surround yourself with people who will support you and will add value to you as an entrepreneur.
Especially in the initial stages of the business, you’ve got to trust your instincts and build a strong support system to help reach your goals.
Find people who will nurture your vision and empower you.
7. Work now so you don’t have to work later.
An entrepreneur’s lifestyle is not similar to a day job. There’s no nine to five.
Oftentimes, we work in the evenings, and we work on the weekends.
But it’s also important to remember that even if this is a price that we have to pay, we still have to strike a balance between our work, families and our other responsibilities.
Hustle isn’t just working on the things you like; it means doing the things you don’t enjoy so you can do the things you love in the long-term.
It’s a part of the journey. Embrace the challenge, grow with it, and learn from the experience.
Do something today that your future self will thank you for.