Are you thinking about starting a new business? Don’t forget you’ll need Halal loans if you want it to be Sharia compliant. The Islamic loan solution we promote is asset-based. That’s different than the credit-based variety that has been used for two decades.
An Ijara loan sets up a special relationship between a lessor and a lessee. It’s the perfect formula for setting up a business that’s riba free. Here are some other tips that can help grease the wheels of the process.
- Doing your homework means putting together a comprehensive market evaluation. Find who the main players are in your niche and what other services or products are available. Are you interested in putting a new product or service out? Then you will need to evaluate the market size and the possibilities for success.
- A business plan is just as important as the goods and services you have to sell. In a nutshell, these documents highlight your strategies and how they are going to be executed. Most business plans follow a formula with an executive summary, a description of the products and services as well as the marketing campaigns and a competitive analysis.
Halal loans are another important aspect. We offer a variety of different products that include loans for a commercial enterprise or business, money for a home purchase and home refinance. You can work through the application process on our website. It’s quick and easy and starts with you providing information about your credit score.
Halal Loans and A Business Team
Of course, an Islamic loan is only part of what you’ll need to get your business started. Selecting the right team for your startup business is another critical element. Here’s some suggestions about the first hires you should consider.
- Picking the right people starts at the top. That’s why you need to choose the essential players like the CEO and COO. A CEO is generally like the captain of the ship. They control the culture, vision and direction of the company. The COO is more hands-on, controlling the day-to-day operations.
- The production manager is the person in charge of everything that relates to the products that you put on the market. Look for one that has a good combination of problem-solving abilities and communication skills.
You also need to look for a chief technology officer and chief marketing officer. As far as the marketing aspect goes, you’ll want to find one that can wear several hats including running ad campaigns and writing the copy.
Customer service representatives are another important position you need to fill. It doesn’t really matter how good your products and services are if you’re not effectively communicating with your target market. This is one of the first positions you should hire for after you get halal loans.
We are the sharia-compliant financing corporation that can help you get started in the business world. Get in touch with us today to learn more.