Islamic financing and Preparing A Business PlanFebruary 8, 2019 at 3:06 pm
Getting involved with Islamic financing gives you many different options. You can buy a home or even a commercial property. Many Muslims decide to start their own businesses using this sharia compliant system.
Some of the things that you will need to do are more traditional than others if you decide to open up your own shop. For example, it’s a good idea to know what goes into a business plan. This is an excellent way to present your case to a lender and it gives you a solid framework to help guide your business through the start up phase.
Here’s a few things that you need to know when you’re using Islamic financing and putting together a business plan.
Take The Time
It’s easy to understand how exciting it can be to start a business. You might be in a rush to get your money and start selling products and services to your neighbors and friends. However, it’s a good idea to take your time when you’re putting together a business plan.
You want to be sure that every aspect of it is backed by solid facts. It’s a good idea to leave yourself enough time to make some adjustments as you go along.
As you start doing research, you’ll need to adjust your facts and polish different areas as your business plan takes shape.
Putting together a good business plan is like making sure you have the right Islamic financing in one important way. You need to be specific when applying for both. As far as the business plan goes, it’s not good enough to say that you need $40,000. You’ll need to itemize and detail every aspect of where that money will go.
Answering specific questions like how many people you’ll hire and what kind of building you’ll house your business in are essential. The more details that you can supply, the more credible your client looks and your chances of being accepted increase.
Make Sure All The Data is There
A good business plan doesn’t make any assumptions that it can’t back up. Example, if you project that you’re going to make a certain amount of money, you’ll need to have done some research and have some data to back that claim up.
If you’re new to owning your own small business, you might not know what kind of research that lending institutions will expect. Market research as well as feasibility studies about your own business as well as competitors will make a good impression.
Finally, it’s important for prospective business owners to come to terms with the fact that it’s getting harder and harder to attract good talent. It’s another important element of your business plan that needs to be dealt with. That’s why you should outline your HR strategies and how you plan on attracting top people to your business.
You can use some of the due diligence and persistence that you did when you applied for Islamic financing.