Want to learn how to make a halal business plan?
Having a great halal business plan can transform your life as a Muslim.
If you are looking for ways to make a halal business plan, you are in the right blog.
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In this post, I’ll spell out the best ways to make a halal business plan that works!
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How To Write An Islamic Business Plan Step By Step:
Solve a problem with your business, specific to an audience, focus on execution, learn from mistakes of your competitors and goals.
Below are the 17 best tips to help you write a business plan:
1. Solve a problem with your business
Start your business with determination and boldness.
Never make money your only goal!
Almost all business owners who started with such a dream will fail!
The money only comes when you tackle problems for people.
The goal of an entrepreneur should not only be about making money.
It should be about solving problems and helping your clients.
If you want to thrive in your business, make a business plan that solves problems for a lot of people.
You need to include costs, identify the right staff and resources needed.
2. A business plan must be specific to an audience
Do you know your target audience?
This is where the rubber meets the stamp.
It irritates me when I see people starting new businesses without knowing their ideal client.
You can’t be serving everyone.
No wonder 85% of new businesses fails within two years.
I failed in many business ventures because of not getting a website.
It is paramount that, you devise a plan targeting a specific audience.
Also, you will understand your market, meet clients needs and personalise offers.
Be sure to research the audience first before making a business plan.
3. Focus on business execution
Your halal business success is going to be determined by how well you execute on your idea.
You get results in business through execution and taking action.
” To me ideas are worth nothing unless executed. They are just a multiplier. Execution is worth millions.”
Focus on milestones and work through the necessary steps to achieve your goals.
Work hard to convince your audience and investors.
That you got the right plan, support network and strategies to excel in business.
Get relentless and become vague when presenting your business plan and ideas.
4. Learn from mistakes of your competitors
It is highly probable that, you will have shortcomings and mistakes in your business.
But, with a little learning from your competitors.
You can easily avert the risks to a lower extent in business.
Therefore is important to make your business plan ready for such eventualities.
Research about what makes other similar businesses to fail.
The plan should be:
• You get target audience.
• A better unique selling preposition.
• The ability to present ideas that builds loyalty.
5. Add industry data in your business plan
When writing a halal business plan, substantiate your research with an accurate data.
By including statistics, it helps you to consolidate your position especially with financial projections.
Most investors and suppliers would be keen about industry statistics to base their decisions.
I suggest you look for latest figures from the relevant government department in your country.
Also, your business plan should have industry benchmarks for upcoming opportunities and forecast.
6. Watch pricing trends
Like most new businesses, the owners tended to price products high.
This is blindly done in order to recoup back their start up capital.
However, this could make or break your business.
You can’t just throw any price in the air without testing.
If you are joining a highly competitive industry, you must be aware of the process.
Always present a fine-tuned pricing strategy.
Get price tracking software to increase knowledge of the trends.
7. Create specific business goals
To succeed in any business, you need to have written goals and plan.
Goals drive you you to success.
In your business plan, include business sales targets and number of clients to reach.
You need to know where you are going.
Set attainable sale goals.
A global domination may be desirable.
But, it may not be a specific or realistic goal.
8. Use visual elements in your plan
A business plan is an important document for building a profitable venture.
Write your halal business plan by making it easy and fun to read.
Add professionalism, but make the business sound appealing.
You can mix text and visual elements to make points noteworthy!
9. Story telling
You can make your business plan interesting with by telling a story.
Another way to captivate your audience is to start with an engaging story.
Let the investors know what drove you to start a halal business.
Try to be precise and mention essential details.
For example, where your idea and passion comes from.
10. Know your business numbers
Have you watched TV shows Dragons Den and Shark Tank?
These are shows where budding entrepreneurs pitch ideas to investors.
Almost every entrepreneur get asked “What is your business number for costs and valuation?”
As you make a business plan, give expected start-up costs as well as the projected revenues.
With the start-up costs, you can add up to 25% more to cover incidental expenses.
Also, calculate profits using the most conservative amount.
11. Create two business plans
It’s always a smart decision to have two business plans.
Treat the business plans as a sales pitch that has foundational principles.
But, adjust wordings to be engaging and appealing to specific financing options.
One business plan should be to give away to investors, suppliers and partners.
The other needs to be private use and keeping the business on the road to success.
12. Outline business benefits to investors
Make your business exciting to potential investors.
Reveal all the benefits, they are likely to gain by investing in your halal business.
You have to tell them when they will recover their investments back.
However, you should avoid accepting any form of interests payment arrangements.
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13. Executive summary
Most veteran investors read only the executive summary of a business plan.
That’s because money is always in the executive summary part.
Investors may not continue reading the pitch, if they do not find the executive summary interesting.
You should ensure the executive summary has a good financial data and investment opportunities.
By adding such statistics earlier, helps to compel investors to read the full report.
14. Read various business plans
If you live in a city with a library, spend time to study business plans.
Getting an insight into business plans can fast track your growth.
You will acquire knowledge and understanding about business plan writing process.
Also, you will discover new ideas to help you execute the project in the best possible way.
15. Focus on key demographics
You should focus on the right demographics for your business.
Never go overboard when talking about the target market.
Most investors will only invest in the firms that have a realistic view of their market share.
For instance, when starting a juice bar, everyone in town is not your target market.
16. Make an outline in your plan
You should avoid getting overwhelmed by the enormity of the task ahead.
Start out with an outline and make key sections.
You can fill it out as you come across other helpful ideas during your research.
Go back to each of the sections to ensure everyone can understand them.
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17. Review your business plan
Once, you have completed your halal business plan.
Find someone from Fiverr to review the business plan document.
Fresh minds are always welcome to help you perfect the final draft to achieve its purpose.
Frequently Asked Questions About Writing A Muslim Business Plan
Below are the frequently asked questions about Islamic business plan:
What is a halal business plan?
A halal business plan is a document that shows your business concept and future growth strategies.
It’s basically a simple written plan that helps you to clarify your own ideas.
What is the purpose of a halal business plan?
The purpose of a business plan is to serve as a reference source for articulating an idea and information sharing with your investors, suppliers, founders and employees.
Why do you need a halal business plan?
You need a halal business plan, because it reveals details about your business, market, clients and competitors.
This helps you to position your business for growth.
It also gives you a compelling evidence for creating a unique selling preposition and making good decisions.
In this blog post, we talked a lot about how to make a halal business plan.
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