Although there is no simple success formula for setting up and running a business, you can take productive steps when starting out, that can lessen the hardships of starting a business. Here are 9 tips for starting up a business that can lead you to success whilst building a strong connection with Allah.
#1. Sincere Intention
Consider your business an act of worship, so every action is done sincerely for Allah’s sake and according to the shari’ah.
“The deeds are considered by the intentions, and a person will get the reward according to his intention…” [Sahih Bukhari & Muslim]
Ask yourself, why am I really doing this, Is it purely for Allah’s pleasure, or Is it to gain popularity or conform to societal pressures?
#2. Seek Expert Advice (Shura)
Another important step to Seek the opinion of knowledgeable people, experts and mentors regarding the knowledge required. Shura is the process of making decisions by consultation and deliberation among those who have an interest in the matter on which a decision is to be taken, or others who can help them to reach such a decision.
The quran says: “And those…whose affair is [determined by] consultation among themselves” [Qur’an: Chapter 42, Verse 38].
#3. Keep Learning
Study the Islamic principles of running a business and then familiarize yourself with the state laws, as well as specific guidelines of the industry you are going into. Register with a library and set up a personal one at home. Subscribe to journals, magazines and expert blogs, such as Islamic investment network.
Research and attend reputable business trainings.
#4. Consider Your Finances
Seek ways of securing personal or halal loans rather than riba-based loans. Most Islamic loans are partnerships or joint ventures, but are called loans because they accomplish pretty much the same thing conventional loans do.
Whether you have a big or small budget, invest wisely and avoid wastage, debt and interest (riba). The general rule is that all financial arrangements that the contracting parties agree to follow are lawful, as long as they do not include an element of riba. Explore all buying options and search for good deals before hiring people or making purchases. Also work on becoming financially sound and seek expert financial advice when you need it.
#5. Explore New Ideas and Opportunities
Another basic step is to be on the lookout for different opportunities. Ask and listen out for what people around you need and conduct surveys. Fuse your passion and interests with your knowledge and existing skills and abilities and try to utilize this in providing value in the form of unique products and services to others.
#6. Find Balance
You should also ensure that each action intentional and directed towards your vision and goals. Take care of your body, mind and soul. Find time for your spiritual nourishment, physical well-being, social relations as well as emotional fulfillment.
#7. Commit to Excellent Standards
Another important step to take is to seek ways to add value, more value, and yet more value to your business. Take account of your general character and strive to work on your weaknesses. Read how the Prophet lived his life as a tradesman and about his first wife Khadijah was a successful business owner. Focus on your character and the great value you can provide through your business by aiming for excellence.
#8. Purify Your Wealth
Beyond spending on basic livelihood, you are obliged to pay zakat if applicable to your level of wealth, charity, discounts, freebies, scholarships and mentoring opportunities. It purifies your wealth and gives you the opportunity to empower other Muslims. Just as seeking wealth is important, so is giving from your wealth. Doing so frees you from the greed of simply accumulating money for your worldly desires.
#9. Embrace Failure
Nobody’s perfect. Nothing will ever go exactly as planned, so do your best and learn from each mistake. Our world, and especially the business world, is never all about positive experiences; rather it has some glittery aspects and many rusty ones.
Follow these important steps mentioned above as they will help you in conducting a Halal and successful business venture.