As Muslim women seeking to generate earnings that not only correspond to our beliefs but also to our identity as females who fulfill responsibilities, venturing into the realm of business ownership offers a thrilling opportunity for both financial self-reliance and societal influence.
Starting this journey may feel overwhelming. However, with proper planning, preparation, and the support from the Sisters In Business community, success can be achieved.
Is owning businesses new to Muslim women as a community? Absolutely not! The most popular woman we hear about is Khadija bint Khuwaylid, the wife of the prophet Muhammed (May the blessings of Allah be upon him) Khadijah was a very prominent trade woman of her time.
The seerah of the prophet is full of inspiring business women, and the Haute Hijabs blog post does a wonderful job of highlighting them and their remarkable accomplishments. It's definitely worth reading!
If we look more closely to our grandmothers, aunties and even possibly our mothers, they were all into some sort of business within their lifetime.
Understanding Business Basics
Identifying Your Passion:
To start your business journey, you need to discover what you love. Here at Sisters In Business we believe Muslim women entrepreneurs' ideas always begin with passion, a solution or a need. This passion could be a revolutionary product or service concept, or perhaps a cause that you deeply believe in. You do not have to reinvent the wheel, but recognise an opportunity that you know you can do better in. Maybe the urgent need to have income or leaving your 9-5 is what’s driving your purpose and this is totally fine. By discovering this passion or solution, your business will not only generate income but also provide you immense satisfaction
Market Research:
After recognising your passion, the next step to starting your own business is finding if people will buy what you are offering. This step can help you understand your customers' pain points and if you are meeting them, it gives you an insight into what they will pay for a product or service like yours and if they will choose you over your competitors.
These insights will prove to be valuable for your business and help yo identify potential growth in the future. We should also mention that every idea can be validated before hitting the market. Here at SIB HQ we went to market with no research and with product and service we gained feedback that helped us refine and understand how we can make ourselves stronger.
Whichever path you choose, the idea is to be the best you can offer and understand what your potential customers want from you.
Business Plan:
Once you have understood your market, the next step is to begin drafting a business plan. The business plan is a living document; it changes, evolves and grows with your business.
We suggest using the lean start method business plan template, this is a one pager document that will help you map out your business goals, strategies that you will use to achieve them and the timelines you will achieve them by.
Shopify has an excellent blog post explaining the process and has a free template for you to download and use!!
Building Your Team:
This might seem worlds away from where you are now, but thinking ahead is a habit that as muslim business women we need to have. Thinking about the roles and tasks that your future team will do, will help you to work ‘on’ and not always ‘in’ your business.
Choosing a team that can help transform your vision into reality, choosing a team that will allow you to work ‘on’ and not ‘in’ your business and choosing a team that you can trust and communicate with, can significantly impact your business's success.
Funding Your Business:
Obtaining the necessary funding is a pivotal step for starting your own business. The sources of these funds could be personal savings, seeking investment, or applying for business loans and grants. Although these all seem like options, these are complicated options for Muslim women who want to stay away from interest (riba). Thoroughly exploring all your options and choosing the best fit can set your business on a solid financial foundation.
We will be diving into funding options and all the organisations that can help in the next few blog posts.
Conclusion
Starting a business as a Muslim woman may come with its unique challenges, but it also brings about opportunities for personal growth and community development. With the right mindset, resources, and support, you can successfully navigate the business landscape and create thriving businesses.
At Sisters in Business, we're here to empower and support you throughout this journey. Join our community to connect with other Muslim women entrepreneurs and gain access to invaluable resources. Start your journey to creating your own income today.
Our £7 membership can provide you with access to a supportive community. Mini masterclasses designed to provide valuable insights and education, group coaching with direct support and feedback from experts, business templates to help streamline processes and improve business efficiency.
Stay tuned for our next post where we discuss how to identify your target market effectively!
Watch the video series about setting up your business series 101 where Jennifer takes you through each of the steps shared in this blog post:
Cheering you on!