THIS CNY WILL BE CRITICAL FOR THESE 5 YOUNG ENTREPRENEURS IN SINGAPORE

The Chinese New Year (CNY) is the most important holiday for millions of people in China, Singapore, Malaysia, and beyond. Reports suggest that approximately one billion people across the world celebrate CNY. This festival has a significant impact on the local economies of countries that celebrate it. Moreover, since these Asian countries are heavily involved in exports, their celebrations and holidays also affect global economic operations. In Singapore, this joyous time presents both opportunities and challenges to businesses. Entrepreneurs can leverage the festive rush to maximise their revenues during the CNY. At the same time, they need to contend with supply chain bottlenecks and staff shortages during this critical time. Let’s find out more about some young entrepreneurs in Singapore who will find the upcoming CNY extremely critical for their businesses!

What Happens During CNY and When Is It This Year?

This year, CNY will begin on 22nd January 2023. The celebrations start on the first day of the Chinese Lunar Calendar and continue till the Lantern festival about a fortnight later. Individuals and families celebrate CNY for fifteen days, soaking in the holiday spirit and spending time with loved ones. This year's CNY celebrations will usher in the Year of the Rabbit, evoking longevity and prosperity for Chinese communities across the globe.?

With CNY around the corner, entrepreneurs must prepare to make the most of festive opportunities. There are three aspects that they must focus on:

• Festive Products and Services: CNY celebrations are sacrosanct for consumers rooted in Chinese culture. Hence, businesses must curate products and services that uphold traditions and customs for CNY.
• Employee Leaves: Chinese employees require leaves during this auspicious period and business owners must plan their operations accordingly.
• Shipping and Logistics: CNY celebrations can often lengthen shipping periods and cause logistical challenges. Businesses have to account for these bottlenecks and draw up plans to drive efficiencies.

5 Young Entrepreneurs’ Businesses That Will Find this CNY Critical For Their Success

Singapore’s bustling business environment hosts numerous young entrepreneurs who leverage local consumer trends to build profitable firms. Here are the top five entrepreneurial ventures that will face exciting opportunities and critical challenges this CNY.

#1 La Belle Collection Pte. Ltd. (Florist and Gift Hampers) Jake Ng

This business has been operational since 1990, creating decorative floral ornaments for gifting and home decor. Today, the La Belle team is led by young entrepreneurs. They leverage industry trends in jewellery, home displays, and corporate gifting to curate stunning collections for people in Singapore and beyond.?

This CNY will be crucial for La Belle because it will test the team's resilience and efficiency. The rise of Covid-19 cases in Singapore, China, Hong Kong, and other nearby regions has complicated the logistics of fresh flower supply. Moreover, Covid-19 infections have also altered the scale of in-person celebrations in many places. However, La Belle can continue to drive success by leveraging online sales and digitised solutions for supply chain bottlenecks.

#2 Creative Eateries Pte. Ltd. (Catering Business) Bonnie Wong

Creative Eateries, established in 1992, focus on creating delicious food for its restaurants and catering events. This organisation, founded by Anthony Wong, helps people celebrate delectable food during personal and communal celebrations. Their catering services are perfect for CNY festivities as families and friends meet for the holidays.?

This CNY, the business needs to optimise and curate its menus to satisfy dynamic consumer trends. Moreover, it must create agile solutions to deal with the evolving Covid-19 scenario. Social distancing, hygienic best practices, and contactless deliveries can become incredibly important during this critical time. Moreover, they also need to plan their supply chain operations considering the festive rush and its implications in Singapore.

#3 AirTum Tec Holdings Pte. Ltd. (Cleaning Service)

People love to clean their homes and clear out waste with the onset of CNY. This festive season brings fresh opportunities for rejuvenation and cleaning can be an excellent way to facilitate a new beginning. This CNY, cleaning and disinfection will be even more relevant in the wake of rising Covid-19 cases in Singapore, China, and more. Led by CEO Jason Chia, AirTum Tec creates an advanced antimicrobial coating spray to fight the coronavirus in people's homes. This year will be vital for AirTum Tec as they may need to ramp up supplies and meet the rising demand. Their performance will determine their future success and help them forge customer relationships for years to come.

#4 Cheng Yew Heng Candy Factory Pte. Ltd. (Confectionary) John Cheng

This legacy company stands behind the only “Made-in-Singapore” sugar brand in the country. They manufacture premium-quality sugar and supply flour and sugar to the food industry. The company also has strong logistics, distribution networks, and manufacturing facilities to serve the industry.?

Currently led by young entrepreneurs Jong Cheng and Cheng Liang Kheng, this family business plays a critical role in Singapore’s confectionary industry. This CNY can be a turning point in this company’s journey. The festive rush sees a rise in confectionary sales and they must optimise production to meet this demand. At the same time, they must account for Covid-related disruptions and supply chain bottlenecks to deliver satisfactory results.

#5 Ah Lock & Co. (Food Business)

Founded by a young student called Lee Lock Teng, Ah Lock & Co. specialises in Hakka cuisine. It prepares traditional comfort food for families in Singapore to help them experience unique cultural delicacies. The festive season will be a make-or-break period for this young business. Customers seek traditional foods with a twist during the holidays. As a result, it can see increased demand during this time. However, efficient execution, effective use of online channels, and hygienic anti-Covid practices will determine its journey to success.

These young entrepreneurs can seize the incredible opportunities this CNY to serve as catalysts for change. It will be exciting to witness their journeys and root for their success!