Spirits are high this Ramadan – and so is consumer demand. With the market in your favour, perhaps it’s time to start that entrepreneurial gig you’ve been putting off.
With the holidays being a joyful time for family, community and business, things are looking even better this season with all interstate travel restrictions being lifted- the first time in 2 years! As many Muslim folks excitedly embrace this year’s Hari Raya Aildilfirtri as its first “proper” celebration since 2019, why not scratch that entrepreneurial itch inside you?
No, for real.
With retailers across various industries anticipating an increase in business, the potential of high sales this Ramadan-Raya season is actually a celebration in itself for budding entrepreneurs! The readiness of various physical and digital marketplaces today means that there’s a business opportunity everywhere. For those willing to try, know that many homegrown and “accidental” entrepreneurs have also emerged from the very opportunity presented in the festive spendings of Ramadan and Raya.
Take the brand Bulan Bintang as a prime example. A few years ago in his early twenties, Azzim Zahid Azmi (Meri) was preparing for umrah and found himself struggling to find plain Kurtas in the market. Later that year approaching Ramadan, he remembered his unmet demand and ordered around two hundred Kurtas of various colors to be tailor made and sold during the festive season. Recollecting his experience, Meri shares how his small business stock was taking over his home, but to his delight, his first batch sold out without a hitch. With the Ramadan-Raya season demand still at a high, he ordered a second batch that also sold out within the same season!
Over the next few years, Meri continued to capitalize on the Ramadan-Raya demand. Using the festive profits to reinvest in his brand, Bulan Bintang today runs a proper warehouse and even a few snazzy boutiques in Bangi, Kubang Kerian, and Johor Bahru. This young man’s success serves as proof of how Ramadan gives a promising chance for young Muslims to not only take their first step into entrepreneurship, but also the capital to transform their small business ventures into thriving, sustainable, and value-creating enterprises.
Of course, lean in to what excites you. If clothing apparels isn’t your thing, there are still many different types of creative businesses which can be done, this includes baking cookies, creating raya hampers, even starting a personal shopper business.
With Ramadan Bazaars coming back to near full swing, maybe even consider the potential of F&B stalls as a viable low-cost business. Welcoming both Muslim and non-Muslim goers, the spirit of buying food and coming together for buka puasa is anticipated by all Malaysians alike, and thus the flow and purchasing power of Ramadan Bazaar goers should not be overlooked. Drink stall owners have reported seeing clean profits of a few thousand ringgit per day from just investing in a few basic booth items and hiring workers to mend the stall. All it requires is taking that first step!
It’s well documented that consumer demand skyrockets in festive seasons, and this trend is seen worldwide. With the global economy recovering from the pandemic, spending trends during festive seasons in some countries have just exacerbated in the past few months.
In India, Diwali sales last November recorded a decade-high value totalling at RM69 bil (Rs1.25 tril), and Black Friday in the UK saw an increase of a whooping 15% to RM52 bil (£9.2 bil) from its previous year. In both instances, consumer demand has been resilient in spite of inflationary pressure.
Quite promising, so what about Malaysia? Well, I guess that’s for you to find out. Business isn’t without risk, but perhaps this Ramadan might be a great opportunity for you to give yourself a chance. So if you have a burning idea, or want to test your knack at running a small business, why not try it now?
