Chinese New Year Business Traditions for Entrepreneurs

Chinese New Year is the most important holiday for the Chinese, including many Filipino-Chinese. Their Lunar New Year celebrates the coming of new beginnings and opportunities, brought by the zodiac animal that represents the incoming year.

Throughout the years, local businesses followed related traditions to boost business luck and opportunities. Many of them are pretty simple while some require creative effort. Regardless, all these traditions are ultimately aimed toward having a prosperous year.

Important Chinese New Year Business Traditions

There are many Chinese beliefs, but in general, these six customs are widely observed every Lunar New Year, even in Philippines.

• Businesses temporarily close in observance of Chinese New Year

Business owners usually close down their stores to make time for their individual traditions and also join the community’s celebration schedule that includes temple visiting hours and the dragon dance.

• The community visits Chinese temples

Observing the new year starts with a temple visit. For the believers, Chinese temples are where they learn about their upcoming fortune for the year. It’s also the place to pray for one’s health, luck, and prosperity. Many business owners take this opportunity to reflect so that they won’t repeat the mistakes from the past.

• Zodiac ornaments adorn homes and offices

The Chinese business setting is highly cultural. They have traditions believed to invite prosperity. One of the most common ways to do this is to decorate the office with Chinese New Year related items, such as those designed with the incoming zodiac animal like calendars and figurines. 

• Family and close relations give red envelopes

The celebration is not complete without giving red envelope or ang pao that symbolizes shared prosperity. It shows that wealth is meant to be shared and not hoarded. It reminds business owners that they cannot thrive on their own and they should help anyone who is in need.

• Dragon and lion dances happen in offices and establishments

Dragon and lion dancers visit and perform inside office buildings and establishments like restaurants to drive bad spirits, attract good fortune, and give a great show.

• People exchange well wishes

“Gong Ci Fa Xai” is the key expression of the Chinese New Year, translating to “I hope you become prosperous.” This Mandarin phrase is proof that it’s Chinese convention to deeply ingrain in life the drive to prosper. This is also one of the reasons why they are inclined to be entrepreneurs.

Balancing Beliefs With Action

In essence, the concept of prosperity is always attractive. The best way to attain it on the whole is by partnering healthy cultural beliefs with hard work and perseverance.

Starting your own business now is a lot easier with plentiful online resources. We have an article where we talk about the dropshipping business model that you can try. We also share a lot of business tips on the SwiftPay blog.

When you are ready to start your online business, the next step is to set up a payment gateway for your store so you can start accepting digital payments. SwiftPay is a BSP-accredited payment gateaway for local businesses in the Philippines. You can schedule a free product demo through this online form.