BUSINESS FEASIBILITY STUDY IN THE HALAL INDUSTRY: ANALYSIS OF MARKET, TECHNICAL, AND FINANCIAL ASPECTS OF MSME-SCALE HALAL CULINARY BUSINESS IN INDONESIA
Keywords:
business feasibility study, Halal industry, culinary MSME, financial aspects, halal certification.Abstract
The halal industry is rapidly developing into one of the strategic sectors in Indonesia's national economy in line with the increasing demand for halal products in the global market. However, this growth is not always balanced by the readiness of business actors, especially halal culinary MSMEs, in the aspect of structured business feasibility. This study aims to analyze the business feasibility of MSME-scale halal culinary businesses in Indonesia from three main dimensions: market and marketing aspects, technical and operational aspects, and financial aspects. The approach used is descriptive qualitative with a case study method on halal culinary MSMEs that have obtained halal certification from BPJPH. Data was collected through in-depth interviews, field observations, and documentation. Financial analysis is carried out using Net Present Value (NPV), Internal Rate of Return (IRR), and Payback Period (PP) indicators. The results of the study show that from the market aspect, the halal culinary business has a very large opportunity considering that Indonesia's Muslim population reaches 237.55 million people or 86.93% of the total population. From a technical aspect, standardization of the production process is the main challenge faced by MSMEs. Meanwhile, from the financial aspect, halal culinary businesses show a positive NPV value with an IRR above the benchmark interest rate, which indicates adequate investment viability. This study concludes that MSME-scale halal culinary businesses in Indonesia are feasible to be developed, with an important note that strengthening technical capacity and halal literacy is the main prerequisite for long-term business success.
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