Do you need good business ideas in Guyana to invest in?
When starting a business in Guyana, is it mandatory for the entrepreneur to conduct a formal feasibility study about the location to see if the place is business-friendly?
6 Profitable Business Ideas To Start In Guyana
In setting up a business in Guyana, one must conduct adequate feasibility studies; one needs to settle on the geographical location of that place and the kind of life people live in that part of the world.
In addition to the already mentioned, they have to know the source of their income (natural and mineral resources), source of livelihood, and to a large extent, the educational level of people living there, and business opportunities in her circumference.
Guyana living independently since 1966, whose capital and largest city is Georgetown after gaining sovereignty from Spain, is bordered by the Atlantic Ocean to the north, Brazil to the south and southwest, Suriname to the east, and Venezuela to the west.
It is a country of 21500 km squares; as such, it is the fourth-smallest country in mainland south America after Uruguay, Suriname, and French Guiana.
In 2012, the population of Guyana was 471,908, and I believe by now, it is surpassing a million people and has a density of 4 people per square kilometer.
Guyana is bordered by some popular countries we know, Brazil and Venezuela, and the Atlantic Ocean to the north has shown that there are business ideas that will be an opportunity for livelihood in Guyana.
Moreover, it is essential to add that some significant economic activities in Guyana are predominantly agriculture, mining, rice production, etc.
About the commodities in Guyana, one can generate a business idea that can sustain life, source income, and create job opportunities for many seeking one. You can find the following business idea in Guyana.
Small Scale Businesses and Investment Opportunities in Guyana
1. Hospitality business
2. Food and catering business
3. Banks and Financial services business
4. Department store
5. Crafts production
6. Building material agent
7. Pharmaceutical business
8. Real estate business
10. Wood-making factory
11. Rice production and milling
12. Sugar factory
13. Extracting and Construction Company.
In choosing any of the above businesses to start in Guyana, one needs to consider some if not all of the following factors to meet up with the customer or consumer needs who are the king in the distribution channel.
This is one business idea in Guyana that can make any entrepreneur rich for life to pass it to the next generation.
Guyana produces gold and bauxite as one of their commodities. And many gold and bauxite may still be buried under the ground that needs an extractor to extract them and, in turn, make practical use of it in a finished product.
These two solid minerals have wide usage in human life. So by extracting them as a private company, you can use them in producing necklaces, earrings, kitchen utensils, house furniture, and varieties of uses that will help man’s life for the better.
You can also decide to produce such things on your own, realizing a massive benefit for a better living.
In a quest to survive, one must feed to live. A well-run rice production and milling firm in Guyana will generate as much as you want to realize because the world feeds on rice, some for pleasure, on most occasions (parties, marriages), memorial days, and for eating to live sake.
Guyana grows trees for timber production. You can buy a forest where timberline trees grow and transform them into a usable form, e.g., for rafting houses, construction of local bridges, or selling them out to processing companies to produce things like books and others.
4. Hospitality Business
The hospitality sector is one of Guyana’s industries that has continued to enjoy great positive sides. You, too, may consider starting a hospital business to render health services to the resident of Guyana.
5. Sugar Factory
This is another lucrative business you can venture into in Guyana because of the high demand.
Sugar is one of Guyana’s commodities, so the need for mass production of sugar may be necessary. You can create one profitable sugar factory that aids international and home trade.
6. Craft Production
Guyana doesn’t solely depend on goods that are imported. Economic activities have also given room for manufacturers of various crafts to come to bond.
Starting somewhere is a head start to success, so you need to grab any of these business ideas in Guyana to start something profiting and sustaining that can help you and the significant world.