Do you need good business ideas in Guyana to invest in?
When it comes to starting a business in Guyana, is it mandatory that the entrepreneur in question conduct a proper feasibility study about the location to see if the place is business-friendly?
6 Profitable Business Ideas To Start In Guyana
In setting 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 lived by people in that part of the world.
In addition to the already mentioned, he or she has 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 from 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 on the mainland south of America after Uruguay, Suriname, and French Guiana. In 2012, the population of Guyana was 471,908 and I believe by now is surpassing a million people’s population and it has a density of 4 people per square kilometer.
Guyana is bordered by some popular country we know being Brazil and Venezuela and the Atlantic Ocean to the north has shown that there are business ideas that will be an opportunity for a livelihood in Guyana.
Moreover, it is important to add that some major economic activities go on in Guyana; and this is predominantly agriculture, mining, rice production, etc.
About the commodities in Guyana, one can be able to generate a business idea that can sustain life, source income, and create job opportunities for many who are seeking for one. The following business idea can be found 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
9. Night club.
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 in other to meet up with the customer or consumer needs who are the king in the channel of distribution.
This is one business idea in Guyana that can make any entrepreneur rich for life to the extent of passing 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 extractor to extract them and in turn to make valuable use of it in having a finished product.
These two solid minerals have wide usage in human life. So by extracting them as a private company, they can then be used in productions of necklace, earring, kitchen utensils, house furniture, and varieties of uses that will help man’s life for better.
You can also decide to produce such things on your own which you can realize a huge benefit for a better living.
In a quest to survive one most feed to live. A very well keep rice production and milling firm in Guyana will generate as much as you will want to realize because the world at large feed on rice, some for pleasure, on most occasions (party, 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 you can transform them into a usable form, e.g. for rafting houses, construction of local bridges, selling them out to processing companies to be used in producing things like books and others.
4. Hospitality Business
The hospitality sector is one of the industry in Guyana which has continued to enjoy great positive sides. You too may consider stating 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 commodities, so the need for mass production of sugar may be important. You can create one profitable sugar factory that aids both 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 up something profiting and sustaining, that can help you and the large world.