Guyana is experiencing rapid transformations due to recent oil discoveries. The oil funds are fueling the much-needed development efforts, and in a few years’ time, the country can be radically different. Incidentally, there is a large influx of foreign direct investments (FDIs) along with foreigners who want to live and work in Guyana. At the time of writing, it is estimated that there are over 200,000 foreigners living and working in Guyana. As a result of these factors, there is a spike in demand for the supply of local goods and services.
The time is ripe for starting a business in Guyana. Guyanese should think carefully about the new opportunities around them and position themselves to take advantage of the changing business landscape in Guyana.
We Need To Think Entrepreneurship!
Entrepreneurship is the process of creating or starting a new business venture in order to make a profit by identifying a need in the marketplace and developing a product or service to fill that need. Entrepreneurs are individuals who take on the risk of starting and running a business.
Entrepreneurship can take many forms, from small sole proprietorships to large corporations. Some entrepreneurs choose to start a business in order to be their own boss, while others do it to pursue a passion or bring a new idea to market.
Entrepreneurship involves many skills, such as identifying opportunities, taking risks, problem-solving, time management, leadership, and resource management.
The 7 Steps to start a Business in Guyana:
1. Idea generation:
Identifying a need or opportunity in the marketplace. Become conscious of current affairs in the country and try to see the goods and services gaps. Many great businesses in the world start with entrepreneurs who were able to see a need and then conceptualize a solution. To learn more about this concept, read the Havard Business School article “HOW TO IDENTIFY AN UNDERSERVED NEED IN THE MARKET.”
2. Feasibility analysis:
Evaluating the potential of the idea and determining if it is viable. Research your industry, competitors, and target market to gain a better understanding of the marketplace and the potential demand for your product or service. Think about the primary goal of starting a business; if it’s for profit, then the viability evaluation will rest on its potential to be profitable. Here you would want to examine if there are enough customers to support the business – to buy your goods and/or services.
3. Business planning:
Developing a plan for how the business will operate and grow. A business plan is a detailed document that outlines the strategies, goals, and projected financials of a business. It serves as a roadmap for the business, and it is often required when seeking funding from investors or lending institutions. It’s important to note that the business plan is a living document and should be reviewed and updated regularly as the business grows and evolves. To learn more, you can read “How To Write the Perfect Business Plan in 9 Steps.”
4. Resource acquisition:
Securing the necessary funding and resources to start the business. Securing funding is a critical step in starting a business, as it can be difficult to get a business off the ground without the necessary financial resources. Some ways to secure funds for your new business are personal savings, crowdfunding, grants, small business loans (see IPED – https://ipedgy.com/loans/ or The Guyana Small Business Bureau – https://sbb.gov.gy/), incubators and accelerators programs, etc.
5. Business Registration:
In Guyana, this will mean registering your business with the relevant authorities. The first step starts with the Deeds/Commercial Registry, and your next stop should be the Guyana Revenue Authority to register the business for taxation purposes. Once you have all the necessary licenses to operate, then it’s time for the actual launching of the business.
6. Launching the business:
Launching and running the business. For many entrepreneurs, this is the most exhilarating moment, the actual day and time that the business is ready to serve its first customer. Plan well around this, maybe invite a few media houses (they are always looking for content), and go into the process with an open mind to learn and grow.
7. Growth and development:
Continuously evaluate your business performance, identify areas for improvement and make changes as necessary. A good entrepreneur always thinks about making tweaks and changes on the foundation of improvements.
Entrepreneurship can be challenging, but it can also be a rewarding and fulfilling career path. It can bring financial freedom and help you to live your purpose as a Guyanese. It allows you to be creative, take control of your own destiny, and it can make a significant impact on the world.
