Guyana Prepares for Major International Business Conference

The inaugural International Business Conference (IBC) is set to take place at the Guyana Marriott Hotel from October 15-17, 2024, drawing over 100 speakers and 500 delegates. This event, organized by the Guyana-Suriname Chamber of Commerce and supported by multiple local and regional trade bodies, aims to enhance the ease of doing business and foster investments between international entities and the local economies of Guyana and Suriname. Focus areas include manufacturing, energy, infrastructure, and agriculture, promising significant networking and partnership opportunities for attendees.

Meter Upgrade Urgency for GPL Customers

Guyana Power and Light (GPL) has issued a reminder to over 40,000 prepaid electricity customers to upgrade their meters by October 31, 2024, following a global update from Standard Transfer Specification Version Four to Version Six. Customers who fail to upgrade by the deadline will be unable to purchase electricity credits, effectively leaving them without power. GPL has highlighted the simplicity of the upgrade process, which can be done at their service desks, and is actively communicating this through various media to ensure all affected are aware and compliant.

Business Opportunities Based On Today’s Developments

Small Enterprises

1. Meter Upgrade Services:

   • Opportunity: GPL's need for meter upgrades presents a direct opportunity for small technical service providers. These businesses can offer installation services, customer support, and troubleshooting related to the meter upgrade.

   • Action: Small enterprises could form partnerships with GPL or act as third-party service providers, helping customers navigate the upgrade process smoothly.

2. Event Planning and Management for Business Conferences:

   • Opportunity: The upcoming International Business Conference at the Guyana Marriott Hotel could use local event planners, catering services, and logistics support.

   • Action: Small businesses in the hospitality sector could offer customized packages for conference participants, including local tours, transportation, and accommodation arrangements.

Medium Enterprises

1. Professional Services for International Business Conferences:

   • Opportunity: Medium-sized consultancies could offer business matching services, market entry strategies, and advisory services for international firms looking to enter the Guyana-Suriname market.

   • Action: These firms could set up booths or offer workshops at the conference to attract international businesses needing local expertise.

2. Manufacturing and Supply of Energy Solutions:

   • Opportunity: With GPL pushing for meter upgrades, there is a potential demand for manufacturing new meter models compliant with the upgraded system.

   • Action: Medium enterprises could explore manufacturing opportunities or become distributors for international meter manufacturers looking to enter the local market.

Large Enterprises

1. Strategic Partnerships and Investments:

   • Opportunity: Large corporations can explore strategic investments or partnerships arising from the sectors highlighted at the International Business Conference, such as energy, infrastructure, and agriculture.

   • Action: Large enterprises might consider investing in or forming joint ventures with local firms to leverage Guyana's growing focus on improving its business environment and infrastructure.

2. Corporate Sponsorship and Community Engagement:

   • Opportunity: The Kares One Guyana T10 Tapeball Blast and similar events offer platforms for large enterprises to enhance their brand visibility and community engagement through sponsorship.

   • Action: Corporations could sponsor events, provide branded merchandise, and create promotional campaigns that align with these community-centric events.

General Notes and Thoughts

• Cross-Sector Opportunities: Both the meter upgrade project and the business conference highlight a growing focus on infrastructure and international business relations in Guyana. Enterprises of all sizes should consider how their services or products align with these areas.

• Local Engagement and International Reach: There's a notable emphasis on international connectivity and local enterprise development. Businesses should consider how to effectively bridge local capabilities with international standards and expectations.

• Sustainability and Innovation: As Guyana continues to develop, there's a strong narrative around sustainable practices and innovative solutions. Businesses should integrate sustainability into their business models to align with national and international trends.

By aligning their strategies with these identified opportunities, businesses across all sizes can effectively tap into Guyana's dynamic market developments.

Side Hustle Ideas Based On Today’s Developments

1. Mobile Meter Upgrade Assistance

Opportunity Overview: With over 40,000 GPL customers needing to upgrade their meters, there is a significant demand for assistance, especially among those who may not be technically savvy or may lack the time to visit service centers.

Execution Strategy:

• Training and Certification: Obtain basic training on GPL’s new meter systems, possibly in collaboration with GPL or certified technical training centers.

• Mobile Service: Offer door-to-door upgrade services, scheduling appointments via a simple online booking system.

• Marketing: Market the service through social media platforms, community bulletin boards, and local radio stations.

Value Proposition: Providing convenience and expertise, this service helps customers ensure continuity of their electricity service without the hassle of visiting service centers.

2. Conference Networking Facilitator

Opportunity Overview: With the upcoming International Business Conference, there's a great opportunity to facilitate connections between local small business owners and international delegates.

Execution Strategy:

• Pre-Conference Networking Services: Develop an app or service that helps local businesses schedule meetings with conference attendees based on mutual business interests.

• At-Conference Assistance: Offer on-the-ground assistance at the conference, helping clients navigate the event, meet key contacts, and manage their schedules effectively.

• Post-Conference Follow-up Services: Provide follow-up services to help businesses maintain the connections they’ve made during the conference.

Value Proposition: Enhances the effectiveness of conference attendance for local businesses by providing tailored networking support, ultimately maximizing their investment in the event.

3. Sports Event Merchandising

Opportunity Overview: Capitalize on the local excitement for sports, particularly around events like the Kares One Guyana T10 Tapeball Blast, by creating and selling custom merchandise.

Execution Strategy:

• Local Production: Source and print merchandise locally to reduce costs and support local businesses (e.g., t-shirts, hats, water bottles).

• E-commerce Platform: Set up an online store to pre-sell items before events and continue sales post-event.

• Event Day Sales: Set up booths at sports events to sell merchandise directly to attendees, taking advantage of the live event excitement.

Value Proposition: Provides sports fans with a way to show support for their teams while also promoting local craftsmanship and entrepreneurship.

Additional Thoughts:

These side hustle ideas not only cater to immediate opportunities arising from specific news events but also align with broader economic trends in Guyana, such as the emphasis on infrastructure, international business engagement, and local community involvement. Each idea leverages a mix of local knowledge, technological adoption, and entrepreneurial spirit to create value in a burgeoning economy.