Consumer Safety and Compliance Concerns Spark Calls for Retail Regulation

Guyana’s rapidly expanding retail sector faces scrutiny as the Georgetown Chamber of Commerce and Industry (GCCI) raises concerns about retailers’ compliance with quality, labor, and tax regulations. Reports of expired and improperly labeled goods have led the GCCI to advocate for stricter enforcement by the Bureau of Standards and the Food and Drug Department. These violations threaten consumer health and fair market competition, prompting calls for government agencies to ramp up inspections. The GCCI’s push for compliance aims to protect consumer confidence, promote ethical practices, and support Guyana’s retail growth.

El Dorado Offshore, Noble Corporation Launch Full Scholarship Program for Offshore Careers

El Dorado Offshore, Noble Corporation, and MatPal Marine Institute have opened applications for the Noble Marine Cadet Scholarship, a full-ride four-year program for 20 promising Guyanese students. Covering classroom learning and hands-on offshore experience, this scholarship—valued at over $100,000 per cadet—ensures guaranteed employment in the offshore industry post-graduation. Since Noble’s entry into Guyana in 2017, the workforce has expanded significantly, from 17 to over 440 Guyanese nationals on four drill ships. This initiative underscores Noble's commitment to local content and workforce development in Guyana's burgeoning offshore sector. Applications are open through December 31, 2024, for candidates with a solid high school education or a technical certificate.

Business Opportunities Based On Today’s Developments

Small Enterprises (SE)

1. Compliance Consulting for Retailers

   • Opportunity: Offer consulting services to help local retailers meet compliance standards, focusing on product quality, tax, and labor laws.

   • Why: With the GCCI highlighting compliance issues, retailers may seek expert guidance to avoid penalties.

   • Implementation Note: Start with digital or in-person compliance checklists, and consider a subscription model for ongoing support.

2. Safety Equipment Rental for Construction Sites

   • Opportunity: Provide rental services for safety equipment (helmets, harnesses, gloves) for construction projects like the hospital and bridge developments.

   • Why: These projects will need compliant safety gear for on-site workers, creating demand.

   • Implementation Note: Collaborate with contractors to offer equipment on a pay-per-use basis or monthly rental terms.

3. Pop-Up Food Services for Project Sites

   • Opportunity: Set up food trucks or small pop-up services near major project sites to serve workers, such as those on bridge and hospital construction projects.

   • Why: Remote work sites often need reliable food services for on-site workers, providing a low-investment opportunity for small businesses.

   • Implementation Note: Offer pre-packaged, locally sourced meals or a rotating menu to cater to various tastes, aligning with site schedules.

Medium Enterprises (ME)

1. Diaspora Employment and Placement Services

   • Opportunity: Establish a recruitment agency specializing in connecting diaspora talent with opportunities in Guyana’s construction, healthcare, and logistics sectors.

   • Why: The Suriname job fair and government’s inclusive hiring approach emphasize diaspora integration into the local economy.

   • Implementation Note: Partner with local businesses and government agencies to promote and manage diaspora hiring, including assisting candidates with relocation.

2. Retail Compliance Software Development

   • Opportunity: Develop cloud-based software to help retailers track compliance with tax, product safety, and labor laws.

   • Why: Increased regulatory scrutiny has created a need for tools that help businesses automate compliance.

   • Implementation Note: Offer a subscription model with regular updates, enabling retailers to stay current on regulatory requirements while minimizing compliance risks.

3. Logistics and Supply Chain Solutions for Large-Scale Projects

   • Opportunity: Provide logistics and supply chain services for moving materials, equipment, and supplies to large projects like the regional hospitals and bridge construction.

   • Why: With heavy construction underway, reliable logistics will be in high demand to ensure timely project completion.

   • Implementation Note: Offer tailored logistics plans with warehousing, ‘just-in-time’ delivery, or even specialized transport for high-priority or sensitive materials.

Large Enterprises (LE)

1. Healthcare Staffing and Training Academies

   • Opportunity: Launch training centers or academies to train nurses, medical technicians, and healthcare workers for the upcoming regional hospitals.

   • Why: With the government’s healthcare expansion, there’s a significant need for skilled professionals in the sector.

   • Implementation Note: Partner with government agencies and international healthcare providers to offer certification programs, potentially fast-tracking talent into Guyana’s healthcare system.

2. Anti-Corruption and Compliance Advisory Services

   • Opportunity: Provide advisory services focused on anti-corruption, corporate governance, and compliance for government and high-risk industries.

   • Why: The Ministry of Parliamentary Affairs and Governance’s focus on tightening anti-corruption measures presents a timely opportunity.

   • Implementation Note: Offer consulting, training, and internal auditing systems to help firms meet higher standards of transparency and compliance.

3. Digital Payment Solutions for Mining and High-Risk Sectors

   • Opportunity: Develop secure digital payment solutions tailored to mining and other high-risk sectors to ensure secure transactions and reduce risk.

   • Why: The recent incident in Marudi Backdam shows a need for safe, reliable digital transactions in remote, high-risk areas.

   • Implementation Note: Partner with local banks and financial institutions to create secure, cross-border payment solutions, addressing the unique needs of the mining community and other sectors reliant on large or frequent transfers.

Side Hustle Ideas Based On Today’s Developments

1. Compliance and Quality Assurance Auditor for Small Retailers

• Opportunity: Offer part-time auditing services to small retailers to ensure they comply with product safety, tax, and labor regulations.

• Why: With the GCCI spotlighting the need for regulatory compliance, smaller retailers will seek affordable help to meet standards and avoid penalties.

• Implementation: Start by offering weekend or after-hours audits for local businesses, providing a checklist of common compliance issues and a report with improvement suggestions. You could charge a flat fee per audit or set up a monthly check-in subscription.

• Potential Earnings: Depending on the demand, auditors could charge GYD $10,000-20,000 per visit or offer a discounted package of monthly visits, creating a steady income stream.

2. Mobile Food Stand for Construction Sites and Rural Events

• Opportunity: Set up a mobile food stand targeting construction sites (like hospitals and infrastructure projects) and rural community events.

• Why: With the influx of construction projects and events in developing areas, there’s a high demand for convenient, quality meals for workers and attendees who have limited options.

• Implementation: Prepare a simple menu of hearty, portable items like sandwiches, rice and beans, fried snacks, and refreshing drinks. Target high-traffic times, such as lunch hours or early evenings at work sites, or set up at local sports events, fairs, or gatherings.

• Potential Earnings: With an average profit of GYD $500-1,000 per meal, selling around 50-100 meals a day could net GYD $50,000-100,000 in daily sales, especially during peak construction seasons or community events.

3. Digital Product Photographer and Seller for E-commerce Startups

• Opportunity: Provide product photography and basic online setup services for small local businesses wanting to showcase their products on social media or e-commerce platforms.

• Why: As Guyana’s retail and e-commerce scene grows, local small businesses are eager to sell online but often lack professional product photos and social media presence.

• Implementation: Invest in a basic camera or use a high-quality smartphone, and create visually appealing product shots. Offer packages that include photos and, if possible, basic social media setup. This service could be offered on weekends or during off-hours.

• Potential Earnings: By charging GYD $5,000-10,000 per session for high-quality photos of several products, this side hustle could generate GYD $20,000-50,000 per client monthly, depending on the number of clients.