What are the Benefits of Starting a Business?
The dreams and passions of entrepreneurs often lead them to start their own businesses. Following your dreams will fulfil you in a way that working for someone else may not do. When you work for someone else, it can be hard to find the motivation to do your best work. Whatever you do, the owners of the company will reap the rewards.
Starting up a business and using it for social benefit is one of the most fulfilling things about being an entrepreneur. Using your profits, you can choose to donate to nonprofits, charities, or community initiatives.
Your ultimate goal as an entrepreneur is to cultivate financial independence. There is no limit to how lucrative your own business can be if you work hard and remain focused. There’s no reason why you cannot achieve your goal of building wealth.
Why Start a Business in Assam?
The Largest Economy in the North-East;
Assam is the largest economy in North East India and is rapidly establishing itself as an employer of people and an inclusive growth engine through a balanced pattern of industrial investment.
There is a great deal of emphasis by the Central and State Governments on creating an investment-friendly environment in North East India, and subsidies and incentives are offered to attract investors. The Union Development Budget includes 10% for North East India.
Ease of Doing Business in Assam;
Investment-friendly business climates are characterised by ease of doing business. Assam has undertaken the “Ease of Doing Business” reforms that have been prescribed by the Finance Ministry, along with Haryana, Himachal Pradesh, and Punjab. As a result, these states are now eligible to mobilise additional financial resources and have been given permission to borrow an additional Rs 5,034 crore through Open Market Borrowings. There is a very friendly climate for starting any business in Assam.
Natural Resources in Assam;
India's tea production is dominated by Assam. The state produces 15 per cent of India’s crude oil from the wells at Digboi, Duliajan, and Sivasagar.
In terms of natural gas production, it accounts for about half of India’s total onshore production.
Several natural resources, including oil, natural gas, minerals, hydro energy, forest resources, and medicinal plants, make this region an ideal investment destination.
Nearly 50% of India’s tea production originates from the state, also home to numerous tea and food processing parks. Guwahati Tea Auction Centre (GTAC) is one of the world’s largest CTC tea auction centres.
Natural gas and crude oil reserve located in Digboi, Assam, is India’s oldest operating refinery. The proximity of Assam to Southeast Asia provides the region with an advantage geographically. As a result of its existing and ongoing infrastructure initiatives, it is the best place for starting a business aiming at ASEAN markets.
Assam is the gateway to the North-Eastern states, making it ideally situated to serve their needs and markets.
Due to its geographical location, it enjoys favourable trade relations with neighbouring countries such as Bhutan, Bangladesh, Nepal, Myanmar, Thailand, China, etc.
There is an excellent opportunity to tap into large markets in mainland India, South and Southeast Asia, ASEAN, SAARC, as well as the fastest-growing economies in the world.
Due to its proximity to SAARC countries Bhutan, Nepal and Bangladesh, it offers international trade opportunities to foreign investors.
Manpower Availability in Assam;
Assam has a large number of English-speaking, skilled, semi-skilled, educated workers at a very low cost and a competitive rate.
Roadways in Assam;
In Assam, the total length of roads is approximately 69,000 km, including metalled and non-metallic surfaces. It makes up approximately 60% of the entire road network in the northeast. The major towns within the state are all connected by major highways.
Railways in Assam;
The total length of the route is approximately 2435.13 km. The railway network in Assam is convenient and connects the state with the rest of India. Rail connections are good to several major towns in Assam, such as Dibrugarh, Tinsukia, Jorhat, Nagaon, Guwahati, Tezpur, Barpeta, Bongaigaon, etc.
Airways in Assam;
Lokapriya Gopinath Bordoloi International Airport in Guwahati is 18 km from the city centre and has good connections with New Delhi, Kolkata, Mumbai, and Chennai.
Regular flights to and from Guwahati are operated.
Inland Water Transportation;
The Brahmaputra is the country’s second national waterway. A commercial water transportation service is provided on the river Brahmaputra and Barak by two government-owned companies (Central Inland Waterways Corporation and the Directorate of Inland Waterways, Assam). Both passengers and goods are transported using these services.
Waterways in Assam link it to Bangladesh, providing access to Chittagong, and also to Kolkata and Haldia (West Bengal, India).
How to Start a Business in Assam?
Discover Business Opportunities;
Before starting a business venture, entrepreneurs should prepare a business plan. You should consult with an accountant and project consulting agencies before you make any final decisions. What kind of business you have is the most important factor.
An Analysis of the Market;
To understand the feasibility of an enterprise, it is important to conduct a market study. The market study assists in better understanding the prevailing competition, existing market gaps, consumer needs and preferences, etc.
Organization type selection;
One needs to choose the form of Business Enterprise that he/she will set up. An entrepreneur’s right choice determines his or her control, power, risk, and responsibility, as well as how the profits and losses will be divided. There are various factors to consider, including the scale of operations, degree of control, capital, volumes of risk and liability, tax liability, etc.
There are several types of business organisations, including:
● Sole Proprietorship
● Firm in partnership
● Public & Private Limited Company
● Limited Liability Partnership
Business Name & Registration;
To start any business in Assam, it must be named and registered with the appropriate authorities.
The following factors can be considered when selecting a product to be manufactured by the firm:-
● Analyse product market size and structure
● Analysing the future demand
● Graphing the product life cycle
● Knowing each product’s shelf life
● Easy access to raw materials
● Production technology
Decide on a Location;
The success or failure of a business is largely determined by its location. An organisation’s future expansion plans, in addition to its present requirements, should be considered when making this decision.
Important factors to consider while selecting a location for starting a business in Assam;
● Raw material availability
● Availability of skilled, semi-skilled, or unskilled labour
● Market proximity
● Transportation facilities
● A reliable supply of power and fuel
● Product-specific climate factors
● Competitive and complementary industries exist
Planning and arranging Project Funding;
For a business to begin, continue, expand, and grow, it needs finance. Hence, a financial plan must be prepared, which identifies the need for funding, the sources of funding, and how these funds will be used.