Once the firm has decided on the foremost issues of which product it wants to produce and the location of the industry, the next important step is to select appropriate technology and equipment to produce the same. In addition to this, the source of raw material has to be decided upon. The requirements of all these can either be met through domestic sources or can be imported subject to the regulatory requirements of the Government.
The firm should do a careful cost and benefit analysis before going ahead with the process of placing the orders to minimise the production costs and hence increasing the profit margins. Various sources of Capital should be explored and the cost of capital should be analysed cautiously.
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