Management of financial requirements , Mechanical Engineering

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Management of Financial Requirements:  To start an own workshop or any business you need monetary support. You need to ensure availability of the required money including working capital for short term and provisions for emergency also. To estimate the fund, you should know details of requirements like land cost, construction cost, registration charges, machines and equipment cost, manpower, etc. One should also make a study whether to go for self owned premises or could it beneficial to hire it on rent. Now, it is required to find out the money resources available in the market. In India, the financial assistance for small scale businesses is available from variety of institutions. Details of some of the institutions which provide financial assistance for setting-up small scale industries are mentioned in subsequent paragraphs.

 


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