Things to Consider When Putting Up a Business in Latin America
Bringing your business to Latin America? For your business to thrive, consider the following.
Number one is to remember that Latin America is composed of many countries. If you think that all the countries in Latin America are the same, your business can fail. Per country, they have their own rights, culture, habits and customs. Your strategy for sales might not work for a certain country but it may work in the other country.
Also, for some Latin American countries, they have differences regionally that could make you feel you are dealing with another country in the same country.
The success of your business could depend on how much you invest on learning the culture of the Latin American country of your choice.
Make sure you are friendly.
Good relationships have quite an impact on the way the Latin Americans view business. The first thing a Latin American business partner does is to get to know you personally. This might take time but there is really a need to create good, local business partnershps. This important move, if not followed, could make you struggle. Connect and socialize with the friends and family of your contact and earn his or her trust. The contact begins business with you if you become part of his or her circle of friends thus giving rise to long term perks.
Put it on paper.
A good rule to follow is to study the legal requirements and don’t forget to do it in paper. Having the aid of a good lawyer and an accountant to look into your contract is imperative. Good business relationship is still supposed to be kept in mind aside from the existence of a contract.
Look into your own approach.
Try not to give the impression that your approach is far more superior so that your Latin American contact will be comfortable with you.
Think very well about your price.
It is impossible to keep the same price across many Latin American regions. Your level of investment, profits and pricing will rely on the local costs. Look into the differences in regional cost before bringing your product or service in the region.
Get familiar with the style of communication of Latin Americans.
Latin Americans usually do not wish to offend and they are the friendly, social type. You may have longer meetings with them because they talk much. Getting to know each other better can turn their yes which means no to yes.
Another thing that varies in each Latin American country is the channels of distribution and barriers of logistics. Make sure you look into their consumer sales channels.
It is important that you know the language.
Brazilians speak Portuguese but the main language in Latin America is Spanish. Don’t think that your business contacts will speak English fluently.
Consult those who previously did business there. Try to understand how their business thrived.
Take your time!
The project need to be completed with more time so align with the pace in Latin America.
Lastly, although business may be different, the people are still great. Get more info about business in Latin America, read more!
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