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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.
One, don’t forget that Latin America is composed of a group of countries. Chances are that your business might fail if you take Latin America as one and the countries comprising it are the same. For every country in it, they have their own culture, customs and habits. 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.
Develop your friendship skills.
Good relationships have quite an impact on the way the Latin Americans view business. Getting to know you as a person is one of the first steps of a Latin American business contact. 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 moment you enter his or her social circle, the contact decides to transact business with you and this can lead to long term rewards.
Proper documentation should be done.
Aside from checking the legalities, see to it that you have the papers. Having the aid of a good lawyer and an accountant to look into your contract is imperative. Having rules and a contract is good but still, do not forget the importance of good business relationship.
Review 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 not possible for you to maintain the same prices among the countries or regions. Considering local costs, these have an effect on your investment, pricing and profits. Scrutinize the variations in regional cost before deciding to bring your product or service there.
Get familiar with the style of communication of Latin Americans.
Latin Americans mostly are amiable, outgoing, respectful and do not want to offend. You may have longer meetings with them because they talk much. You can get them to finally say yes even if they mean no if you understand how it works.
The channels of distribution and barriers of logistics differ among Latin American countries. It is best to study their consumer sales channels.
You must try to learn to speak the language.
Latin American speak mostly Spanish but Brazilians speak Portuguese. Don’t think that your business contacts will speak English fluently.
Try to learn from those who tried doing business there in the past. 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.
No matter how different business may be, the people are always great. Get more info about business in Latin America, read more!