Things to Consider When Putting Up a Business in Latin America
Want to take your business to Latin America? Check out these tips towards a smooth flow of business.
First, take note that Latin America is not a single country but is composed of various countries. Taking the various countries of Latin America as one and the same could lead to the failure of your business. Every country in it has its own uniqueness which include customs, culture and even habits. Your plan for marketing can work in one country but may not work in another.
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.
The presence of personal relationships strongly influences how Latin Americans engage in 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. If you do not consider this, you may have a hard time. 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.
Proper documentation should be done.
A good rule to follow is to study the legal requirements and don’t forget to do it in paper. A very important step is to seek the services of a reputable lawyer and accountant to help in the preparation of your written contract. Having rules and a contract is good but still, do not forget the importance of good business relationship.
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.
Give careful thinking for 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 mostly are amiable, outgoing, respectful and do not want to offend. They like to chat much so expect longer meetings. You can get them to finally say yes even if they mean no if you understand how it works.
Take note that there are differences in the distribution channels and logistics barriers within countries in Latin America. Make sure you look into 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.
Get the feedback of those who went before you. Try to understand how their business thrived.
Do not rush!
Unlike the fast pace where you came from, you need to allow time for the project to be completed.
No matter how different business may be, the people are always great. So learn more about business in Latin America, view more websites now!.