Things to Consider When Putting Up a Business in Latin America
Bringing your business to Latin America? Follow these guides for a successful business.
One, don’t forget that Latin America is composed of a group of countries. If you think that all the countries in Latin America are the same, your business can fail. For every country in it, they have their own culture, customs and habits. Your plan for marketing can work in one country but may not work in another.
differences that are so emphasized can be seen in a lot of Latin American countries which gives you a feeling that you are in a different country.
Understanding the culture of the Latin American country you want to put up your business in is a good thing for business success.
Develop your friendship skills.
Having personal relationships can greatly affect how Latin Americans do business. Your Latin American business contact usually tries to get to know you as a person first. Building great local business relationships is very important so we must take time to do this. This important move, if not followed, could make you struggle. Socialize with family and friends of your contact to gain 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.
Aside from checking the legalities, see to it that you have the papers. There is a need to consult a good lawyer and an accountant to scrutinize your contract. But do not forget to consider the role of good business relationship previously mentioned.
Review your own approach.
Do not make your Latin American contact feel that you are imposing upon him or her your own approach so try to implement it appropriately.
Consider your price properly.
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.
Being friendly, sociable and respectful are traits of the Latin American and also they do not want to offend. They like to chat much so expect longer meetings. Their yes meaning no may become yes if you get to know them better.
Take note that there are differences in the distribution channels and logistics barriers within countries in Latin America. So check out their consumer sales channels.
It is important that you know the language.
Latin American speak mostly Spanish but Brazilians speak Portuguese. Not all business contacts can speak English so take note of that.
Get the feedback of those who went before you. Learn more on how their business was able to survive.
Take your time!
The difference in the pace in Latin America requires you to give more time for the project’s completion.
To end it, the people are really great regardless of the style of business. Discover more about business in Latin America, do more readings.