Guides to Bringing Your Business to Latin America
Are you thinking of putting up a business in Latin America? For your business to thrive, consider the following.
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. 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.
You might have the feeling that a region in a country is another country because of the pronounced regional differences in some Latin American countries.
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. If you do not consider this, you may have a hard time. Socialize with family and friends of your contact to gain 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. 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.
Check your own approach.
Be careful in implementing your business approach so as to make sure your Latin American partner will work harmoniously with you and not feel inferior.
Give careful thinking for your price.
You cannot come up with a common price from country to country or region to region. 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.
The Latin American style of communication should be understood by you.
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.
It is important that you know 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. 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.