Guides to Bringing Your Business to 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. 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 marketing plan may be good in one country but may fail 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.
Understanding the culture of the Latin American country you want to put up your business in is a good thing for business success.
Make sure you are friendly.
Good relationships have quite an impact on the way the Latin Americans view business. Your Latin American business contact usually tries to get to know you as a person first. Although this may take time, we must not put aside the significance of forging good local business partnerships. 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. After becoming part of his or her social circle, the contact will start to do business with you and there can be long term rewards.
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. Good business relationship is still supposed to be kept in mind aside from the existence of a contract.
Check 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. Your level of investment, profits and pricing will rely on the local costs. 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 usually do not wish to offend and they are the friendly, social type. They like to chat much so expect longer meetings. Their yes meaning no may become yes if you get to know them better.
The channels of distribution and barriers of logistics differ among Latin American countries. Make sure you look into their consumer sales channels.
You should be able to speak 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. Try to understand how their business thrived.
Take it slow!
The project need to be completed with more time so align with the pace in Latin America.