Factors to Consider for Business in 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. Chances are that your business might fail if you take Latin America as one and the countries comprising it are the same. 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.
Understanding the culture of the Latin American country you want to put up your business in is a good thing for business success.
Make it a point to be friendly.
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. Building great local business relationships is very important so we must take time to do this. Do away with this step and you will have a difficult 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.
Put it on paper.
Aside from checking the legalities, see to it that you have the papers. A very important step is to seek the services of a reputable lawyer and accountant to help in the preparation of your written contract. Good business relationship is still supposed to be kept in mind aside from the existence of a contract.
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.
Think very well about 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. 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. It is best to study their consumer sales channels.
You must try to learn to speak the language.
The main language of Latin America is Spanish and Portuguese is the language of Brazilians. Not all business contacts can speak English so take note of that.
Get the feedback of those who went before you. Analyze what made them succeed.
Take your time!
The project need to be completed with more time so align with the pace in Latin America.
Lastly, although business may be different, the people are still great. Get more info about business in Latin America, read more!