Factors to Consider for Business in 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. Per country, they have their own rights, culture, habits and customs. Your marketing plan may be good in one country but may fail 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. Although this may take time, we must not put aside the significance of forging good local business partnerships. 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 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. Having the aid of a good lawyer and an accountant to look into your contract is imperative. Good business relationship is still supposed to be kept in mind aside from the existence of a contract.
Look into 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.
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. Scrutinize the variations in regional cost before deciding to bring your product or service there.
You must get to know the way Latin Americans communicate.
Latin Americans usually do not wish to offend and they are the friendly, social type. You may have longer meetings with them because they talk much. 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. It is not wise to expect that your business contact speaks English well.
Consult those who previously did business there. Try to understand how their business thrived.
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. Discover more about business in Latin America, do more readings.
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