Guides to Bringing Your Business to 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. 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 sure you are friendly.
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. This might take time but there is really a need to create good, local business partnershps. This important move, if not followed, could make you struggle. Socialize with family and friends of your contact to gain 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.
Proper documentation should be done.
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.
Check 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.
Think very well about your price.
You cannot come up with a common price from country to country or region to region. Your level of investment, pricing and profits depend on 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.
Being friendly, sociable and respectful are traits of the Latin American and also they do not want to offend. They talk a lot so you may have to put up with longer meetings. You can get them to finally say yes even if they mean no if you understand how it works.
Another thing that varies in each Latin American country is the channels of distribution and barriers of logistics. Make sure you look into 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. Don’t think that your business contacts will speak English fluently.
Try to learn from those who tried doing business there in the past. Analyze what made them succeed.
Take it slow!
The difference in the pace in Latin America requires you to give more time for the project’s completion.