Want to take your business to Latin America? For your business to thrive, consider the following.
Number one is to remember that Latin America is composed of many 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.
The presence of personal relationships strongly influences how Latin Americans engage in business. Your Latin American business contact usually tries to get to know you as a person first. 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. 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 in black and white.
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. Having rules and a contract is good but still, do not forget the importance of good business relationship.
Review 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.
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. Before taking your product or service to a region, check very well the regional cost variations.
Get familiar with the style of communication of Latin Americans.
Latin Americans mostly are amiable, outgoing, respectful and do not want to offend. You may have longer meetings with them because they talk much. Getting to know each other better can turn their yes which means no to yes.
Another thing that varies in each Latin American country is the channels of distribution and barriers of logistics. So check out their consumer sales channels.
You should be able to speak the language.
The main language of Latin America is Spanish and Portuguese is the language of Brazilians. It is not wise to expect that your business contact speaks English well.
Try to learn from those who tried doing business there in the past. Analyze what made them succeed.
Do not rush!
The difference in the pace in Latin America requires you to give more time for the project’s completion.
To end it, the people are really great regardless of the style of business. Get more info about business in Latin America, read more!