Are you thinking of putting up a business in Latin America? Follow these guides for a successful business.
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. For every country in it, they have their own culture, customs and habits. Your strategy for sales might not work for a certain country but it may work in the other country.
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.
The success of your business could depend on how much you invest on learning the culture of the Latin American country of your choice.
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. To make your contact trust you, connect with his or her family and friends. 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.
A good rule to follow is to study the legal requirements and don’t forget to do it in paper. There is a need to consult a good lawyer and an accountant to scrutinize your contract. Having rules and a contract is good but still, do not forget the importance of good business relationship.
Review 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.
Give careful thinking for 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. 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.
Being friendly, sociable and respectful are traits of the Latin American and also they do not want to offend. You may have longer meetings with them because they talk much. You can get them to finally say yes even if they mean no if you understand how it works.
Take note that there are differences in the distribution channels and logistics barriers within countries in Latin America. 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.
To end it, the people are really great regardless of the style of business. Discover more about business in Latin America, do more readings.