Want to take 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. Per country, they have their own rights, culture, habits and customs. 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 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. Although this may take time, we must not put aside the significance of forging good local business partnerships. If you do not consider this, you may have a hard time. To make your contact trust you, connect with his or her family and friends. 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 in black and white.
A good rule to follow is to study the legal requirements and don’t forget to do it in paper. A very important step is to seek the services of a reputable lawyer and accountant to help in the preparation of your written contract. But do not forget to consider the role of good business relationship previously mentioned.
Review 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, profits and pricing will rely on the local costs. Scrutinize the variations in regional cost before deciding to bring your product or service there.
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. They talk a lot so you may have to put up with longer meetings. Getting to know each other better can turn their yes which means no to yes.
The channels of distribution and barriers of logistics differ among Latin American countries. So check out their consumer sales channels.
You should be able to speak the language.
Brazilians speak Portuguese but the main language in Latin America is Spanish. 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.
Do not rush!
The difference in the pace in Latin America requires you to give more time for the project’s completion.
Lastly, although business may be different, the people are still great. Get more info about business in Latin America, read more!