Launching New Ventures in Latin America
Latin countries are a fast developing market with a lot of potential for growth. People opening new businesses there tend to project the existing work standards, goals and culture back home onto this new region. There is very rapid growth in the countries in this region, and this naturally pulls every business that is looking to extend their business into this area that seems to be conducive for business growth. The vast majority overlook that Latin America is comprised of a lot of various nations. Considering it one is a screw up considering you may settle on procedures that won’t work for each country. Some strategies may be very successful in Chile but may not work in Venezuela, or even Brazil. A massive amount of research is required to be able to differentiate between each country and learning about all the different cultures so you can know what will work for what area. Understand each culture before proceeding.
Each issue in Latin America is first based on the personal relationships someone establishes. The general population that you are hoping to create contacts with there will attempt their absolute best to find out about you. How they relate with you will decide whether or not they will do business with you so be on your best behavior. This is a long procedure so don’t urge them to decide before they choose to. Any sign of a trait they do not like and the negotiations will be over before you even know it. After the trust is established, the deal is as good as closed. As important as the trust seems to be, ensure you put the business on paper drafted by great legal counselors to maintain a strategic distance from any illegalities. Most Latin Americans feel like anyone from the west coming to open new businesses in their country feel they’re more superior than the residents. They are quite sensitive in this matter. You should, therefore, refrain from trying to impose what you were used to back at home on them. You need to adjust to how they get things done there.
Cost also determines whether the venture will be successful or not. Local costs differ from country to country so it is not wise to set a constant price for the whole region. Due to this, really analyze how every region will affect your pricing before extending to that area. Try your best to know which language is dominant in the region you are working on. Latin America is made up of different countries that speak different languages. Although Spanish is prevailing, a few spots like Brazil communicate in Portuguese. Try learning the language that is spoken where you’re going to. The locals there will feel like you are considerate of their culture if you do this. At long last, follow in the strides of the organizations that preceded you and was successful.